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, .' , Jt~~t1~~ . .. 200806943 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destro~, daf!l~ge ?r impair the Property, allow the Property to deteriorate or commit waste on the Property: Whether. or ~ot Borrower 1~ res!dmg m the Property, Borrower shall maintain the Property in order 10 prevent the Pro~rty from d~ten~ratmg or decr~asmg m v.alue due to its condition. Unless it is determined pursuant to Sectlon 5 that repaIr or restoratlon IS not economIcally feasIble, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insura!lce or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower sha.ll be responsIble for repairing or restoring the Property only if Lender has released proceeds for such purposes. L~nder may dlsb~rse J?roceeds for the repairs and restoration in a single payment or in a series of progress payments as the work IS completed. It the msur~nc~ or condemnation proceeds are not sufficient to repair or reslore the Property, Borrower is not relieved of Borrower's obhgatlon for the completion of such repair or restoration. . .' . Lender or its agent may make. reasonable entnes upon and tnspectlons of ,the Property. If, It has rea,sonabl,e cau~e, Lender may inspect the interior of the tmprovements on the Property. Lender shall give Borrower notlce at the ttme of or pnor 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 ~l~rrower's kn?wledge or c~nsent ga~e ~a~eriall~ fals~, misleading, or inaccurate information or statements to Lender (or faIled to provide Lender WIth matenal mformatlon) m 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 thi,s Sec1l;ritX)lllitrum~nt (~u~~,~s.<,lpro~ee~~!L.in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a hen which may afuim pn6nty over thIS Secunty 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) appearing in court; and (c) paying reasonable attorneys' 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 off. Although 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 In~urance 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 Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). ,~s a re~ult of ~hese ~greel!lents, Lender~ any purchaser ?f ~e Note, another insurer? any reinsurer,. any other entity, or any affthate of any of the foregomg, may receive (directly or mdlrectiy) amounts that denve from (or mIght be characterized a~) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's nsk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect th~ amou~ts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not mcrease the amount Borrower will owe for Mortgage Insurance and they will not entitle Borrower to any refund. ' (b) Any such agreements will not affect the riJW.t~ B()rrower has--if any--with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosu~es, to request and o~tain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receIve a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. . 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. ~f the Prop~rt~ is dama~ed, such ~iscellaneous Proceeds .sha~l be applied to restoration or repair of the Property, if the restoratiOn or repair IS ~conomically feasibl7 and Lender's secunty I~ not lessened. During such repair and restoration period, Lend~r shall have the nght to hold such Miscellan~ous r~oc~eds untll. Lend!:r has ha~ an opportunity to inspect such Property to ensure the work has been ?ompleted to L~nde! s . sa~isfacll<~n, proVided tha.t such ~pechon shall be undertaken promptly. Lender may pay for the repalfs and restorahon ill a smgle disbursement or m a senes 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 Miscellaneous Procee~s, Lender ,sh~ll not be required ~o I?ay Borrower ,any int~rest or earnings on such Miscellaneous Proceeds. If the restoration or repalr IS not economically feaSible or Lender s secunty would be lessened the Miscellaneous Proceeds shall be applied .to the sums secured by this Secu~ity. Instrument, whether or not then due, with 'the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be apphed ill the order provided for in Section 2. In the event of a ~otal tak,ing, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by tillS Secunty Instrument, whether or not then due, with the excess, if any, paid to Borrower. NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT /J' Form 3028 1/01 Sankers Systems, Inc., St. Cloud, MN Form MD-l-NE 8117/2000 (page 4 of 7 pages) ~