|
�
<br />2010U8214
<br />7. Preservation, Maintenance and Protection of the Yroperty; Inspections. Borrower shall not destroy, damage or
<br />impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in
<br />the �'roperty, Borrower shall maintain the Property in order to prevent the Pro�erty from deteriorating or decreasing in value
<br />due t0.,ats condition. Unless. it is detertnizaed pursuant to Sect�on 5 that repair or restoration is not economically feasible,
<br />$orrower shall promptly repair the Property if damaged to avoid fr.trther deteri�ration or daznage. Tf insura;nce cax
<br />condetztttation proceeds are pa'td in c�nnection with daznage to, or the taking of, the Pxaperty, Borrower shall be responsible for
<br />repairing �r restoz'it�g the Property qnly if Lender has released pxoceeds for such purposes. Lender may disburse proceeds fo'r
<br />the repa►rs and restoration in a single payment or in a series of progress payments as the work is cortxpieted. If the xnsura�►ce or
<br />condemnation proceeds are not su��c'tez�t tp repaiz' or restore the Property, Borrowe� is not relieved of Borrower's obli�dti�n
<br />for the cvmpletion of such repair or restoratiori.
<br />T...ende;r or its agent tnay make reasonable entries upon and inspections of the 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 tinae of or priar
<br />to such an interior inspection specifying such reasonable cause.
<br />8. Borrower's Loan ApplIcatinn. Borrower shall be in default if, during the Loan application process, Borrower or
<br />any persons or entities acting at the direction o� Borrower or with Bvrrower's knowledge or consent gavc� rnaterially false,
<br />misleading, or inaccurate infarrnation or statements to Lender (or failed to provide Lender with material information) in
<br />connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's
<br />occupancy of the Property as Borrawer's principal residence.
<br />9. Protection of Lender's Interest in the Froperty and R9ghts Uttder thls Security Instxu�nent. If (a) Borrawer fails
<br />to perform the covenants and agreernents conttained in this 5ecurity Instrument, (b) there is a legal proceeding thaC might
<br />significantly affect Lender's interest in th� Property and/ar rights under this Security Instrument (such .as a proceeding in
<br />bankruptcy, probate, for condemnation or forfeiture, for enforccm�nC of a lien which znay attain priority over this Security
<br />Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for
<br />whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security �nstrument,
<br />including proteccing and/or asscssing the value of the Property, and securing and/or repairing the Property. Lender's actions
<br />can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrurnent; (b)
<br />appearing in court; and (c) paying reasonable attarneys' fces to protect its intexest in the Property and/or rights under this
<br />Security Instrument, including its secured position in a bankruptc:y proc�eding. Securing the Property includes, but is not
<br />lizn,ited to, entering tk►e Property to znake repairs change locks, replace or board up doors and windows, drain water from
<br />pipes, eliminate building or other code violations or dangerous conditions, and have utilities tuxned on or off. Although Lender
<br />znay take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is
<br />agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9.
<br />Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this
<br />Security instru�xaent. 'I'hese amounts.shall bear interest at the Note rate fr4m the date of'.disbursement and shall be payable, with
<br />such interest, upon notice from Lender to $orrower'requesting payment.
<br />If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease, If Borrower
<br />acquires fee title to the Propexty, the leaseh,old and the fee title shall not merge unless Lender agrees to the merger in writing:
<br />�0. Mortgage Insurance. If Lender reyuircd Mortgage Insurance as a condition of znaking the Loan, 13orrower shall
<br />pay the premiums required to ma�ntain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insuranc;e c:overage
<br />requ�ced by I,ender ceases to be available fro�n the mortgage insucer that previously provided such insuranee and Barrower was
<br />reyuired to make separately designated payments toward the premiums for Mc�rtgage Insurance, Borrower shall pay the
<br />premiums required to obtain coverage substant'tally equivalent to the Mortgage Insurance previously in effac:f, at a cost
<br />substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortg�ge
<br />insurer selected by Lender. If substantially equivaler�t Mortgage Insurance coverage is not available, Borrower shall continue to
<br />pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in
<br />effect. Lender will accept, use and retain these payment�� as_a non-refundable loss r.�sezYe in 1i��t_of Mo;�tgage_J.n�u�au�:e,....:.Such- -
<br />loss reserve shall be non-refundable, notwithstanding the fac:t that the Loan is ultirnately paid in full, and Lender shall not be
<br />required to pay 13orrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if
<br />Mortgage Insurance coverage (in the amount and for the periad that L,ender requires) provided by an insurer selected by Lender
<br />again becomes available, is obtained, and Lender requires separately designated payments toward the prcmiums for Mortgage
<br />Tnsurance. Tf Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to znake
<br />separately designated payments faward the premiums for Mortgage Izasurance, Borrower shall pay the Qremiums required to
<br />mamtain Mortgage Insurance in effect, or to provide a non-refiandable �OS$ reserve, until Lender's reyuirement for Mortgagc
<br />Insurance ends in accordance with any written agreement between $orrow�r and Lender pz'oviding for such termination or until
<br />t�rminarion is required by Applicable Law. Nothing in this Section 10 affects �3orrqwer's obligation to pay interest at the rate
<br />provided in the Note.
