|
200214474
<br />coverage, not otherwise required by Lender, for daneice to, or destruction of, the Property, such policy shall include a
<br />standard mortgage clause and shall name Under as mort.ugaz and/or as an additional loss payee.
<br />In the eventof loss, Borrower shall give pion pt n tic, to the tnmmnee carrier and Lender. Lendermay make proof
<br />of loss Fact made promptly by Borrower Unless Lenl and ioaoo„erothervise agree in writing, any insurance proceeds,
<br />whether or not the underlying insurance was required hp Lencler shall be applied to restoration or repair of the Property, if
<br />the restoration or repair is economically feasible and Lender's security is not lessened During such repair and restoration
<br />period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such
<br />Property to ensure the work has been completed to Lender':. sutistaction, provided that such inspection shall be undertaken
<br />promptly. Lender may disburse proceeds for the t par, and restoration in a single payment or to a series of progress
<br />payments as the work is completed. Unless an agreenuCaL is made in writingor Applicable taw, requires interest to be paid
<br />on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees
<br />for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be
<br />the sole obligation of Borrower. If the restoration or repair n not economically feasible or Lender's security would be
<br />lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due,
<br />with the excess, it any, paid to Borrower. SuchinsuranceiimceedsshallbeappliedintheorderprovidedforinSection2-
<br />If Borrower abandons the Property, Lender inuy fide, negotiate and settle any available insurance claim and related
<br />matters. If Borrower does not respond within 30 days to a notice ham Lender that the insurance carrier has offered m settle a
<br />claim, then Lender may negotiate and settle the claim. "ncc 30-day period will begin when the notice is given, In either
<br />event, or if Lender acquires the Property under Scetton 32 or otherwise, Borrower hereby assigns to Lender (a) Borrower's
<br />rights to any insurance proceeds in an amount not to cxrccd the amounts unpaid under the Note or this Security Instrument.
<br />and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all
<br />insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may
<br />use the insurance proceeds either to repair or restore the I'ropcny or to pay amounts unpaid under the Note or this Security
<br />Instrument, whether or not then due.
<br />6. Occupancy. Borrower shall occupy, Csmhlish, and um the Property as Borrower's principal residence within
<br />60 days after the execution of this Security Instrument and>hall continue to occupy the Property as Borrower's principal
<br />residence for at least one year after the dale
<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 Bit Iowa's control.
<br />7. Preservation, Maintenance and Probation of the Properly; Inspections. Borrower shall not destroy,
<br />damage or impair the Property, allow the Property to dctcnorate or commit waste
<br />on the Property. Whether or not Borrower is residing tc the Pi open y. Borrower shall maintain the Property in order to
<br />prevent the Property from deteriorati an or dooreasim- in calve due to its condition. Unless it N determined pursuant to
<br />avoid further deterioration or damage. It insurance or <o..denmgoa proceeds are paid in connection with damage to, or the
<br />taking ot, the Property, Borrower shall be,esponsihlc for I upuiring or restoring the Property only if Lender has released
<br />proceeds for such purposes. Lender may disburse proceeds iorthe repairs and restoration in a single payment or in a series
<br />of progress payments as the work is completed. Ifthc imeronce or condemnation proceeds are not sufficient to repair or
<br />restore the Property, Borrower is not relieved of III oblgation for the completion of such repair or restoration.
<br />Lender or its agent may make reasonable entries upon and Inspections of the Property. Ifit has reasonable cause,
<br />Lender may inspect the interior of the improvements on the PmperIf. Lender shall give Borrower notice at the time of or
<br />prior to such an interior inspection specifying such rtw.oual lc cause.
<br />8. Borrower's Loan Application. Borrower shun 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 informaton or statements to Lender (or failed to provide Lender with material
<br />information) in connection with the loan. Malenalreptesentatiom include, but are nothmaed to, representations concerning
<br />Borrower's occupancy of the Property as Borrower's pdnd pal residence.
