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�0100784�
<br />determination or certification. Borrower shall also be responsi6le for the payment of any fees imposed 6y the Federal
<br />Emergency Management Agency in connection with the revtew of any fload zone determinatian resulting from an objection
<br />by Borrower.
<br />lf Borrower fails to maintain any of the coverages describad above, Lender may obtain insurance coverage, at
<br />Lender's option and Borrower's expense. Lender is under no obli�atio�i to purchase any particular type or amount of
<br />coverage. Therefore, such coverage shall cover L,ender, but might or might nat protect Borrnwer, Borrower's equity in the
<br />Froperty, or the contents of the Properry, against any risk hazard or liability and might provide greater or lesser coverage
<br />than was previously i�i effect. Borrower acknowledges that the cost ofthe insurance coverage so obtained might sipnificantly
<br />exceed the cost of insuranca that Borrower could have obtained. Any amounts disbursed by Lender underthis Sect�an 5 shall
<br />become additional debt of Borrower secured by this Security instrument. These amounts shall bear interest at the Note rate
<br />from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting
<br />payment.
<br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to
<br />disap�rove such policies, shall include a standard mortgage clause, a��d shall name Lender as mortgagee and/ar as a�i
<br />addit�onal lass payee. Lender shall have the ri�ht to hold the policies and renewal certificates. IfLender reyuires, Borrower
<br />shall promptly give to Lender all receipts of paid premiums and renewal a�otices. If Borrower obtains any forn� of insura�ice
<br />coverage, not otherwise required by Leiider, for damage to, or destruction pf, the Property, such policy shall include a
<br />standard mortgage clause and shall name L�nder as mortgagee and/or as an additional loss payee.
<br />In the event of loss, Borrpwer shall give prompt notice to the insurance carrier and Lender. I.endcr may make proof
<br />of loss ifnot made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds,
<br />whether or not the underl}nng msuranec was required by Lender, shall be applied #o restoration or repair ofthe Property, if
<br />the restoration or repair is economically feasible aud Lender's security is not lessened. During such repair and restoration
<br />period, Lender shall have the right ta hold such insurance proceeds until Lender has had an opportun�ty to inspect such
<br />Property to ensure the work has l�een completed to Lender's satisfaction, provided that such inspection shall be undertaken
<br />promptiy. Lender may disburse proceeds for the repairs and restoration m a single payment or in a series of progress
<br />payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid
<br />vn such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees
<br />for public adjusters, or other third parties, retained by Borrower shall not be paid out ofthe insurance proceeds and shall be
<br />the sole obligation of Bprrqwer, If the restoration or repair is nat econpmically feasible pr Lender's security would be
<br />lessened, the insurance proceeds shall be applied to the sums secured by this Security Tnstrument, whether or not then due,
<br />with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied m the order provided for in Section 2.
<br />lf Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related
<br />matters. IfBorrower dnes nnt respond withii� 30 days to a notice from Lender that the insurance carrier has offered to settle a
<br />claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either
<br />event, or if Lender acyu�res the Property under Section 22 or otherwise, Borrower hereby assigns to I.ender (a) Borrower's
<br />rights to any insurance proceeds in an a�nount not to exceed the amounts unpaid under the Note or this Security lnstrument,
<br />and (b) any ather of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all
<br />insura�ice policies covering the Property, insofar as such rights are applicable to the coverage ofthe Property. Lender may
<br />use the iusurance proceeds either to repa►r or restore the Property or to pay amounts uupaid under the Note or this Security
<br />Instrument, wl�ether or not then due.
<br />6. Occupancy. Borrower shall occupy, establish, ai�d use the Property as Borrower's principal residence within
<br />60 days after the executian of this Security Instrument and shall continue to occupy the Property as Sorrower's pri►icipal
<br />residence for at least one year after the date
<br />of occupancy, unless L,ender otherwise agrees in writing, which consent shall not be unreasonably withheld, ar unless
<br />extenuat�ng c�rcumstances exist which are beyond Borrower's control.
