;, ~ {; ,; ;~r ~ ;; ~- 201003318
<br />that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance
<br />carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not
<br />ba exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone
<br />determination, certification and tracking services; or Ib- a one-time charge for flood zone determination and certification services and
<br />subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification.
<br />Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with
<br />the review of any flood zone determination resulting from an objection by Borrower.
<br />If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and
<br />Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall
<br />cover Lender, but might or might not protect Borrower, borrower's equity in the Property, or the contents of the Property, against any risk,
<br />hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the
<br />insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts
<br />disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts
<br />shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to
<br />Borrower requesting payment.
<br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies,
<br />shall include a standard mortgage clause, and shall name Lender as mortgagee and/ar as an additional loss payee. Lender shall have the
<br />right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums
<br />and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, nr destruction
<br />of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/nr as an additional lass
<br />payee.
<br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not
<br />made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the
<br />underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration ar repair is
<br />economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold
<br />such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's
<br />satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a
<br />single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law
<br />requires interest to be paid on such insurance proceeds, Lender shall oat be required to pay Borrower any interest or earnings on such
<br />proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall
<br />be the sole obligation of Borrower. If the restoration or repair is not economically feasible nr Lender's security would be lessened, the
<br />insurance proceeds 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 Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If
<br />Borrower does not respond within 3b days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may
<br />negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property
<br />under Section 22 or otherwise, Borrower hereby assigns to Lender Ia1 Borrower's rights to any insurance proceeds in an amount not to
<br />exceed the amounts unpaid under the Note or this Security Instrument, and Ib1 any other of Borrower's rights (other than the right to any
<br />refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to
<br />the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property nr to pay amounts unpaid
<br />under the Note ar this Security Instrument, whether or not then due.
<br />B. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the
<br />execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after
<br />the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating
<br />circumstances exist which are beyond Borrower's control.
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or Impair the Property,
<br />allow the Property to deteriorate or commit waste nn the Property. Whether or not Borrower is residing in the Property, Borrower shall
<br />maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined
<br />pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to
<br />avoid further deterioration or damage. If insurance or condemnation proceeds era paid in connection with damage to, or the taking of, the
<br />Property, Borrower shall be responsible for repairing or restoring the Property only if Lehder has released proceeds far such purposes.
<br />Lender may disburse proceeds far the repairs and restoration in a single payment or in a series of progress payments as the work is
<br />completed. If the insurance ar condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of
<br />Borrower's obligation for the completion of such repair nr restoration.
<br />Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect
<br />the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection
<br />specifying such reasonable cause.
<br />$. $orrower's Loan Application. Borrower shall be in default if, during the Lnan application process, Borrower or any persons or
<br />entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate
<br />information nr statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Materia-
<br />representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower"s principal
<br />residence.
<br />9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the
<br />covenants and agreements contained in this Security Instrument, Ibl there is a legal proceeding that might significantly affect Lender's
<br />interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, far condemnation or
<br />forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulationsl, or Ic1
<br />Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest
<br />in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing
<br />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
<br />over this Security Instrument; Ibl appearing in court; and Ic1 paying reasonable attorneys' fees to protect its interest in the Property and/or
<br />rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not
<br />limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate
<br />building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this
<br />Section 9, Lender does not have to do so and is not under any duty pr obligation to do so. It is agreed that Lender incurs no liability far not
<br />taking any or all actions authorized under this Section 9.
<br />Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument.
<br />These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice
<br />from Lender to 8nrrpwer requesting payment.
<br />If this Security Instrument is on a leasehold, Borrower shall comply with all the previsions of the lease. If borrower acquires fee title
<br />to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
<br />70. Mprtgdge Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums
<br />required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to
<br />be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated
<br />payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially
<br />equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cast to Borrower of the Mortgage
<br />Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance
<br />coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when
<br />the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as anon-refundable loss reserve in lieu
<br />of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and
<br />Lander shall not be required to pay Borrower any interest or earnings nn such loss reserve. Lender can no longer require loss reserve
<br />payments if Mortgage Insurance coverage lin the amount and for the period that Lender requires) provided by an insurer selected by Lender
<br />again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If
<br />Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated
<br />NEBRASKA-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT
<br />Page 3 of 6
<br />Farm 302$ 1101
<br />~~3
<br />C ~~
<br />
|