|
200302591
<br />coverage, not otherwise required by LendeG fix damage Lo, or destruction off, the Property, such policy shall include a
<br />standard mortgage clause and shall name Lender as mortgagee and /or as an additional Ions payee.
<br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender- Under maymake proof
<br />of],,,, ifnot made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds,
<br />whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair ofthe Properly, if
<br />the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration
<br />period, lender such the right to hold such insurance proceeds until Lender has had an opportunity, to inspeil such
<br />Property to ensure the work has been completed to lender's satisfaction, provided that such inspection shall be undertaken
<br />promptly_ lender may disburse proceeds ter the repairs and restoration in a single papnent or In a series of progress
<br />pa}mcnla as the work is completed Llnlcss nn agreement Is made in writing or Applicable l.aw requires interest io be paid
<br />on such insurance proceeds, I sander shut not be required to pay borrower any interest or earnings on such proceeds. Pees
<br />for public adjusters, or other third parties, retained by Borrower shall not be paid out ofthe insurance proceeds and shall be
<br />the sole obligation of Borrower. If the restoration or repair is not economically feasible or Leader's security would be
<br />lessened, the insurance proceeds shall be appl fed m the sums' secured by this Security Instrument, whether or net Ihcn due,
<br />with the excess, ifany, paid to Borrower. Each insurance proceeds shall be applied in the order provided for in Section 2
<br />If Borruwer abandons the Property, 1 ender may file, nege ice and settle any available insurance claim and related
<br />matters. If Borrower does not respond within 30 days to a notice from lender that the insurance carrier has offered to settle a
<br />claim, then I sat dcr may negotiate and settle the claim. Tim 30 -day period will begin when the notice is given. lit either
<br />event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's
<br />rights to any insurance proceeds in an amount not to exceed thesmomds unpaid under the Note or this Security Instrument,
<br />and (b) any other ofBorrower's rights (other than the right to any refund ofunearned premums paid by Borrower) under all
<br />insurance policies covering the Property. insofar as such rights are applicable retire coverage efthe Property. Izndcr may
<br />use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security
<br />instrument, whether or not then due.
<br />6. Occupancy- Burrower shall occupy, establish, and use the Property as Borrower's principal residencewithia
<br />60 days alter the execution ofthis Security Instrument and shall contialeto occupy the Property as Borrower's principal
<br />residence for at least one year after the date
<br />of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless
<br />extenuating circumstances exist which are beyond Bor'rower's control.
<br />7. Preservation, Maintenance and protection alike Property; Inspections. Borrower shall not destroy,
<br />dunuge or impair the Property, allow the Property to deteriorate or commit waste
<br />oil the Property. Whether or not Borrower is residing in the Properly, Burrower shall maintain the Property in order to
<br />prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to
<br />Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to
<br />avoid hurdler deterioration or damage. If insurance m condemnation proceeds are paid in connection with damage to, or the
<br />taking if, the Property, Borrower shall be responsible for repairing or restoring the Property only if Linder has released
<br />ro
<br />pceeds fix such purposes. Lender may disburse proceeds for the repairs and restoration In a single payaneel or in a series
<br />ufprogress payments as the work is completed. It insurance or condemnation prnccedn are not sufficient to repair or
<br />restore the Property. Borruwer is not relieved of Llorrower's oblumenor for the completion of such repair or restoration.
<br />Izndcr or its neenl may make rcusonable entries upon and inspections offs e Property. If it has reasonable cause,
<br />Lender may inspect Uminmrior of the improvements on the Property. Lender shall give Borrower notice at the time efor
<br />prior to such an interior inspection specifying such Iwnsonnble cause.
<br />8. Rornnver's Loan Application. Borrower shall he m default if, during the Loan application process,
<br />Harr ,ve, ur any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave
<br />materially false, misleading, or inaccurate information or statements to Izndcr (or failed to provide Leader with material
<br />infernation) iu connection with the Loan Material representations include, btit are not limit reprosentaiuns concemigg
<br />Borrower's occupancy of the Property as Borrower's principal residcnu�.
