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201007571 <br />wprk has been completed to Lend�r's satisfaction, provided that such inspection shall be undertaken <br />promptly. I..ender may disburse proceeds for the repairs and restoration in a single payment or in a series <br />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 not be required to pay Borrower any <br />interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by <br />Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If <br />the restoration or repair is not econornically feasible or Lender's security would be lessened, the insurance <br />proceeds shall be applied to the surns secured by this Security Instrurnent, whether or not then due, with <br />the excess, if any, paid to Borrower. Such insurance proceeds sha11 be applied in the order provided for in <br />Section 2. <br />If Borrower abandons the Property, I.ender amay �'ile, negotiate and settle any available insurance <br />claim and related matters. If Borrower does not respond within 30 days to a notice from Lender ChaC the <br />insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claizn. The 30-day <br />period will begin when the notice is given. In either event, or if Lender acquires the Property undex <br />Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance <br />proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and <br />(b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by <br />Borrower) under all insurance policies covering the Property, insofaz as such rights are applicable to the <br />coverage of the Property. L.ender may use the insurance proceeds either to repair or restare the Property ar <br />to pay amouncs unpaid uu�der the Note or this Security Instrument, wheCher or not then due. <br />6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal <br />residence within 60 days after the execution of this Security Instrument and shall conCinue to occupy the <br />Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender <br />otherwise agrees in writing, which consent shall not be unreaspnably withheld, or unless extenuating <br />circurnstances exist which are beyond Borrower's control. <br />7. Preservation, Maintenance and Pratection of the Property; Inspections. Borrower shall not <br />destroy, damage or impair ihe Property, aJlow the �roperty to deteriorate or commit waste an the <br />Property. Whether or not Bonrower is residing in the Property, Borrower shall maintain the Property in <br />order to pxevent tlie Property from deteriorating or decreasing in value due to its condition. Unless it is <br />determined pursuant to Section S that repair or restoration is not econornically feasible, Borrower shall <br />promptly repair the Property if damaged to avoid further deteriaration or darnage. If insurance or <br />condernnation proceeds are paid in connection with damage to, ar the taking of, the Property, Borrower <br />shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such <br />purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of <br />progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient <br />to repair or restare the Praperty, Borrower is not reliev�d of Borrower's obligation for the cpmpletion of <br />such repair or restoration. <br />T.ender or its agent may make reasonable entries upon and inspections of the Praperty. If it has <br />reasonable cause, Lender may inspect the interior of the imprvvements on the Praperty. Lender shall give <br />Borrower notice at the time of ar prior to such an interior inspection specifying such reasonable cause. <br />8. Borrower's Loan Application. Borrower sha11 be in default if, during the Loan application <br />process, Borrower or any persons or entities acting at the direction af Borrower or with Borrower's <br />lrnawledge or consent gave materially false, misleading, or inaccurate infoz�nation or statements ta Lender <br />(or failed ta provide Lender with material informatian) in connection with the Loan. Material <br />repr�sentations include, but are not limited to, representations concerning Bozxower's occupancy of the <br />Praperty as Barrower's principal residence. <br />NEBRASKA - Single Family - Fannia Mae/Fraddie Mac UNIFORM INSTRUMENT <br />�-B(NE) lost t 1 Page 7 of 15 Initlals• �� Form 302$ 9/07 <br />�� � <br />� ., �; � _' . F <br />