|
2Qioo77�0
<br />Ne3028.dot.xml
<br />are applicable to the coverage of the Frop�rty. T..ender may use the insurance proceeds either ta repair or restore the
<br />Property or to pay acnounts unpaid undcr the Note or this Security Instrument, whether or not then due.
<br />6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence
<br />within 60 days after the execntion of this Security Instrument and shall continue co occupy the Property as Borrower's
<br />principal residencc for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which
<br />consent shall not be unreasonably withheld, or unless extenuating circumstanccs exist which are beyond Borrower's
<br />control.
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy,
<br />damage or impair the Property, allow the Prope�ty to deteriorate or commit waste on the Property. Whether or not
<br />Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from
<br />deteriorating or decreasing in value due to its condition. Unless it is deternuned pursuant to Section 5 that repair or
<br />restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further
<br />deterioration or damage. If insurance or condemnation proceeds are paid in connection with darnage to, or the taking
<br />of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released
<br />praceeds for such purposes. Lender may disburse proceeds for the repairs and restoratipn in a single payment or in
<br />a series of progress payznents as the work is completed. If the insurance or condemnation proceeds are not sufficient
<br />ta repair or restore the Property, Borrower is not relieved of Borrower's obligation for the cornpletion of such repair
<br />or restoration.
<br />L,ender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause,
<br />Lender may inspect the interior of the improvernents on the Property. Lender shall give Borrower notice at the time
<br />of or prior to such an interior inspection specifying such reasonable cause.
<br />$. Borrower's Loan Application. Borrower shall be in default if, du�ing the Loan application process,
<br />Borrower or any persons or entities acting at the directipn of Borrower or witk� Borrower's knowledge or consent gave
<br />materially false, misleading, or inaccurate information or staternents to Lender (nr failed to provide Lender with
<br />material information) in connection with the Loan. Material representations include, but are not limited to,
<br />representations concerning Borrower's occupancy of thc Property as Borrower's principal residence.
<br />9. Protection of Lender's Interest in the Property and Rights Under this 5ecurity Instrument. If (a)
<br />Bonower fails to perform the covenants and agre�ments contained in this Securiry Instrument, (b) there is a legal
<br />proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrurnent
<br />(such as a proceeding in banl�ruptcy, probate, for condemnatian or forfeiture, for enforcement of a lien which may
<br />attain priority over this Security Instrurnent or to enforce laws or reg;ulations), or (c) Borrower has abandoned the
<br />Property, then I.ender may do and pay for whatever is reasonable ar appropriate to protect Lender's interest in the
<br />Property and rights under this Security Instrument, including proteccing and/ar assessing the value of the Property,
<br />and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums
<br />secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable
<br />attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured
<br />pasition in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property ta
<br />make repairs, change lacks, replace or board up doors and windows, drain water from pipes, eliminate building or
<br />other code violations or dangerous conditions, and have utilities turned on ar off. Although Lender may take action
<br />under this Section 9, Lender does not have to do sa and is not under any duty or obligation to do so. It is agreed that
<br />I,�nder incurs no liability for not taking any or all actions authorized under this Section 9.
<br />Any amounts disbursed by Lender under this Scction 9 sh�ll become additional debt of Borrower secured by this
<br />Security Instrument. These amounts shall bea,r interest at the Note rate frorn the date of disbursement and shall be
<br />payable, with such interest, upon notice from Lender to Borrowcr requesting payment.
<br />If this Security Instrurnent is on a leasehpld, Borrower shall comply with all the provisions of the lease.
<br />Borrower shall not surrender the leasehold estate and interests herein conveyed or ternunate or cancel the ground lease.
<br />Barrower shall not, without the express written consent of Lender, alter or arnend the graund lease. If Borrower
<br />acquires fee title to the Property, the leasehold and the fee title shall not rnerge unless Lender agrees to the merger
<br />in writing.
<br />10. Mortgage Insurance. If Lender required Mortgage Insurance as a conditian of rnaking the L.oan, Borrower
<br />shall pay the prerniums required to rnaintain the Mortgage Insurance in effect. If, for any reason, the Martgage
<br />Insurance coverage required by Lender ceases to be available from the rnortgage insurer that previously provided such
<br />insurance and Borrower was required to make separately designated payrnents toward the prerniums for Mortgage
<br />Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage
<br />Insurance previously in effect, at a cost substantially equivalent to the cost to Barrower of the Mortgage Insurar�ce
<br />previqusly in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage
<br />Insurance coverage is not available, Borrower shall cantinue to pay to Ler►der the amount of the separately designated
<br />payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these
<br />payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable,
<br />natwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any
<br />interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance
<br />coverage (in the amnunt and for the period that Lender requires) provided by an insurer selected by 1.ender again
<br />becornes available, is obtained, and Lender requires separately designated payments towazd the premiums for
<br />Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was
<br />required to rnake separately designated payments taward the premiums for Mortgage Insurance, Borrower shall pay
<br />the premiurns required to maintain Mortgage Insurance in effect, ar to provide a non-refundable loss reserve, until
<br />Lender's requirement for Mortgage Insurance ends in accordance with any written agreernent between Borrower and
<br />NEBRASKA--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DDCMag1C � e0464s-f3sz
<br />Form 3028 1/07 Page 5 of 11 www.docmagic.com
<br />� /
<br />l.Lr
<br />
|