|
201101020
<br />If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance
<br />coverage, at Lender's option and Borrower's expense. Lender is under no obiiga6on to purchase any
<br />particular type or amount of coverage. Therefore, such coverage shafl cover Lender, but might or might
<br />not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk,
<br />hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower
<br />acicnowlectges that the cost of the insurance coverage so obtained might signiflcanUy exceed the cost of
<br />insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5
<br />shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear
<br />interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon
<br />notice from Lender to Borrower requesting paymant.
<br />All insurance policies required by Lender and renewals of such policies shall be subject to
<br />Lender's right to disapprove sueh policies, shall include a standard morfgage clause, and shall name
<br />�ender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies
<br />and renewal certfieates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid
<br />premiums and renewal notiCes. If Borrower obtains any form of insurance coverage, not otherwise
<br />required by Lender, for damage ta, or destruation of, the Property, swch policy shall include a standard
<br />mortgage clause and sha!! name Lender as mortgagee and/or as an additional loss payee.
<br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender.
<br />Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower
<br />otherwise agree in writing, any insurance proceeds, whether or not the underiying insurance was required
<br />by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is
<br />economicalfy feasible and Lender's security is not lessened. During such repair and restoration period,
<br />Lender shall have the right to hold such insurance proceeds untit Lender has had an apportunity to
<br />inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such
<br />inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in
<br />a single payment or in a series of progress payments as the work is completed. Unless an agreement is
<br />made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall
<br />not be required to pay Borrower any interest or eamings on such proceeds. Fees for public adjusters, or
<br />other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the
<br />sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security
<br />would be lessened, the insurance proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proc:eeds
<br />shall be applied in the order provided for in Section 2.
<br />If Borrower abandons the Property, Lender may frle, negotiate and settle any availab)e insurance
<br />claim and retated matters. If Borcower does not respand within 30 days to a notice from Lender that the
<br />insuranae carrier has offered to settle a claim, the� Lender may negotiate and settle the claim. The
<br />30-day period will begin when the notice is given. tn either event, or if Lender acquires the Property under
<br />Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance
<br />proc�eds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and
<br />(b) any other of 6orrower's rights (other than the right to any refund of uneamed premiums paid by
<br />Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the
<br />coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property
<br />or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.
<br />6. Occupancy. 8orrower shall occupy, establish, and use the Property as Borrower's principal
<br />residence within 60 days after the execution of this Security lnstrument and shall continue to occupy the
<br />Property as Borrower's principal residence for at least one year after the date of occupancy, unless
<br />Lender otherwise agrees in writing, which c�nsent shall not be unreasonably withheld, or unless
<br />extenuafing c+rcumstances exist whicfi are beyond Borrower's controi.
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall
<br />1
<br />I
<br />� 3 O O O 1 4 4 2 8 S� � M C M D O T*
<br />NEBRASKA--Single Family-Fannie MaelFreddie Mae UNIFORAA INSTRUMENT Form 3028 1/01 (page 6 of 14 pages)
<br />Mortgage Cadence, LLC � 3027 02/O6
<br />
|