|
f r •. 1. 1. � � • • } � .
<br />2oioo����.
<br />determination or certification. Borrower shall also be responsible for the paymetit of any fees imposed by the Federal
<br />Emergency Management Agency in connection with the revtew �f any flood zone determinat�on resulting from an objection
<br />by Borrower.
<br />IF Borrower fails to maintain any of the coverages described above, Ler�der may obtain insueance coverage, at
<br />i,ender's option and Borrower's exp�nse. Lender is under no obligation to purchase any particular type or amount of
<br />coverage. Therefore, such covera�e shall cover T..,ender, but might or might not protect Borrower, Borrower's equiry in the
<br />Property, or the contents of the Property, against �ny risk, haaard or liability and rnight provide greater or lesser coverage
<br />than was previously in effect. Borrower acknowledges that the cast ofthe insurance coverage so obtained might significantly
<br />exceed the cost of insurance that Bnrrower could have obtained. Any amounts disbursed by Lender under this Sect�on 5 shall
<br />become additional debt of Borrnwer secured by this Security Tnstrument. These amounts shall bear interest at the Note rate
<br />from the date of disbursernent and shall be payable, with such interest, upon notice £rom Lender ta Borrawer requesting
<br />payrnent.
<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, and shall name Lender as mortgagee and/or as an
<br />addittonal loss payee. Lender shall have the ri�ht to hold the policies and renewal certificates. T�Lender requires, Borrower
<br />shall promptly give to Lender all receipts of pa�d premiums and renewal notices. Ifgorrower obtains any form of insurat�ce
<br />coverage, not otherwise required by l,ender, for damage to, or destruction of, the Property, such policy shall include a
<br />standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee.
<br />In the event ofloss, Borrower shall give prompt notice to the insurance carrier and Lznder. Lender maymake proof
<br />of loss ifnnt made promptly by Bnrrnwer. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds,
<br />whether or not the underlymg insurance was required by Lender, shall be applied to rastoration or repa�r ofthe Praperty, if
<br />the restoration or repair is ecnnomically feasible and I.ender's security is not lessened. buring such repair and restoration
<br />period, I.ender shall have the right to hold such insuranca proceeds until Lender has had an opportumty to inspect such
<br />Property to ensure the work has been completed to Lender's satisfactian, pravided that such inspection shall be undertaken
<br />promptly. I.,ender ma� disburse proceeds for the repairs and restoration in a single payment or in a series of progress
<br />payments as the work �s completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid
<br />on such insurance proceeds, I.ender shall not be required to pay $orrower any interest or earnings on such proceeds. Fees
<br />for public adjusters, or other third parties, retained by Barrower shall not be paid out of the insurance proceeds and shall be
<br />the sole obligation of Borrower. If the restoration or repair is not economically feasibie or Lender's security would be
<br />lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due,
<br />with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order prbvided for in Section 2.
<br />IfBorrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related
<br />matters. If Borrower dnes not respnnd within 30 days to a notice from L.ender that the insurance carrier has o�'ered 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 ifLender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Bnrrower's
<br />rights ta any insurance proceeds in an amount not to exceed the arnounts unpaid under the Note nr this Security Ir►strument,
<br />and (b) any other ofBorrower's rights (other than the right to any refund of unearned premiums paid by �orrower) under all
<br />insurance policies cavering the Property, insofar as such rights are applicable to the coverage ofthe Property. Lender may
<br />use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security
<br />Instrument, whether or not then due.
<br />6. Occupancy. Borrower shall occupy, establish, and use the Properry as Borrower's principal residence within
<br />60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal
<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, or unless
<br />extenuating circumstances exist which are beyond Borrower's control.
