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200607625 Lender may requirc Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time chargc for flood zone dctcnnination and certification services and subsequent charges each time remappings or similar changes occur which reasonably mil(ht affect such determination or certification. Borrower shall also bc responsible for the paymcnt of any fees imposed by the Federal Emergency Management Agency in connection with thc revlcw of any flood zone determination resulting from an objection by Borrower. )fBorrower fails to maintain any of the coverages described above, Lender may obtain insurancc coverage, at Lender's option and Borrower's expensc. Lender is under no obligation to purchase any particular typc or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide grcater or lesser coveragc than was previously in effect. Borrower acknowledges that the cost ofthc insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 4 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 requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additIOnal loss payee. Lender shall havc the rillht to hold the policies and rencwal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. )fBorrower obtains any form ofinsurancc coverage, not otherwise required by Lender, for damagc to, or destruction of, thc Property, such pohcy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event onoss, Borrower shall givc prompt notice to the insurance carrier and Lender. Lendermaymakcproof onoss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whcther or not the underlying insurance was required by Lender, shall bc 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 to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has lleen completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for thc repairs and restoration in a single paymcnt or in a series of progress payments as thc 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 "arties, retained by Borrower shall not bc paid out of the insurance proceeds and shall be the sole obligation of Borrow cr. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to thc sums secured by this Security Instrument, whether or not then duc, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied m the order provided for in Section 2. )fBorrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. )fBorrower does not respond within 30 days to a notice from Lender that the insurance carrier has offured to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 20 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other ofBorrower' s rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as sueD rights are applicable to 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. 5. Occupancy. Borrower shall occupy, establish, and usc 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 writin~, which consent shall not be unreasonably withheld, or unless extenuating cIrcumstances exist which are beyond Borrower s control. 6. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damalle or impair the Property, allows the Property to deteriorate or commit waste on the Property. Whether or not Borrower is reSiding in thc Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is detcnnined l'ursuant to Section 4 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property tf damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released procecds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its allent may make reasonable entries upon and inspections of the Property. Ifit has reasonable cause, Lender may inspect the Interior of the irnp~ovements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection speeitying such rcasonable cause. 7. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities aclinll at the direction of Borrower or with Borrower's knowledge or consent gave materially fuIse, misleading, or inaccurate mformation or statements to Lender (or failed to provide Lender with material informalton) in connection with the Loan. Material representations include, but are not limited to, representations coneeming Borrower's occupancy of the Property as Borrower's principal residence. 8. 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 proceeding that might significantly affect Lender's interest in the Property and/or rights under this Secunty Instrument (such as a proceeding; in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this SecurIty Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearinll in court; and (c) paytDIl reasonable attorneys' fees to protect its interest ill the Property and/or rights under this SeCurity Instrument, including rts secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 8, Lender docs 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 Section 8. Any amounts disbursed by Lender under this Section 8 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 requesting payment. If this Security Instrument is on a leasehold, Borrower shaIl comply with all the provisions ofthc 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. 9. Assignments ofMiscelianeous Proceeds; Forfelture. All Miscellaneous Proceeds are hercbyassigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Propcrt:y, 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 rightto hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such NElIRASKA SECOND MORTGAGE DEED OF TRUST (page J af 6) c:> Creative Thlnklne, In.. Z003 Il281.CV (12104) 260090 PDF created with pdfFactory Pro trial version www.odffactorv.com ~~ GOTO(oo04ddOl)