|
200304613
<br />fails a pay the amount due for an Facrow Item, Lender may exercise its rights under Section 9 and pay such amount and
<br />Burrower shall then be obligated under Section 9 m repay to Lender any such amount. Lender may revoke the waiver is to any
<br />or all Escrow Items at Say time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay
<br />to Lender all Funds, and in such Simmons, Thal arc Wen required under this Section 3.
<br />Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at (he
<br />time specified order RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall
<br />estimate the amount of Funds due on the basis of current dam and reasonable estimates of expenditures of future Escrow Items
<br />or otherwise in accordance with Applicable Law.
<br />The Funds shall be held to an institution whose deposits are insured by a federal agency, instrumentality, or entity
<br />(including Lender, if Leader is an institution whose deposits are so insured) or in anyy Federal Home Loan Bank. Lender shall
<br />apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Leader shall not Charge Borrower for
<br />holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays
<br />Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in
<br />writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest
<br />or earnings on the Funds. Borrower and Lender can agree in wrhio6r, however, that interest shall be paid on the Funds. Lender
<br />shall give W Borrower, without charge, an annual accounting of the Funds as required by RESPA.
<br />If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess
<br />funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as define under RF,SPA, Lender shall notify
<br />Borrower as required by RESPA, and Borrower shall ppay to Lender We amount necessary m make up the shortage is
<br />accordance with RESPA, but in no more than 12 monody payments. If there is a deficiency of Funds held in escrow, as
<br />defined under RESPA, Lender shall notify Borrower as req.fired by RESPA, and Borrower shall pay to Lender the amount
<br />necessary to make up the deficiency in aceordaaee with IffiSPA, but in no more than 12 monthly payments.
<br />U a paymem in full of all smns secured by this Security Instrument, Lender shall promptly refund m Borrower any
<br />Funds he d by Lender.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable m the
<br />Property which can attain priority over [his Security Instrument, leasehold Pit mend or ground rani on the Property, if any.
<br />and CommunitZ Association Dues, Fees, and Assessmenm, if any. 7'o We extent tbaz these items are Escrow Items, Borrower
<br />shall pa them i¢ the mxnner provided in Section 3.
<br />Borrower shall promptly disthazge any lien which has priority over this Security Ins[rumem unless Do¢ower. (a) agrees
<br />in wri[iug m the payment of th e obligation secured by the lien th a manner acceptable a Lauder, but omy so long as Boaower
<br />is performing such agreement; (b) .0 rids the lie¢ i¢ gaud faith by, nr defends against enforcement of the lien in, legal
<br />proceedings which in lender's opinion o rate to invent the enforcement of the lien while Worse proceedings are pending, but
<br />only uonl such proceedings are conclud d; or (c) secures from We holder of the lien au agreement satisfactory m Leader
<br />subordinating the lien m [his Security Instrumem. if Lender determines [bat any part of the Property is subject e a lien which
<br />can attain priority over thE Security Instrument, Lender may give Borrower a m1Gce identifying th e hen. Within 10 days of
<br />the dam o¢ which that ¢slice is given, Borrower shall satisfy [he lien or take mne in more of the scuons set forth above in this
<br />Section 4.
<br />Lender may require Borrower to pay a one -time charge for a real estate tax verification and/or reporting service used by
<br />Lender in connection with this Loan.
<br />5. Property Insurance. Borrower shall keep the improvements; now existing or hereafter erected on the Property
<br />insured against loss by fire, hazards included within the taw "extended coverage," and any other hazards including, but not
<br />('united e, earthquakes and floods, for which Lender requires insurance. This assurance shall be maintained in the amounts
<br />(including deductible levels) and for the periods that Lender requires. Wbat Lender requires pursuant to the preceding
<br />sentences can change during the mw of the Loan. The insurance carrier providing We insurance shall be chosen by Borrower
<br />subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may
<br />require Borrower m pay, in connection with this Loan, either: (a) a one -tire charge for flood zone determination, certification
<br />and tracking services; or (b) a one -time charge for flood zone determination and certification services and subsequent charges
<br />each time refuappings or similar claul;m occur which rcadonahly enot affect such de.e mivatioG or ccrtiEcation. Borrower
<br />shall also be responsible for the payment of Soy fees imposed by the Federal Emergency Management Agency in connection
<br />with the review of any flood zone determination resulting from an objection by Borrower.
<br />If Borrower fads m maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's
<br />option and Borrower's expense. Leader is under no obligation to purchase any particular type or amount of coverage.
<br />Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower s equity in the Property, or
<br />the contents of the Property, against Say risk, hazard or liability and might provide greater or lesser coverage than was
<br />previously in effect. Borrower acknowledges thin the cost of the insurance coverage so obtained might significantly exceed the
<br />cost of insurance thin Borrower could have obtained. Any amours disbursed by Under under this Section 5 shall become
<br />additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the
<br />date of disbursement and shall be payable, with such interest, upon notice from Leader m Borrower requesting payment.
<br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove
<br />such policies, shall include a standard mortgage clause, and shall Same Lender as mortgagee and /or as an additional loss payee.
<br />Lender shall have the right to hold the policies and renewal certificates. If Leader requires, Borrower shall promptly give to
<br />Lender all receipts of paid premiums and renewal entices. If Borrower obtains any form of insurance coverage, not otherwise
<br />Miliereyuired by Lender, for damage e, or destruction of, the Property, such policy shall include a standard mortgage clause and
<br />u Lender as mortgagee and/or as an additional loss payee.
<br />In the event of loss, Borrower shall gh a prompt notice to the insurance carrier and Lender. Lender may make proof of
<br />loss if tux made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds,
<br />whether or Sot the underlying insurance was required by Leader, shall be applied to restoration or repair of the Property, if the
<br />restoration or repair is econowcally feasible and Lender's security is act lessened. During such repair and restoration period,
<br />Lender shall have the right a hold such insurance proceeds until Lender has had an opportunity to inspect such Property (o
<br />'.. ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly.
<br />Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the
<br />work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance
<br />proceeds, Lender shall not be required m pay Borrower any interest or e m ngs tun such proceeds. Fees for public adjusters, or
<br />other third parties, retained by Borrower shall n,t be paid our of the insurance proceeds and shall be the sole obligation of
<br />Borrower. If the federation or repair is amt economically feasible or Leader's security would be lessened, the insurance
<br />proceeds shall be applied to the sums secured by this Security lnsfrumsm, whether or not then due, with the excess, B any,
<br />paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
<br />If Borrower abandons the Property, Lender may file, u: nliale and scale any available insurance claim and related
<br />i nures. If Borrower does not respond within 30 days to a notice from Lender that the insumace carrier has offered m settle a
<br />claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event,
<br />or H Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to
<br />any insurance proceeds in an amoum hot to exceed the amounts unpaid under the Now or (his Security Instrutient, and (h) any
<br />other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance
<br />policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the
<br />insurance proceeds either m repair or restore the Property or to pay =on= unpaid under the Note or this Security Instrument,
<br />whether or not then due.
<br />6. Occupancy. Borrower shall occupy, establish, and use the property as Borrower's principal residence within 60 days
<br />after the execution of this Security Insuument and shall comitme to occupy the Property as Borrower's principal residence for
<br />a least one year after the dam of occupancy, unless Lender otherwise agrees in writing, which comem shall not be
<br />unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's comml.
<br />NEBRASKA— Single Family —FaaNe MeerFreddre Mae UNIFORM INSTRUMENT t-7
<br />m 3079x, 701
<br />WaM SyMm,,1 ,St. Omd, MN Form Mn -1 -m 61171200 tjWJ f9jnged r((r�•((�
<br />
|