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Barrower shall not destroy,
<br />damage or impair the Property, allow the PrnperCy to deteriorate or cnmrnit waste
<br />on the Froperry. Whether or nnt Bnrrower is residing in the Property, Borrower shall maintain the Property in order to
<br />prevent the Properiy from deteriarating or decreasing in value due to its condition. Unless it is detetmined pursuant to
<br />Section S that repair or restoration is not economical ly feasible, Borrower shall promptly repair the Property if damaged to
<br />avoid further deterioration or damage. If insurance or condemnation proceeds are paid m connection with damage to, or the
<br />taking of, the Froperty, Borrower shall be responsible for repairing or restoring the Praperty only if Lender has released
<br />proceeds for such purposes. L.ender may disburse proceeds for the repairs and restoration in a single payment or in a series
<br />of progress payments as the work is completed. If the insurance or condemnatian proceeds are not sufficient tp repair or
<br />restore the Property, Borrower is not relieved of �3orrower's obligation for the completion of such repair or restoration.
<br />Lender or rts a�ent may make reasonable entries upon and mspections ofthe Property. If it has reasonable cause,
<br />Lender may inspect the �nterior of the im rovernents on the Property. Lender shall give Borrower notice at the time of or
<br />prior to such an �nterior inspection specifying such reasonable cause.
<br />8. Borrower's Loan Application. Borrower shall be in default if, during the T,oan application process,
<br />Borrower or any persons or entities acting at the direction of Borrower or with $orrower's knowledge or consent gave
<br />materiall� false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material
<br />informat�on) in connection wrth the Loan. Material representations include, but �re not limited to, representations concerning
<br />Borrower's occupancy nf the Properry as Borrower's principal residence.
<br />9. Protection of Lender's Interest in the Property and Ttights Under this Security Instrurnent. If
<br />(a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, �b) there is a lagal
<br />proceeding that might significantly af�ect L,Qnder's interest in the Property and/or rights under this Secur►ty Instrument (such
<br />as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement ofa lien which rnay attain priarity
<br />over this Security Instrument or ta enforce laws or regulations), or (c) Borrbwer has abandoned the Prop�rty, then I.ender
<br />may do and pay for whatever is reasonable or appropr�ate to protect Lender's interest in the I'roperty and rights under this
<br />Security Instrument, including protecting and/or assessing the value of the Property, artd securing and/or repairing the
<br />Property. I.ender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priorit� over
<br />this Secur�ty lnstrument; (b) appearin� in court; and (c) paym� reasonable attorneys' fees to protect its interest �n the
<br />Property and/or rights under this Security [nstrument, including rts secured position in a bankruptcy proceeding. Securing
<br />the ProperCy includes, but is not limited to, entering the Property to make re�airs, change locks, replace or board up doors
<br />and windows, drain water from pipes, eliminate building or other code violat�ohs or dangerous conditions, and have utilities
<br />turned on or off. Although Lender may take action under this Section 4, Lender does not have to do so and is ndt under any
<br />duty or obligation tp dd so. It is agreed that Lender incurs no liability for not taking any Or all �ctions authorized under this
<br />Section 9.
<br />Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrowet securc�d by this
<br />Security Instrument. These amounts shall bear interest at the Note rate frorn the date of disbursement and shall be payable,
<br />with such interest, upon notice from Lender to Borrower requesting pa}ment.
<br />Ifthis Secur�ty Instrument is on a leasehold, Borrower shall comply with all the prpvisions ofthe lease. If�orrower
<br />acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
<br />10. Mortgage Insurance. If I..ender required Mortgage Insurance as a condition of rnaking the I.oan,
<br />Borrower shall pay the prerniums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage
<br />Insurance coverage requ�red by Lender ceases to be available from the mortgage insurer that previausly provided such
<br />NEBRA3KA--Single Family--F'annie MaelFreddie Mac LJNIFORM INSTRUMEN7' (MERS)
<br />12439.CV (1/08) 91172FA
<br />Form 3028 1/O1 (page 4 of 8 pages)
<br />Creative Thinking, Inc.
<br />GOTO(Op0ae841)
<br />
|