200608296 - Laserfiche WebLink

Browse

200608296 provided that such Inspection shall be undertaken promptly. 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. 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 sucb proceeds. Fees for public adjusters, or other third parties. retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair Is not economically feasible or Lender's security would be lessened, tbe insurance proceeds shall be applied to the sums secured by this Security Instrument. whether or not then due, with the excess, ihny. paid to Borrower. Sucb Insurance proceeds shall be applied In the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and seule any available Insurance claim and related maUers. If Borrower 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 seUle the claim. The 30-day period will begin when the notice is given. In either event, or If Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights 10 any Insurance proceeds in an amount not to exceed the amounts unpaid under the Note 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 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. 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 shali 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 of the 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 from 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 taking of. the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds 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 condemnalion 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 agent may make reasonable entries upon and inspections ofthe Property. If it has reasonable cause. Lender may Inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior 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 information or statements to Lender (or failed to provide Lender with material information) In connection with the Loan. Material representations Include, but are not limited to, 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 proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security 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 nOlllmited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing In court; and (c) paying reasonable aUorneys' fees to protect Its interest in the Property and/or rights under this Security Instrument, Including its 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 ofT. Allhough 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 Section 9. 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 requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower 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. If. 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 Borrower Initials: !?/J. 8, (YI-I). R NEBRASKAn Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 302B 1/01 Page 5 of 10 DocM_glc etnJu/Vf!i.lljl 800-649-1362 www.docmagic.com