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall nat destroy,
<br />damage or impair the Property, allow the Prnperty to deteriorate or commit waste
<br />on the Property. Whether or not Borrower is residing in the Praperty, Borrower shall maintain the Property m order to
<br />prevent the Property from deteriorating or decreasing m value due to its condition. Unless it is determined pursuant to
<br />Sectian 5 that repair or restoration is not ecanomically feasi6le, Borrower shall promptly repair the Property if damaged to
<br />avoid further deterioration or dama�e. If insurance or condemnation proceeds are paid in connection with damage to, or the
<br />taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released
<br />proceeds for such purposes. Lender may disburse proceeds for the repairs and restoratian in a single payment or in a series
<br />of progress payments as the work is completed. If the insurance or condemnation proceeds are nat sufficient to repair or
<br />restora the Praperty. Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration.
<br />Le��der or rts a�eut may make reasanable entries upon and mspectians ofthe Property: If it has reasonable cause,
<br />Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the timc af or
<br />prior to such an interior inspection specifying such reasonable cause.
<br />8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process,
<br />Borrower or any persons or entities acting at the direction of Borrower or with Barrnwer's knowledge or consent gave
<br />materially false, misleading, ar inaccurate mformation or statements to Lender (or failed to provide Lender with material
<br />information) in connection wrth the Laan. Material representations include, but aze not limited to, representations couceming
<br />Borrower's occupan�y af the Property as Borrower'a principal residence.
<br />9. Pratection of Lender's lnterest in the Property and Rights Under this Security Instrument. if
<br />(a) Borrower fails to perform the covenants and agreements contai�ied in this Security Instrument, �b) there is a legal
<br />proceeding that might significantly affect Lender's interest in the Property and/or rights under this Secur�tyInshument (such
<br />as a proceeding in 6ankruptcy, probate, for condemnation or forfeiture, �'nr enforcement ofa lien which may attain pr�ority
<br />over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Properry, then Lender
<br />may do and pay for whatever is reasonable or appropr�ate to protect Lender's interest in the Property and r�ghts under this
<br />Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the
<br />Froperty. Lender's actions can rnclude, but are not limited to: (a) paying any sums secured by a lien which has prioritY over
<br />this Security Instrument; (b) a�pearin� in court; and (c) payin;� reasonable attorneys' fees to protect its intcrest m the
<br />Property ai�d/or rights wider this Secur�ty Instrument, including rts secured position in a bankruptcy proceeding. Securing
<br />the Property includes, but is not limited tv, entering the Prvperty to make re�airs, change locks, replace or board up doors
<br />a�id windows, drain water from pipes, eliminate building or other code violations or da��gerous conditions, and have utilities
<br />turned on or off. Although Lender may take action under this Section 9, Lender does not have tn do so and is not under any
<br />duty or obligation to do so. It is agreed that Lender incurs nn liability for not takin� any or al I actions authorized undcr this
<br />Section 9.
<br />Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this
<br />Security Instrument. These amounts shall bear interest at the Note rate frnm the date of dishursement and shall be payable,
<br />with such interest, upon notice from Lender to Borrower requesting payment.
<br />Ifthis 3ecurity instrumettt is on a leasehold, Barrower shall comply with all the provisions ofthe lease. IfSorcower
<br />acquires fee title to the Praperty, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
<br />10. Mortgage Insurance. lf Lender required Mortgage Insurance as a condition of making the Loan,
<br />Borrower shall pay the premiums required to maintain the Mortgage lnsurance in effect, if, for any reason, the Mortgage
<br />Insurance caverage requ�red by Lender eeases ta be available from the mortgage insurer that previously provided such
<br />NEBRASKA—Single Family—Fannie Mae/Freddle Mac L1NIFbRM INSTRUMENT (MERS) Fprm 3028 1/Ot (pdge 4 of 8 pages)
<br />12439.Cv (I/0&) 03-1127 Creative T'hinking, Inc.
<br />GOTO(00231 c47)
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