201007571 - Laserfiche WebLink

Browse

201047571 Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreernent; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures frorn the holder of the lien an agreement satisfactory to Lender subordinating the lien Co this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. I.ender may require Borrower to pay a one-time charge for a real estate taac verification and/or reporting scrvice used by Lender in connection with this Loan. 5. Property Insurance. Barrower shall keep the improvements naw existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not lirnited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be rnaintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chasen by Barrower subject to L.ender's right to disapprove Bprrower's choice, which right sha11 not be exercised unreasonably. I.ender may require Barrower to pay, in connection with this I..oan, eitU,er: (a) a one-time charge far flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or sim.ila�r changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the paynnent of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at I..ender's option and Borrower's expense. L,Qnder is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or rnight not protect Borrower, Borrawer's equity in the Praperty, or the contents of the Property, against any risk, hazard ar liability and might provide greater or lesser coverage than was previously in effect. Borrower aclrnowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by L,Qnder under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Nate rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance palicies required by Lender and renewals of such palicies shall be subject to Lender's right to disapprove such policies, sha11 include a standard mortgage clause, and shall name Lender as rnortgagee and/or as an additional loss payee. L,ender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to L,�nder all receipts of paid p:remiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard rnortgage clause and shall narne Lender as mortgagee and/or as an additiana,l loss payee. In the event of loss, Borrower shall give prompt notice ta the insurance carrier and Lender. Lender rnay make proaf of loss 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 L.ender, shall be applied to restoratian or repair af khe Praperty, if the restoration or repair is econamically feasible and Lender's security is not lessened. During such repair and restoration period, J.ender shall have the right to hold such insurance proceeds uncil L.ender has had an opportunity to inspect such Fraperty to ensure the NEBRASKA - Single Family - FAnnia Mae/Freddie Mac UIVIFORM IN5TRUMENT �-6�NE) 108111 Pa�e B of �5 Inisials: -�� orm 3p2$ 9/09 � C ✓v► � ; = i 'j l� � .� �. �