200305520 - Laserfiche WebLink

Browse

200305520 coverage, not otherwise required by Under, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall time Lender as mortgagee and/or as an additional loss payee. In the event of loss Borrower shall give prom t non cc to the insurance carrier and Lender. lender may make proof of loss if not 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 of the 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 In hold such insurance proceeds until Lender has had an opportunity to inspect such Pro city to ensure [he work has been comppleted to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repass 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 Applicable Law requires Interest to be paid on such insurance proceeds, Lender 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 of the insurance proceeds and shall be [he sole obligation of Borrower. if the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid [o eorrowar. Such insurancepproceeds shall be applied in the order provided for in Section 2. If Borower abandons the Property, Lender mayfile, negotiate and settle any available insurance claim and related matters. IfBorrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle [he claim. The 30 -day period will begin when the notice is given. In either event, or ifLender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount no[ m exceed the aniounts unpaid under the Now or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable m the coverage of the Property. Lender 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 Lender 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 ofthe Property; 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 Rom 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 If damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the raking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Iznder may disburse proceeds for the repairs and restoration In a single payment or in a series of progress payments as the work is completed. lfthe insurance or condemnation proceeds are not sufficient w repair or restore the Property, Borrower is no[ relieved of Borrower's obligation for the completion ofsuch repair or restoration. Lender or its agent in ay make reasonable entries upon and inspections ofthe Property. If it has reasonable cause, Lender may inspect the mterior of the impprovements on the Property. Lender shall give Borrower notice at the time of or poor to such an mterior 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, or inaccurate In ortnation or statements m Under (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not Him representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender'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 as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of lien which may attain pnority over this Security Instrument or in enforce laws or regulations), or (c) Burrower has abandoned the Property, then Lender may do an d pay for whatever is reasonable or appropriate to protect Lender's interest in the Properly and rights under this Security Instrument, including protecting and/or assessing the value of the Property, an d securing and/or repairing the Property. Lender'sactions can include, but are not limited to:(a)paying anysums secured byalien which has priority over this Security Instrument (b) aPpearin6 in court; and (c) papng reasonable attorneys' fees to protect its interest m the Property and/or right s under this Security lnstmment including ns secured position in abser uptcy proceeding. Securing the Property includes, but is not limited to n to the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate budding or other code violations or dangerous conditions, and have utilities mined on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requestingg payment. Ifthis Secunty Instrument is on a leasehold, Borrower shall comply with 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 pay the premiums required to maintain the Mortgage Insurance in effect. It for any reason, the Mortgage Insurance coverage required by lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower 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 cost to Borrower of the Mortgage Insurance previously in effect, from 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 of the separately designated payments that were due when the insurance coverage ceased to be in effect Lender will accept, use and retain these payments as a non - refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non- refundable, notwithstanding the fact that Loan is ultimately paid in full, and Under shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments If Mortgage Insurance coverag m e (in the aount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. Iflznder required Mortgage Insurance m acondnton ofmalungthe Loan and Rorrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance In effect, or to provide a non - refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender 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 I znder (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. NEBRASKA - Single Family- Fannle Maefreddle Mae U1NIFURM INSTRUMENT Form3028 INI (pngr4of8,,o,1 9754 CV (1/02) M.7.21 GOTO(004elu)