|
<br />200701787
<br />
<br />6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence
<br />within 60 days after the execution of this Security Instrument and shall continue to occupy the Property
<br />as Borrower's principal residence for at least one year after the date of occupancy, unless Lender
<br />otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating
<br />circumstances exist which are beyond Borrower's control.
<br />
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not
<br />destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the
<br />Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in
<br />order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is
<br />determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall
<br />promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or
<br />condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower
<br />shall be responsible for repairing or restoring the Property only if Lender has released proceeds for
<br />such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a
<br />series of progress payments as the work is completed. If the insurance or condemnation proceeds are
<br />not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for
<br />the completion of such repair or restoration.
<br />
<br />Lender or its agent may make reasonable entries upon and inspections of the Property. If it has
<br />reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall
<br />give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable
<br />cause.
<br />
<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
<br />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 Loan. Material
<br />representations include, but are not limited to, representations concerning Borrower's occupancy of the
<br />Property as Borrower's principal residence.
<br />
<br />9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a)
<br />Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there
<br />is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under
<br />this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture,
<br />for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or
<br />regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is
<br />reasonable or appropriate to protect Lender's interest in the Property and rights under this Security
<br />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
<br />secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c)
<br />paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security
<br />Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes,
<br />but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and
<br />windows, drain water from pipes, eliminate building or other code violations or dangerous conditions,
<br />and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does
<br />not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no
<br />liability for not taking any or all actions authorized under this Section 9.
<br />
<br />Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower
<br />secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of
<br />disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting
<br />payment.
<br />
<br />If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease.
<br />If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless
<br />Lender agrees to the merger in writing.
<br />
<br />to. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan,
<br />Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any
<br />reason, the Mortgage. Insurance coverage required by Lender ceases to be available from the mortgage
<br />insurer that previously provided such insurance "'a.nd Borrower was required to make separately
<br />designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums
<br />required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a
<br />cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect,
<br />from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance
<br />coverage is not available, Borrower shall continue to pay to Lender the amount of the separately
<br />designated payments that were due when the insurance coverage ceased to be in effect. Lender will
<br />accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance.
<br />Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in
<br />full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve.
<br />
<br />NEBRASKA - Single Family. Y"DDk MaelFmddi4! Mk VNIFOflM INSTRUMENT
<br />C> 2004.2006 Copyright Compliance System" Jnc. 497S.SE20. 2006.05.131
<br />rn~le Family Real E,tate. Security In,trument DL2047
<br />
<br />, Pag.S oflO
<br />
<br />Form JOZS 110 I
<br />www.compliancesystems.com
<br />800.968.85,22" Fax 616.956.18681
<br />
<br />Initials
<br />
|