|
coverage, not otherwise rcquT
<br />standazd mortgage clause and sl
<br />In the event of loss, Be
<br />of loss if not made promptly by I
<br />whether or not the underlying it
<br />the restoration or repair is econ
<br />period, Lender shall have the I
<br />Property m ensure the work has
<br />promptly. Lender may disburs
<br />payments ay the work is comple
<br />ou such insurance proceeds, Lei
<br />for public adjusters, or other thi
<br />the sole obligation of Borrowe
<br />matters. It Borrowera
<br />claim, then Lender an
<br />event, or if Lender aegi
<br />rights to any insurance
<br />and (h) any other ofBc
<br />200208449
<br />lender, for damage tg, or destruction of, the Property, such policy shall include a
<br />Tine Lender as mortgagee and/or as an additional loss payee.
<br />r shall give prompt notice to the insurance carrier and Tender. Lendermaymakeproof
<br />.vet. Urlcssl.ender and Borrower otherwise agree in writing, any insumuceproceeds,
<br />ce was required by Tender, shall be applied to restoration or repair of the Property, if
<br />Ily feasible and Lender's security is not lessened. During such repair and restoration
<br />r hold such insurance proceeds until Lender has had an opportunity to inspect such
<br />repairs and
<br />i. Unless an agreemenns rtuaem wr
<br />er shall not be required to pay Borro
<br />panic%, reudued byBorrower shall m
<br />If the resoraton or repair is not ec
<br />,hall be applied m [he sums secured b
<br />mower. Such insurance pnxeeds sh
<br />e Yropeny, Lender may tile, tiegotiale
<br />fond within 30 days to a nnhce Crom
<br />and settle flit claim. The 3o-day pe
<br />aperry under Section 22 or otherwise,
<br />1 an amount tint h) exceed the amount
<br />use the insurance proceeds either to it
<br />Instrument, whether or not then due.
<br />6. Occupancy. Borrower
<br />60 days after the execution of this Se
<br />residence for at least one year after th
<br />of occupancy, unless Lender otherwi
<br />extenuating circumstances exist whit
<br />7. Preservation, Mainte)
<br />h P Il
<br />insofar. s
<br />r or restore
<br />i, provided that such inspection shall he undertaken
<br />ion in a single payment or in a series of progress
<br />icing or Applicable Law requires interest to be paid
<br />wee any interest or earnings on such proceeds. Pees
<br />rt he paid out of the insurance proceeds and shall be
<br />onomieally feasible nr lender's security would be
<br />y this Secu ity InsVUment whether or not then due,
<br />all be applied m the order provided for in Section 2.
<br />and settle any available insurance claim and related
<br />Lender [hat the insurance carrier has offered to settle a
<br />riod will begin when the notice is given. In either
<br />Borrower hereby assigms to Lender (a) Borrower's
<br />s unpaid under the Note or this Security Instrument,
<br />I of unearned premiums paid by Borrower) under a0
<br />licable to the coverage of the Propeny. Lender may
<br />pay amounts unpaid under the Now or this Security
<br />iblish, and use the Property as Borrower's principal residence within
<br />and shall continue to occupy the Property as Borrower's principal
<br />e agrees in writing, which consent shall not be unreasonably withheld, or unless
<br />are beyond Borrower's control.
<br />once and Protection of the Properly; inspections. Borrower shall not destroy,
<br />damage or impale t c roperty, a ow .he Property to deteriorate or coconut waste
<br />on the Property. Whether or not Burrower is residing in the Property, Borrower shalt 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 in
<br />Section 5 that repair or restoration is not economically feasible, Burrower shall promptly repair the Property if damaged to
<br />avoid (hrther deterioration or damage. if insurance or condemnation proceeds are paid in connection with damage to, or the
<br />taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released
<br />proceeds for such purposes. Lender may disburse proceeds forthe repairs and restoration in a single payment or in a series
<br />of progress payments as the work is completed. if the insurance or condemnation proceeds are not sufficient to repair or
<br />restore the Properly, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration.
<br />Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause,
<br />Lender may inspect the interior of the imppmvcments on the Property. Lender shall give Borrower notice at the time of or
<br />prior to such an interior inspection specityIng such reasonable cause.
<br />8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process,
<br />Borrower Or 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 Lender (or failed to provide Lender with material
<br />information) in connection with the Loan. Material representations include, but are not lion representation% concerning
<br />Borrower's occupancy of the Property as Borrower's principal residence.
<br />9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument If
<br />(a) Burrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal
<br />proceeding that might significantly affect I cinder's rotor est in the Propertyy and/or rights under this Security Instrument (such
<br />as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority
<br />over this Securityy Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Tender
<br />may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this
<br />Security Instrument, including protesting and/or assessing the value of the Property, and securing and/or repaving the
<br />Property. Lender's actions can include, but are rat bonded lo: (a) paying any sums secured by a hen which has priority over
<br />this Security Instrument (b) appearing in court; and (c) paying reasonable attorneys' fees ro protect its interest m the
<br />Properly and/or rights under this Sccunly Ins, rumen[, including its secured position in a bankruptcy proc «ding. Securing
<br />the Property includes, but is not limited to, entering the Property m make repairs, change locks, replace or board up doors
<br />and windows, drain water from pipes, climinn[e building or other code violations or dangerous conditions, and have utilities
<br />turned on or off. Although Lender may take action under This Section 9, lender does not have w do so and is not under any
<br />of
<br />or obligation re to so. It is agreed that Lender incurs no liability fist not taking any or all actions authorized under this
<br />Section 9.
<br />Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this
<br />Security Instrument. These amounts shall bear interest at the Note rate from the dateof disbursement and shall be payable,
<br />with such interest, upon notice from Lender m Borrower requesting payment.
<br />If this Sccunly Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower
<br />acquires fee tide to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
<br />10. Mortgage Insurance. if Lender required Mongage Insurance as a condition of making the Loan,
<br />Borrower shall pay the premiums required to maintain the Mortggage Insurance in effect. It, for any reason, the Mortgage
<br />Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such
<br />insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage insurance,
<br />Borrower shall pay the premiums required ve obtain coverage substantially equivalent to the Mortgage Insurance previously
<br />in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an
<br />alternate mortgage insurer selected by Lender. It substantially equivalent Mortgage Insurance coverage is not available,
<br />Borrower shall continue to pay to lender the amount of the separately designated payments that weredue when the insurance
<br />coverage ceased to be in effect. Lender will accept, use and retain these payments as a non - refundable loss reserve in lieu of
<br />Mortgagelnsurance. Such loss reserve shall be non- refundable, notwithstanding the fact that the Loan is ulttmatelypaid in
<br />full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Tender 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 designated
<br />payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a conditionofmakingthe
<br />Tenn and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance,
<br />Borrower shall pay the prenuums required to maintain Mortgage Insurance in effect, or to provide a non -re ndable loss
<br />reserve, until Lender's requirement for Mortgage Insurance ends in accordance 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 incur if
<br />Borrower does not repay the Tnan as agreed. Borrower is not a party to the Mortgage Insurance.
<br />NEBRASKA -- Single Family- Fannie Mae/Frlddie Mac UNUORMINSTRIMENT Form3029 1/01 (pagr4Q18pages)
<br />9754('V(1102) G116W
<br />Goovo.oxl,l)
<br />
|