<br />Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if
<br />Borrower does not repay the Loan as,agreed. 13orrower is not a party to the Mortgage Insuranee.
<br />Mortgage insurers evaluate theic .t�tal risk �n all such insurance in force frc�rn time to time, ana may enter 'into
<br />agreements with other parCi�s that sharc or modify their z'isk, or reduce lpsses. These agreements are on terms and conditions
<br />that are satisfactory to the mortgage insucer and the other party (or parties) to thesa agreernents. These agreements may require
<br />the mortgage insurer to make payments using any source of f'unds that the mortgage insurer znay have available (which may
<br />include funds obtained from Martgage Insurance premiums).
<br />As a result �f titese agreements, Lender, any purchaser af the Note, another insurer, any reinsurer, any other entify, or
<br />any affiliate of any of the foregoing, may receive (directly or indirec:tly) amounts that derive fz'otn (or z►aight be characterized
<br />as) a portion of Borrower's paymcnes far Mortgage Insuranee, in exclaange f'c�x sharing or modifying the mortgage insurer's
<br />risk, or reducing losses. Tf such agreem,ent provides that an af�liate of Lender takes a share of insurer's risk in exchange for a
<br />share of the premiums paid to the insurer, the arrangement is often termed "captivc reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or
<br />any other terms of the Loan. Such a�reements will not increase the amount Barrower will owe for Mortgage Ittsurance,
<br />and they will not entitle Borrower to any refund.
<br />(b) Any such agreeme►�ts w�11 not a!'fect th� rights Borrowe� has--if any--with respect Co the Mortgage L�surance
<br />under the Homeowners Protectlon Act of 1998 or any other law. These rights may inciude the right to receive certain
<br />disclosures, to request and obtain cancellation of the Mortgage lnsurance, to have the Mortgage Insurance termivated
<br />automatically, and/or to receive a refund of any Mortgage Insurance premiunn�s that were unearned at the time of such
<br />cancellation or termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall
<br />be paid to Lender.
<br />If the Property is damaged, such Miscellancous Proccads shall be applied to restoration or repair of the Property, if the
<br />restoration or repair is economically feasible and Lendcr's security is not lessened. During such repair and restaration period,
<br />Lender shall have the right to I�old suclt Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property
<br />to ensure 1he work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken pcoztaptly.
<br />Lender may pay for the repairs and restoration in a singlc disbursement or in a series of progress payments as the work is
<br />coznpleted. [.Inless an agreennent is made in wciting ar Applicab�e Law reyuires interest to be paid on such Miscellaneous
<br />Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. Tf the
<br />restoration or repair is not econonnically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be
<br />applied to the sums secured by this 5ecurity Instrument, whether or not then due, ,with the excess, if any, paid to $arrower.
<br />Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2.
<br />In, the event of a total taking, destruction, or loss in value of the Praperty, the Miscellaneous Proceeds shall be applied
<br />to the s"ums secured by this Security Instrumcnt, whethez' or not then due, with the excess, if any, paid t� Borrower.
<br />NEBRASKA—Single Family--Fannie Mae/Fraddie Mac UNIFORM IN5TRUM�NT
<br />BBnkers 5ystems, Inc., St. Cloud, MN Form Mb-1-NE 8I1'7/2000
<br />�m 3028 1101
<br />(page 4 of 7 pages) �,
<br />
|