201102637 - Laserfiche WebLink

Browse

2Q1102637 work has been courpleted to Lender's satisfaction, provided that such inspection shall be undertaken promptiy. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earniugs on such proceeds. Fees for public adjusters, ar other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligarion of Bonower. If the restoration or repair is not economically feasible or Lender' s security would be lessened, the insurance proceeds shall be applied to the sums secured by tl�is Security Instrumen#, whetiier or not then due, with the excess, if any, paid to Bonower. Such ��+��+�*+ce proceeds shali be applied in the order provided for in Section 2. If Bonower abandons the Property, Lender may file, negotiate and settle any available ins�rance claim and related matters. If Bonower does not respond within 34 days to a notice from Lender that the insurance camer has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin wben the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Ins�trument, and (b) any other of Borrower's rights (other than the right to any refiuid of imearned prenaiums paid by Borrower) under ail insurance policies covering the Property, insofar as such rights aze applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Properiy or to pay amounts unpaid under the Note or this Security Instrvment, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 50 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist wluch are beyond Bortowec's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Bonower shall not destroy, damage or impair the Properry, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Bortower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in va]ue due to its condition. Unless it is deteimined pursuant to Section 5 that repair or restoration is not economically feasible, Bonower shall promptly repair the Property if damaged to avoid fiu deterioration or damage. If in��*�nce or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such piuposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance at condemnation proceeds aze not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restorarion. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspe.ct the interior of the improvements on the Property. Lender shall give Bonowar notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, dimng the Loan application process, Borrower or any persons or entities acring at the direction of Borrower or with Borrower' s lmowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connectian with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Bonower's principal residence. 2200093927 D V6ANE NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMBJT WITH M �-6A(NE7 (OetO) Page7 ot 15 �nitiala: �� Fom� 3028 1/01 