201101524 - Laserfiche WebLink

Browse

2011015�� Borrower shall promptly dischazge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payrnent of the obligation 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, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings aze concluded; or (c) secures from Che holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender deternunes that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Bonower 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 chazge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, fQr whicY� E.ender requires insurance. This insurance shall be maintained in the amounts (including deductibie Ieve�s} and for the periods that Lender requires. What Lender requires pursuant to the preceding sentex�es c� change during the term of the Loan. The insurance carrier providing the insurance shall be chvsen by Borrc�wer subject to Lender's right to disagprove Borrower's choice, which right shall not be exeFCi.� unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) � o�e-time chazge for fIood zone detemunation, certification and tracicing services; or (b) a one-rinle c�arge far fiaxi zone detemunation and certificatiQn services and subsequent charges each time remappings off simiiar r.hanges oeeur which reasonably rnight affeet such determination or certification. Borrower shali atsa be responsibte for the payment of any fees imposed by the Federal Emergency Management Agency in cannection with the review of any fiood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lernier's option and Bonower's expense. Lender is under no obligation to purchase any particular type or amount o€ cQVerage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Barrower's ec�uity in the Property, or the contents of the Property, against any risk, hazard or Iiabitity and might provide greater or lesser coverage than was previously in effect. Borrower aclrnowledges that ttce cast of the insv.rance coverage so obtained might significantly excced the eost af insurance that Bc�rrower could have obtained. Any amounts disbursed by Lender under this Section 5 shali become additional debt of Borrower secured by this Seeurity Instrument. These arnounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with snch interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such po�icies shait be suhject to Lender's right to disapprove such policies, shall include a standard mortgage ciause, ancl shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the rig&t to �aId the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender a�t reeeipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, nc�t otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and sha11 name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower 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 Lender's security is not lessened. During such repair and restoration period, L.ender 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 Mae/Freddie Mac UNIFORM INSTRUMENT � -6�NE1 toati7) Page 6 of 15 Initials: � Form 3028 1i01 � —� d' I •