|
<br />200602392
<br />
<br />on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for
<br />public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the
<br />sole obligation of BOITower. If the restoration or repair is not economically feasible or Lender's security would be lessened,
<br />the insurance proceeds shall be applied to the sums secured by this Security Instmment, whether or not then due, with the
<br />excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
<br />If Lender believes that Borrower has abandoned the Property, Lender may file, negotiate and settle any available
<br />insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance
<br />camer has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the
<br />notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, BOITower hereby assigns to
<br />Lender (a) Borrower's rights to any insurance proceeds in an anlount not to exceed the amounts unpaid under the Agreement
<br />or this Security Instmment, and (b) any other of BOITower's rights (other than the right to any refund of unearned premiums
<br />paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of
<br />the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under
<br />the Agreement or this Security Instrument, whether or not then due.
<br />6. Occupancy. Borrower shall occupy, establish, and use the Property as BOITower's principal residence within
<br />60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal
<br />residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not
<br />be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control.
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy,
<br />danlage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower
<br />is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or
<br />decreasing in value due to its condition. If the Property is damaged, unless it is determined pursuant to Section 5 that repair
<br />or restoration is not economically feasible, Borrower shall promptly repair the Property to avoid further deterioration or
<br />damage. If insurance or condemnation proceeds are paid in connection with danlage to, or the taking of, the Property,
<br />Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes.
<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. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is
<br />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 improvements 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 Home Equity Line of Credit Application. Borrower shall be in default if, during the home
<br />equity line of credit application process, Borrower or any persons or entities acting at the direction of Borrower or with
<br />BOITower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or
<br />failed to provide Lender with material information) in connection with the Agreement, the Account or this Security
<br />Instrument. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the
<br />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) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal
<br />proceeding that might significantly affect Lender's interest in the Property 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 Security Instrument or to enforce laws or regulations), or (c) Lender believes that Borrower has abandoned the
<br />Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property
<br />and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or
<br />repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has
<br />priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest
<br />in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding.
<br />Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up
<br />doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have
<br />utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not
<br />
<br />Loan No: 6544500104
<br />Nebraska Home Equity Line of Credit Deed of Trust-First Lien MERS Modified
<br />-THE COMPLIANCE SOURCE, INC.- Page 7 of 14
<br />www.compliancesource.com
<br />
<br />1111111111111111111111111111111111111111111111111111111111111111111111
<br />
<br />9~44NE 07/0Z
<br />02002. The Compliance Source. Ine,
<br />
|