|
20o9o57so
<br />residence for at least one year after the date of occupancy, unless Lender otherwise agrees inn wr~i g, which consent
<br />shall net be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control.
<br />7. Proservatlan, Maintenance and Prot®ctlon of the; Property; Inspections. Bvrrawer shall not destroy,
<br />damage or impair the Property, allow the Property to deteriorate ar commit waste an the Property. Whether or net
<br />Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from
<br />deteriorating ar decreasing in value due to Its condition. Unless it is determined pursuant to Section 5 that repair or
<br />restoration is not economically feasible, Harrower shall promptly repair the Property rE damaged to avoid further
<br />deteriaratlon or damage, If Insurance or cond®mnatlon proceeds are paid in connection with damage ta, or the taking
<br />af, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released
<br />proceeds fior such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in
<br />a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient
<br />to repair ar restore the Property, Borrower is not relieved of Borrower's obligation far the completion of such repair or
<br />restoration.
<br />Lender or its agent may make reasonable entries upon and inspections of the property, ff it has reasonable cause,
<br />Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of
<br />or prior to such an inteliar inspection specifying such reasonable cause.
<br />8. Borrower's lean Appiication, Borrower shall be in default if, during the Loan application process, Borrower
<br />or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially
<br />false, misleading, orinaccurate information ar statements to Lender (vrfailed to provide L.enderwith material information)
<br />in connection with the Loan. Material representations include, but are not limited to, representations concerning
<br />Borrower's occupancy of the property as Borrower's principal residence.
<br />9. Pro#ectlon of Lender's Interest fn the Prop®rty and Rights UndQr this Security Instrument. If (a) Borrower
<br />fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that
<br />might significantly affect Lender's interest in the Property and/or rights under this Security instrument (such as a
<br />proceeding 1n bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority
<br />overthis Security Instrument onto enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender
<br />may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under
<br />this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/ar repairing
<br />the Pro party. Lender's actions can include, but are not limited tv: (a) paying any sums secured by a lien which has priority
<br />over this Security instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in
<br />the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding,
<br />Securing the Property includes, but is not limited to, entering the Property to make repairs, change lacks, replace ar
<br />board up doors and windows, drain water from pipes, eliminate building or other code violatlans or dangerous
<br />conditions, and have utilities turned on or off. Although Lender may take action under this Section S, Lender does net
<br />have to dv so and is not under any duty or obligation to do so. It is agreed that Lender incurs nv liability for not taking
<br />any or all actions authorised under this Section 9.
<br />Any amounts disbursed by Lender under this Section 9 shall become additional debt of eorrvwer secured by this
<br />Security Instrument. These amounts shall bear interest at the Nate rate from the date of disbursement and shall be
<br />payable, with such interest, upon notice from Lander to Borrower requesting payment.
<br />Ifthis Security Instrument is an a leasehold, Borrower shall complywith all the provisions afthe lease. Borrowershall
<br />oat surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease. Borrowershall
<br />oat, without the express written consent of lender, alter ar amend the ground lease, ff Borrower acquires fee title to the
<br />Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
<br />10. Mortgage Insurance. tf Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall
<br />pay the premiums required to maintain the Mortgage Insurance in effect. If, far any reason, the Mortgage Insurance
<br />coverage required by Lender ceases to be available from the mortgage insurerthat previously provided such insurance
<br />and Harrower was required to make separately designated payments toward the premiums far Mortgage Insurance,
<br />Harrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance
<br />previously in effect, at a cast substantially equivalent to the cast to Borrower of the Mortgage Insurance previously in
<br />effect, from an alternate mortgage insurer selected by Lender. ff substantially equivalent Mortgage insurance coverage
<br />is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were
<br />due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-
<br />refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the
<br />fact that the loan is ultimately paid in full, and lender shall oat be required to pay Borrower any interest ar earnings on
<br />such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (n the amount
<br />and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained,
<br />and Lender requires separately designated payments toward the premiums far Mortgage Insurance, If Lender required
<br />Mortgage Insurance as a condition of making the Loan and Borrower was required #o make separately designated
<br />payments toward the premiums for Mortgage insurance, Borrower shaft pay the premiums required to maintain
<br />Mortgage Insurance in effect, nr to provide anon-refundable loss reserve, until lender's requirement for Mortgage
<br />Insurance ends in accordance with anywritten agreement between Borrower and Lender providing for such termination
<br />ar until termination is required by Applicable Law. Nothing in this Section 1 Q affects Borrower"s obligation to pay interest
<br />at the rate provided in the Note.
<br />Mortgage Insurance reimburses Lender (ar any entity that purchases the Nate) for certain lasses it may Incur if
<br />Borrower does not repay the Loan as agreed. 8orrowar is not a party to the, Mortgage Insurance.
<br />Mortgage Insurers evaluate their total risk on all such insurance in force from time to time, and may enter into
<br />agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and
<br />conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements, These
<br />agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer
<br />may have available (which may include funds obtained from Mortgage Insurance premiums).
<br />As a result of tftese agreements, Lender, any purchaser of the note, another insurer, any reinsurer, any other entity,
<br />yr affiliate of any of the foregoing, may receive (directly ar indirectly) amounts that derive ham (or might be characterized
<br />as) a portion of Borrower's payments for Mortgage Insurance, in exchange far sharing or modifying the mortgage
<br />Insurer's risk, ar reducing lasses. If such agreement provided that an affiliate of Lender takes a share of the insurer's
<br />NEBRASKA-Single Family--Fannla Maa/Fraddla Maa UNIFORM INSTRUMENT Form30281/01 Initials: '`
<br />®1899-2007 Dnllne DQCUmerrts, Ina Page 5 Of 9 NEEDEEp 0705
<br />06-29-2009 15x15
<br />
|