|
<br />200706265
<br />
<br />provided that such Inspection shall be undertaken prumptly. Lender may disburse proceeds for the repairs and
<br />restoration In a single payment or in a series of progress payments as the work Is completed. Unless an agreement
<br />is made In writing or Applicable Law requires Interest to be paid on $uth Insurante proceeds, Lender shall not be
<br />r~uired to pay Borrower any Int.erest or earnings on such proceeds. Fees for public adjusters, or other third parties,
<br />retained by Borrower shall not be paid out of the Insurance proceeds and shall be the sole obligation of Borrower.
<br />If the restoration or repair is not e<~onomkally feasible or Lender's security would be les:rened. the insorance proceeds
<br />shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any. paid
<br />to Borrower. Such insurance proceeds shall be applied In the order proVided for in Section 2.
<br />If BI,rrower ahandlms the Property, Lender may file, negotiate and settle any available Insurance claim and
<br />related matters. If Borrower does not respond within 30 days to a notice from Lender that the Insurance carrier has
<br />offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period wlll begin wben the
<br />notice is given. In either event. or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby
<br />assigns to Lender (a) Borrower's rights to any Insurance proceeds in an amO\lllt not to exceed the amounts unpaid
<br />under the Note or this Security Instrument, and (h) any other of Borrower's rights (other than the right to any refund
<br />of unearned premiums paid by Borrower) under all insurance policies covering the Property, Insofar as such rights
<br />are applifahle to the tIlverage of the Property. Lender may use the insurance proceeds either to repair or restore the
<br />Property or to pay amounts unpaid under the Not.e or this Security Instrument, whether or not then due.
<br />6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence
<br />within 60 days after the exe<;ution of this Security Instrument and shall continue to occupy the Property as Borrower's
<br />principal residence for at least one year after the date of occupanr~y, unless Lender utherwlse agrees In writing, which
<br />comlent shall not be unreasonahly withheld, or unless extenuating circumstances exist whkh are beyond Borrower's
<br />mntrol.
<br />7. Preservation, Maintenance and Protection of the Property; Inspectlon.s. Borrower shall not. destroy,
<br />damage or impair the I'roperty, allow the Property to deteriorate or commit waste on the Property. Whether or not
<br />Borrower is residing In the Property, Borrower shall maintain the Property In order to prevent the Property from
<br />deteriorating or decreasing In value due to its eonditlon. Unless itls determined pursuant to Section 5 that repair or
<br />restoMII)Jl is not en)Jlomkally feasihle, Borrower shall promptly repair the Property If damaged to avoid further
<br />deterioration or damage. If Insurance or mndemnation proceed~ are paid in connection with damage to, or the taking
<br />of, the Property. Borrower shall be responsible for repairing or restoring the Property only If Lender has released
<br />proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a ,1ngle payment or in
<br />a series of progress payments a~ the work is mmpleted. If the in~urance or condemnation proceeds are not. suflkient
<br />to repair or restore the Property, Borrower b not relieved of Borrower's ohligatlon for the completion of such repair
<br />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 inspectt.he Interior of the improvements on the Property. Lender shall give Borrower notice at the time
<br />of or prior to sUI;b an interior inspection specif'ylng such reasonable cause.
<br />8. Borrower's Loan Application. Borrower shall be lu 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 gdve
<br />materially false, misleading, or Inaccurate Infornlation or statements to Lender (or failed to provide Lender with
<br />material Information) in mnnection wl.th the Loan. Material representations Include, hut are not limited to,
<br />representations concerning Borrower's occupan<:y of the Property as Borrower's principal residence.
<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 In~trument, (b) there Is a legal
<br />proceeding that might significantly affect Lender's int.erest In the Property and/or rights under this Security Instrument
<br />(such as a proceeding In hankruptl:Y, prohate, for condemnation or forfeiture, for enfoTl~ment of a lien which may
<br />attain priority over this Security Instroment or to enforce laws or regulations). or (c) Borrower has abandoned the
<br />Property, then Lender may do and pay for whatever Is reasonahle or appropriate to protect Lender's Interest in the
<br />Property and rights under thLs Secority Instrument, induding protecting and/or assessing the value of the Property,
<br />and seellIing and/orrepairing 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; (h) appeariog In coort; and (c) paying reasonable
<br />attorneys' fees to proted its interest In the Property and/or rights under thLs Security Instrument, Including Its secorI'd
<br />position in a bankruptcy proceeding. Securing the Property Includes, but is not limited to, entering the Property to
<br />make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or
<br />other eode vlolallons or dangerous conditions, and have utilities l.IIrned on or off. Although Lender may take al~tion
<br />under this Section 9, Lender does not have to do so and Is not uuder any duty or obligation to do so. It is agreed that
<br />Lender Im;urs no liability for not taking any ur all actions autbori7.ed under this Section 9.
<br />Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower semred by this
<br />Security Instrument. These amounts shall bear Interest at the Note rate from the date of dishursement and sball he
<br />payable, with sueh Interest, upon notife from Lender to Borrower requesting payment.
<br />If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease.
<br />Borrower shall not surrender the leasehold estate and Interests herein conveyed or terminate or cancel the ground lease.
<br />Borrower shall not, without. the express written (:(Insent of Lender. alter or amend the ground lease. If Borrower
<br />acquires fee lille to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger
<br />In writing.
<br />10. Mllrtgage Insurance. IfLenderr~uired Mort.gage Insuran(',i' as a condition of making the Loan. Borrower
<br />shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any rea.son. tbe Mortgage
<br />Insuranl~ wverage required hy Lender (;eases to be avallable from the mortgage Insurer that previously provided su<:h
<br />
<br />NEBRASKA..Single Family..famie Mae/frlilddie Mac UNifORM INSTRUMENT. MERS
<br />f<J<m 3028 1/0-r Page 5 of 11
<br />
<br />DocM"flic ~ lJ()O-649-1362
<br />www.docmll(1lc.com
<br />
|