201007820 - Laserfiche WebLink

Browse

2oioo�s�o Borrower shall promptly discl�azge any lien which has priority over this Security Tnstrument unless Bonrower: (a) agrees in writing to tt�e payment of the obligaCion secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perfornung such agreement; (b) contests the lien in good faith by, ar defends against enforcement of the lien in, legal procee�ings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings aze pending, but only until such proccedings are concluded; or (c) secures frorn the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrurnent. If Lender deternunes that any part of the Property is subject to a lien which can attain priority over this Security Instrurnent, Lender rnay 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. Lender may require Borrower to pay a one-time charge for a real estate tax verification azxd/or reporting service used by Lender in connection with this Loan. 5. Praperty Insurance. Borrower shall ke�p the improvements now existing or hereaftar erected on the Properiy insured against loss by fire, hazards includ� within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and flaads, for which Lender requires insurance. This insurance shall be maintained 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 chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone deternunation, certification and tracking services; or (b) a one-time charge for tlood zone deternunation and cextification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone deternunation resulting frorn an objection by Borrower. If Borrower fails 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 arnount of coverage. Therefore, such c�verage shall cover Lender, but might or might not protect Borrovcrer, Borrower's equity in the Property, or the cantents of the Property, against any risk, hazazd ar liability and might pmvide greater or lesser caverage than was previously in effect. Borrower aclrnowledges that the cost of the insurance coverage so obtained might significantly excced the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall becorne additional debt of Borrower secured by this Security Instrument. These arnounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All inswrance policies required by Lender and renewals of such policies shall be subject to I.ender's right to disapprove such policies, shall include a standazd mortgage clause, and shall name Lender as mortgagee and/or as an addicional loss payee. Lender shall have the right to hold the policies and renewal certi�cates. If L.ender are�uires, Borrowex shall promptly give to Lender all receipts of paid prexniwr�.s and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise requiared by Lender, for damage to, or destruction af, the Property, such policy shall include a standazd mortgage clause and shall name Lender as mortgagee and/or as an addition�al loss payee. In the event of loss, Borrower shall give prampt notice to the insurance carrier and Lender. Lender may znake proof of loss if not made promptly by Borrower. Unless I.ender and Bonower 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 economically feasible and L,�nder's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the NEBRASKA - Single Family - Fannie MaelFreddie Mac UNIFORM INSTRUMENT �-61NE) �osi�� Page 8 of 16 in�tiais: Form 3028 1/07 � � ^,` ' �.., .z �l" �