|
zooso923s
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not. destroy, darnagc or
<br />unpair the Property, a.ilow the Property t.o deteriorat.e or cortrrnil waste on the Property. Whether or not. Borrower is residing iu
<br />the Property, Borrower shall ulaintain the Property in order to prevent the Property froth deterroratiug or decreasing in value
<br />due to its erudition. Unless il. is delenniued pursuant to Sectiou 5 that repair or restoration is not. economically feasible,
<br />Borrower shall promptly repair the Property if dartlaged to avoid further deterioration or damage, if insurance or
<br />condernrlation proceeds arc paid in connection with damage to, or the taking ol~, the Property, Borrower shall be responsible for
<br />repairing or restoring the Property only if Lender has released proceeds for such purposes. I~endcr may disburse proceeds for
<br />the repairs and restoration in a single payment or in a series of progress payments as the work is armplel.ed. If the insurance or
<br />condemnation proceeds are not sul'ficicnt to repair or restore the Property, Borrower is not relieved of Borrower's obligation
<br />for the complel.iou of such repair or restoration.
<br />l,euder or its agent may make reasonable entries upon and inspections of the Property. If it. has reasonanle cause,
<br />Lender may inspect. the interior of the unprovements on Lhe Property. Lender shall give Borrower notice at the time o.f or prior
<br />to such an interior inspection specifying such reasonable cause.
<br />8. Borrower's Loan Application. Borrower shall he in default if, during the Loan application process, Borrower or
<br />any persons or entities a.eting a.t. the direction of Borrower or with Borrower's knowledge or consent. gave rnatcrially false,
<br />misleading, or inaccurate infonnat.ion or sta.tenleul.s to Lender (or failed to provide Lender with material information) in
<br />couuection with the Loan. Material representations include, but a.re not lunit.ed to, represeut.ations concerning Borrower's
<br />occupancy 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) Borrower fails
<br />to pcrfonn the coveuanis and agrecrrrents contained in this Security instrument., (n) there is a Icgal proceeding that might
<br />significantly affect bender's inccrest in the Property and/or rights under this Security Instrument (such as a proceeding in
<br />ba.ukruptcy, probate, for coltdemnaAou or forfeiture, for enforcement of a lice which may attain priority over this Security
<br />Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, rhea Lender may do and pay for
<br />whatever is rcasonanle or appropriate to protect Lender's interest. in the Property and rights under this Security Instrument,
<br />including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's ac4ons
<br />eau include, nut are not limited to: (a) paying any Burns secured ny a lien which has priority over this Security Instrument; (b)
<br />appearing in court; and (c) paying reasonable at.torueys' fees to protect. its interest. in the Property and/or rights under this
<br />Security Iust.rumeut, including its secured position iu a bankruptcy proceeding. Securing the Property includes, but. is not.
<br />limited to, entering the Property to rnakc repairs, change locks, replace or board up doors and windows, drain water from
<br />pipes, eluniuate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender
<br />may take action under tllrs Section 9, Lender does not have to do so and is not. under any duty or obligation to do so. It is
<br />agreed that. Lender incurs no liability far not taking any or all actions authorized under this Section 9.
<br />Arty amounts disbursed by Lender under this Sectiou 9 shall become additional debt. of Borrower secured by this
<br />Security Instrurrrcnt. These amounts shall bear interest. a.t. the Note rate from the date of disbursetnenl. and shall be payable, with
<br />such interest, upon notice from I,cndcr to Borrower requesting payment.
<br />11' lllis Security Instrument is on a leasehold, Borrower shall comply with all the provisions ol` the lease, if Borrower
<br />acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writ.iug.
