|
201102495
<br />Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if
<br />damaged to avoid further deterioration or damage. If insurance or condemnation proceeds aze paid in
<br />connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or
<br />restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds
<br />for the repairs and restoration in a single payment or in a series of progress payments as the work is
<br />completed. If the insurance or condemnation proceeds aze not sufficient to repair or restore the Property,
<br />Borrower is not relieved of Bonower's obligation for the completion of such repair or restoration.
<br />Lender or its agent may malce reasonable entries upon and inspections of the Property. If it has reasonable
<br />cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Bonower
<br />notice at the time of or prior to such an interior inspection specifying such reasonable cause.
<br />8. Borrower's Loan Application. Bonower 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 Bonower's knowledge or
<br />consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to
<br />provide Lender with material information) in connection with the Loan. Material representations include, but
<br />aze not limited to, representations concerning Bonower's occupancy of the Properiy as Borrower's principal
<br />residence.
<br />9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a)
<br />Bonower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a
<br />legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this
<br />Security Instnunent (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for
<br />enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or
<br />regulations), or (c) Bonower has abandoned the Property, then Lender may do and pay for whatever is
<br />reasonable or appropriate to protect Lender's interest in the Properly and rights under this Security Instrument,
<br />including protecting andlor assessing the value of the Property, and securing and/or repairing the Property.
<br />Lender's actions can include, but are not limited o: (a) paying any sums secured by a lien which has priority
<br />over this Security Instrument; (b) appearing in cou , and (c) paying reasonable attorneys' fees to protect its
<br />interest in the Properiy and/or rights under this Se urity Instrument, including its secured position in a
<br />bankruptcy proceeding. Securing the Property includes�iut is not limited to, entering the Property to make
<br />repairs, change locks, replace or boazd up doors and windows, drain water from pipes, eliminate building or
<br />other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take
<br />action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It
<br />is 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 Bonower secured
<br />by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement
<br />and shall be payable, with such interest, upon notice from Lender to Bonower requesting payment.
<br />If this Security Instrument is on a leasehold, Bonower shall comply with all the provisions of the lease. If
<br />Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees
<br />to the merger in writing.
<br />10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan,
<br />Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the
<br />Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that
<br />previously provided such insurance and Bonower was required to make separately designated payments
<br />towazd the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage
<br />substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the
<br />cost to Bonower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected
<br />by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Bonower shall continue
<br />to pay to Lender the amount of the sepazately designated payments that were due when the insurance coverage
<br />ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in
<br />lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan
<br />is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such
<br />loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the
<br />amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes
<br />available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage
<br />Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was
<br />required to make sepazately designated payments towazd the premiums for Mortgage Insurance, Bonower shall
<br />NEBRASKA- Single Family - FannieMae/FreddleMac UNIFORM INSTRUMENT
<br />Form 3028 1/01 y , � .
<br />Laser Forms Ina (800) 448-3555 5� ���, / I /'� 1 a_ 1
<br />LFI#FNMA3028 4/02 Page7 of 13 Initials� /� `�' �
<br />
|