<br />9. Prulcdion of Lender's Interest in the Property and Rights Under this Security Instrument. If
<br />(a) Borrower tails to perform the covenants ¢rid agreement contained in this Security tinder Sec ity there is t legal
<br />proceeding that wigJn signeticantly afTect Lender's interest in the Property and / arrights under this Security Instrument (such
<br />as e to roceeding in bankrupcy, probate. for condemnation or (or(eiune, fiv enter has a l ofo lien which may again priority
<br />over Ihis Security r whament is reasonable enforce laws or regulations), to (c) Borrower has abandoned the Property, Ihen I ender
<br />Stay do and pay for whatever g tectin n appropn SiTig protect lender's interest in the Property and rigltls under this
<br />Security fast Leader's a including preceding and /or assessing the value paying any Property, and securing and /or repairing the of
<br />Property , Lender's actions caa include, bun court; rid (c) pays g oaa ial5le morne)s secured es to r which has prior Lover arc
<br />this Security Inatrwnent; (b) appealing in court; and (cJ paying reasonable attonteys' fees m protect its interest m Lhc
<br />Property and/or rights under this Security Ins-trunent, including Its secured position in a bankruptcy proceeding Securing
<br />the Property includes, but is riot limited to, enterin the PropertytS make repairs, change locks, replace or hoard up doors
<br />and w endows, drain water from pipes, eliminate bur ding or other code violations or dangerous amditions, and have utilities
<br />turned on or off Although Lender may take action under this Section 9, Under does not have w de so and is not under env
<br />duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions autuurzcd under this
<br />Section 9.
<br />Any amountshdisbursed nt Lender under this at theS9 shall become edat eofaldebt vuf emends secured y ble,
<br />Security Instrument These amuwrts shall bear inte�restatthe Note rule loan the date ofdisbursemenl and shall be payable,
<br />with such interest, upon notice lone, Lender to Borrower requesting payment.
<br />If this Security Inshu scut is on a leasehold, Borrower shall comply with all the provisions of the lease If Borrower
<br />acc e ires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
<br />Ill. Mortgage Inhe rmme. If Leader required Mortgage Insurance as a condition of niak ing the Loan,
<br />Borrower shall pay fire premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage
<br />Insurance coverage required by I ender clauses to be available from the mortgage insurer that previously provided such
<br />insurance and Borrower was required to stake separately designated payments toward the premiums tar Mortgage Insurance,
<br />Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insura icepnviously
<br />in effect, at a cost substantially equivalent to the cost to Borrower ofthe Mortgage kmarli previously in effect, from an
<br />alternate montage insurer selected by Lender. Ifsuhstanlially equivalent Mortgage Insurance coverage is not available,
<br />Burrower shalt continue to Way m
<br />ay to I ender the aount ofthe separately designated payments that were due when the insurance
<br />coverage ceased to be in e ect. Under 'will accept, use and retail these payments as a non- refrndable loss reserve in ficrof
<br />Mortgage Insurance. Such loss reserve shall be Soo- refundable, notwithstanding the factthal the Lean is ultimately paid in
<br />full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve Lender can no longer
<br />require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that lender requires)
<br />provided by an insurer selected by Lender again becomes available, is obtained, and lender requires separately designates
<br />payments toward the pl'entiums for Mortgage Insurance. IfUmdel required Mortgage Insumnceas aumdition of making the
<br />Loan and Borrower was required in make separately designated payments toward the premiums for Mortgage Insurance,
<br />Borrower sliall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non - refundable loss
<br />c
<br />reserve, until Leader's reluir,mnt for Mortgage Insurance ends in acaedance with any written agreement between
<br />Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this
<br />Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note.
<br />Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may local it
<br />Burrower does not repay the I.San as agreed. Borrower is not a party to the Mortgage Insurance.
<br />NEBRASKA — Singlil'nmily— Fmmiehlee /Freddie Mact1NiMORMIF9TRl'MF.NT F.rn13QZ8 1101
<br />911 I 1'v I M_) 165851]
<br />,,0W, 000 i'll,I
<br />
|