<br />10. Mortgage Insurance. if Lender required Mortgage Insurance as a condition. of making the Loa.u, Borrower shall
<br />pay the premiums required to rllaintain t.ho Mortgage lnsura.uce in effect. lf, for a.uy reason, the Mortgage lnsurance coverage
<br />required ny i.ender ceases to he available from the mortgage insurer that. previously provided such insurance and Borrower was
<br />reyuired to make separately designated payments toward the prerniurns for Mortgage Insurance, Borrower shall pay the
<br />prenliurns required to ohtain coverage substantially equivalent. to the Mortgage lnsurance previously iu effect., at a cost
<br />substantially eyuivalerlt to the cost to Borrower of the Mortgage Insurance previously in effect., from an alternate mortgage
<br />insurer selected by bender. if substaut.ially equivalent Mortgage Insurance coverage is not availahle, Borrower shall continue to
<br />pay to Lender the amount of the separately designated payments that. were due when the insurance coverage ceased to be iu
<br />effect. Lender will accept, use and retain these payments as anon-refundable loss reserve iu lieu of Mortgage Insurance. Such
<br />loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultirnatdy paidrn full, and Lender shall not be
<br />reyuired to pay Borrower any irrtcrest or earnings ou such loss reserve. Lender can no longer require loss reserve payments if
<br />Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender
<br />again becomes available, is obtained, and Tender requires separately designated payments toward the prerniunls for Mortgage
<br />Insurance. If Lender required Mortgage lnsurance as a coudition of making the Loan and Borrower was required to make
<br />separately designated paymeut.s toward the premiums for Mortgage Insurance, Borrower shall pay the premiums reyuired to
<br />maintain Mortgage Insurance in effect, or to provide a. non-refundable loss reserve, until Lender's requirement. for Mortgage
<br />Insurance ends in accordance with any written agreement. bet.weeu Borrower and Lender providing for such termination or until
<br />tcrrnination is reyuired by Applicable La.w. Nothing in this Sectiou 10 affects Borrower's ohligation to pay interest. at the rate
<br />provided in the Note.
<br />Mortgage lnsurance reimburses I,etldcr (or any entity that purchases the Note) for certain losses it Wray incur if
<br />Borrower does not. repay the Loau as agreed. Borrower is not a party to the Mortgage Insurance.
<br />Mortgage insurers evaluate their I.ol.a.l risk on all such insurance in force froth tune to Buie, and may outer into
<br />agreements with ol.her parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions
<br />that. are satisfactory to the mortgage insurer a.ud the other party (or pasties) to these agreetrlents. These agreements may require
<br />I.he mortgage insurer to make payments using any source of funds that the mortgage insurer may have availahle (which may
<br />include funds obtained from Mortgage Insurance prcrrvurns).
<br />As a result of these agreements, Louder, any purchaser of the Note, another insurer, any reinsurer, any other entity, or
<br />any affiliate of any o1' the foregoing, may receive (directly or indirectly) aruouuts that. derive from (or might. be characterized
<br />as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying tllc mortgage insurer's
<br />risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of insurer's risk in exchange for a
<br />sl.tarc of the pretniutns paid to the insurer, the arrangement is often termed "captive reiusurauce." 1~urther:
<br />(a) Any such agreements will not affect the amounts that $orrower has agreed to pay for Mortgage Insurance, or
<br />any other terms of the Loan. Sach agreements will not increase the amount Borrower will owe for Mortgage Insurance,
<br />and they will not entitle Borrower to any refund.
<br />(b) Any such agreements will not affect the rights Borrower has--if any--with respect to the Mortgage Insurance
<br />under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain
<br />disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated
<br />automatically, and/or to receive a refund of any' Mortgage Insurance premiums that were unearned at the time of such
<br />cancellation or termination.
<br />11. Assignment of Miscellaneous Proceeds; Torfeiture. All Miscellaneous Proceeds are hereby assigned to and shall
<br />be paid to Lender.
<br />Il' the Property is datrraged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the
<br />restoration or repair is economically feasible xnd Lender's security is not. lessened. During such repair and restoration period,
<br />Louder shall have the right to hold such Miscellaneous Proceeds until Louder has had au opportunity to inspect such Property
<br />to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly.
<br />Lcndcr may pay for the repairs and restoration in x single disbursement or iu a series of progress payments as the work is
<br />completed. lJuless an agreement. is made in writing or Applicable Law requires interest to be paid on such Miscellaneous
<br />Proceeds, Louder shall not. ne reyuired to pay T3orrower any interest or earnings on such Miscellaneous Proceeds. If the
<br />restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be
<br />applied to tllo sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower.
<br />Such Miscellaneous Proceeds shall ne applied in the order provided for in Section 2.
<br />In the event of a total taking, destruction, or loss iu value of l.he Property, the Miscellaneous Proceeds shall be applied
<br />to the Burns secured by this Security lustruunent, whether or Itot [hen due, With the excess, il` any, paid to Borrower.
<br />NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 7/Ot
<br />Bankers Systems, Inc., St. Claud, MN Form M6-1-NE B/17/2000 (/~nXC 4 of 7 pllXeS) ~\~'W~
<br />
|