<br />9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If
<br />(a) Borrower fails to perform the covenants and agtccntah , co..mined in this Security Instrument, (b) there Is a legal
<br />proceeding that might significantly affect Under's interest 1 it the Property and/or rights under this Security Instrument (such
<br />as a proceeding in bankruptcy, probate, for condem..m!oo or lot Jenne, for enforcement of a lien which may attain priority
<br />over this Security Instrument or to enforce laws or rc`ulutions), of (c) Borrower has abandoned the Property, then Lender
<br />may do and pay for whatever is reasonable or appmpriute m protect Under's interest in the Property and rights under this
<br />Security Instrument including protecting and/or asso.ing the value of the Property, and securing and/or repairing the
<br />Property. Lender's actions can include, but are not halt tcd to: (c) paying any sums secured by alien which has priority over
<br />this Security Instrument; (b) appearing in court, o it, i (c) [) trait. reasonable attorneys' fees to protect its interest in the
<br />Property and/or rights under this Security Instrument mclud'me is secured position in a bankruptcy proceeding. Securing
<br />the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors
<br />b
<br />and windows, drain water from pipes, eliminate mldmg 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 to do so and is not under any
<br />duty or obligation to do so. It is agreed that Lender in, cn ..o hilhi lily for 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 intene. tat the Note rate from the dat eofdisbm 'sement and shall be payable,
<br />with such interest, upon notice from Lender to Borrower request:... payment.
<br />Ifthis Security Instrument is on a leasehold. BorruvI n shall comply with all the provisions of the lease. 11Bornower
<br />acquires fee title to the Property, the leasehold and dic ice title shall not over unless Lender agrees to the merger in writing
<br />10. Mortgage Insurance. It Lender required Mortgage Insurance as a condition of making the Loan.
<br />Borrower shall pay the premiums required to mutnmin the Mortgage Insurance in effect. If, for any reason, the Mortgage
<br />Insurance coverage required by Lender ceases to he available from the mortgage insurer that previously provided such
<br />insurance and Borrower was required to make sultan ald dcsIgnated payments toward the premiums for Mortgage Insurance,
<br />Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously
<br />in effect at a cost substantially equivalent to the cost to 1301 ower of the Mortgage Insurance previously in effect, from an
<br />alternate mortgage insurer selected by Lender. If substanual Iy cyuivalent 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 I C at n those payments as a non - refundable Ions reserve in rtes of
<br />Mortgage Insurance. Such loss reserve shall be non - refundable, notwithstanding the fact that the loan is ultimately paid in
<br />PoII, 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 it Mortgage Inswunce coves,,, (In the amount and for the period that Lender requires)
<br />provided by an insurer selected by lender again becomes I o-ai luble, is obtained, and Lender requires separately designated
<br />payments towardthe premiums for Mortgagee Insurance. II' ender required Mortgage Insurance as a condition ofmaking the
<br />Loan and Borrower was required to make separately Jesignated payments toward the premiums for Mortgage Insurance,
<br />Borrower shall pay the premiums required to maintain Mnrigage Insurance in effect, or to provide a non - refundable loss
<br />reserve, until Lender's requirement for Mortgage ItLaGInCe ends in accordance with any written agreement between
<br />Borrower and Lender providing for such termination Q until termination is required by Applicable Law. Nothing in this
<br />Section t0 affects Borrower's obligation to pay inmrcet at the rat provided in the Note
<br />Mortgage Insurance reimburses Lender (oi :mv entity that purchases the Note) for certain losses it may incur if
<br />Borrower does not repay the Loan as agreed. Borrow cr is uut a party to the Mortgage Insurance,
<br />NEBIL%SKA Single Family—FaoowMaeunticide N ac IIN] f0RV1[I III i IN tiNT Farm 3028 1101 IV,X, 9,d a page,,
<br />9754 CV (1,02; 11,29337
<br />
|