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200707305 4500029552 resulting from an objection by Borrowcr. If Borrower fails to maintain any of the coverages described "hove, Lender may obtain insuranec coverage, at Lender's option and Borrower's expense. Lender is under no obligation to pureli<lsc any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, 130rrower's equity in the Property, or the contents of the Property, against any risk, hazard or linhility and might providc~,~rcatcr or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so ohLlined might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender undlT this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amollnts shall hear interest <It the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to I~orrower reque'iling payment. All insurance policies required by Lender and rcnewals of such policies shall bc subject to Lender's right to disapprove such policies, shall include a standard 1110rtg<lge cl<luse, and shall name Lender ,IS mortg'lgee and/or as an additional loss payee. Lender shall have the right to hold the policies and rcnewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains ,Iny fixm of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, thc Property, such policy shall includc a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof ofloss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. D!lring such repair <lnd restoration period, Lender shall have the right to hold such insurance proceeds unti I I.ellder h,IS IHld an apport unit y to i Ilspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such lIlspection shall k underLlken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a scril:s of progress 1'~lyml:nts as the work is completed. Unless an agreement is made in writing or Applicable Law requires Illtercst to be paid on such insuranl:e proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proccl:ds. Fees for publil: adjllsters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and slwll be the sole obligation ot' Borrower. If the restoration or repair is not economically feasible or Lender's security would be lcssl:ned, thl: insurance proeecds shall bl: applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Ilorrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons tbe Property, Lendl:r may file, negoti:lte and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice fi'011l Lender that the insurance carrier has offered to settle a claim, then Lender may negotinte and settle the claim. The 30-c1ay 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 to 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 allY rl:fund of unearned pll:miUnlS paid by Borrower) under all insurance policies covering the Property, insofar as such rights arc applieablc to the eover,lge of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid umler the Note or this Sel:urity Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, nnd use 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 writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which arc beyond Burrower's control. 7. Preservation, Maintenance and Protection of the Property; I nspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste un the Property- Whether or not Borrower is residing in the Property, Borrower shall maintain the Propertv in order to prevent the Pmpl:rly from dcteriornting or decreasing in value due to its condition. Unless it is determined pursuant to Sel:tion 5 that repair 01 restoration is not economically feasible, Borrower shall promptly repair the Property if dmnnged to avoid l'urthcr deterioration l'l damage, I f insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, l3orrow(;l' :;Julll be rl:sponsibk for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender tnay d ::;burse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. 11'1111: insur~lI1ee or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is lwt relieved of Borrower's (lbligation Il)r the completion of such repair or restoration. Lender or its agent may make reasonabk entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property, Lender sl;:ill give I lorrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. NEBRASKAn Single Family --Fannie Mac/Freddie Mac lJNII'ORM INSTRlJMRNT #jj) 338.25 Poge 5 0(// Form 3028 1/01 div rJ G