201007663 - Laserfiche WebLink

Browse

2o�oo�ss� Sorrower shall promptly discharge any lien which has priorzty over this Security Instrument unless Borrower: (a) agree5 in writing to the payrtaent of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perforrning such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, 1ega1 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 frozn the holder of the lien an agreement satisfactory to Lender subordinating the lien to 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 1Q days of the date on which that notice is given, Borrow�r shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-tirne charge for a real estate tax verificatian and/ar reparting service used by Lender in connection with this Lpan. 5. Property Insurance. Borrower shall keep the improvements now 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 limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What I.,ender requires pursuant tt� the preceding sentences can change durin� the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to I�ender' s right to disapprove Borrower' s chpice, which right shall not be exercised unreasanably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-tixne char�e for flood zone deternnination, certi�cation and tracking services; or (b) a one-time charge for flood zone d�termination and certification aervices and subsequent charges each time remappings or similar changes occur which reasonably rraight aff�et such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Ernergency Management Agency in connection with tlie review of any flood zone determinacion resulting from an objection by Borrower. If Sorrower faila to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender' S option and Borrower' s expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might. not protect Borrower, Borrower' s equity in the Property, or the cantents of the Property, against any risk, lia�ard ar liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges 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 Lender under this Section S shall become additional debt o£ Borrower secured by this Security Instrument. These amounts shall bear intereat at the Note rate from the date of disbursexnent and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender a5 mortgagee and/or as an additianal loss payee. Lender sha11 have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall prom:ptly give ta Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance cavera�e, not otherwise required by Lender, far damage to, or destruction pf, the Property, such policy shall include a stax�dard mortgage clause and shall name Lender as mortgagee anc1/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice tn the insurance carrier and Lender. Lender may make proof 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 Lender, shall be applied to restoration or repair oF the Property, if the restoration or repair is econpmically feasible and Lender' s security is not lessened. During such repair and restoration period, Lender shall have the righC to hold such insurance proceeds until Lender has had an opportunity ta inspect such Property to ensure the 10-09-0000J.8 NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM IN5TRUMENT �-6(NE)�oa�� Pag860f15 Initials: � Form 3028 1/01 