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200302196 coverage nut otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Under as mortgagee and/or as an additional loss payee. In the eventofloss, Borrower shall give prom t notice co the insurance carrier and Lender. Lender may make proof ofloss ifnot made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying Insurance was required by Lender, shall be applied to restoration or repair ofthe Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shal l be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Ap, le law requires Interest to be aid on such uporance proceeds, Leader shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out ofthe insurance proceeds and shall be the sole obligation o Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, die insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, If any, paid to Borrower. Such Insurance proceeds shall be applied in the order provided for in Section 2. claim, then Lender may negotiate and settle the claim. The 30 -day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Under (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any or of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all Insurance policies covering die Property, insofar as such rights are applicable to the coverage of the Property. Under may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall Occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Under otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Properly; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property ifdamaged to proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the Interior ofthe improvements on the Property. Lender shall give Borrower notice at the time afar prior to such an Interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, ar inaccurate information or statements to Lendcr (or failed to rovidc Lndcr with material information) in connection with the Loan. Material representations include, but are not limit representations concerning Borrower's occupancy ofthe Property as Borrower's principal residence. 9. Protection of Leader's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that ti In significantly affect Lender's interest in the Propertyand/or right s underthis Security Instrument(such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, far enforcement of lien which may attain priority over this Security Instrument or in enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of die Property, and securing and/or repairing the court, and (c) paying reasonable attorneys' tees to the Properly includes, but is not limited to, entering the Propertyto make repairs, change lacks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although L:ndcr may lake action under this Section 9, Lender does not have to do so and is oat under any duty or obligation to do so. It is agreed that Linder incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear inucestat the Note rate front the date of disbursement and shall be payable, with such interest, upon notice tram Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall complywith all the provisions ofthe lease. IfBorrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall paythe premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Bort ower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cast to Borrower ofthe Mortgage Insurance previously in effect, front an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount ofthe separately designated payments thin were due when the insurance coverage ceased to be in a ect. Lender will accept, use and retain these payments as a non- refundahle Inns reserve m lieu of Mortgage Insurance. Such loss reserve shall be non - refundable, notwithstanding the fact that the Lan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require lass re,ierve payments If Mortgage Insurance coverage (in the amount and for the period that Lander requires) provided by an insurer selected by Lender again becomes available, is obtained, and 1 Ruder requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition otmakmg the Loot mid Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in ettect, or to provide a non- refimdable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and IRnder providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower Is not a party to the Mortgage Insurance. NEORASKA-- Single Family -- Fannie Mac /Freddi -Mme UNIFORM INSTRUMENT Eorm3028 1101 u,,,4oJ8pnges) ,,,i, V(IN2) 1655844 GOTO(0004306c)