|
201103083
<br />fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and
<br />Borrower shall then be obli�ated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any
<br />or all Escrow Items at any tune by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay
<br />to Lender a11 Funds, and in such amounts, that axe then required under this Section 3.
<br />Lender may, at any time, collect and hold Funds in an amount (a) suf�cient to permit Lender to apply the Funds at the
<br />time specif'ied under RESPA, and (b) not to exceed the maximum amount a lender can require under RE5PA. Lender sha11
<br />estimate the amount of Funds due on the basis of cutrent data and ceasona.ble estimates of expenditures of future Escrow Items
<br />or otherwise in accordance with A�plicable Law.
<br />The Funds shall be held m an institution whose deposits are insured by a federal agency, instrumentality, or entiry
<br />(including Lender, if Lender is an iffstitution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall
<br />apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Botrower for
<br />holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays
<br />Bortower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made m
<br />writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest
<br />or earnings on the Funds. Borrower and Lender can agree in writiug; however, that interest shall be paid on the Funds. Lender
<br />sha11 give to Borrower, without charge, an annual accounting of the Funds as required by RESPA.
<br />If there is a sur�lus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess
<br />funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as de�ned under RESPA, Lendet shall notify
<br />Borrower as required by RE5PA, and Borrower sha11 pay to Lender the amount necessary to make up the shortage in
<br />accordance with RESPA, but in no more than 12 montlily payments. If there is a deficiency of Funds held in escrow, as
<br />de�ned a�nder RESPA, I:ender shall notify Bonower as required by ..R�SPA, and .Borrower pay. to Lender the amount
<br />necessary to make up the�deficiency in accordaptce with RESPA, but in no more tha.n 12 monthly payments.
<br />Upon payment in full of all sums secured by this Securiry Instrument, Lender sha11 promptly refund to Borrower any
<br />Funds held by Lender.
<br />4. Charges; Liens. Borrower sha11 pay a11 taxes, assessments, charges, fines, and impositions attributable to the
<br />Property which can attain priority over this Securiry Instrument, leasehold payments or ground rents on the Properly, if any,
<br />and Communiry Association Dues, Fees, and AssessmeNs, if any. To the extent that these items are Escrow Items, Bonower
<br />shall pay them in the manner provided in Section 3.
<br />Borrower shall promptly discharge any lien which has priority over this 5ecuriry Instrument unless Borrower: (a) agrees
<br />in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but oWy so long as Borrower
<br />is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal
<br />proceedings which in Lender's opinion operate to prevent the enforcemeut of the lien while those proceedin�s are pending, but
<br />only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement sat�sfactory to Lender
<br />subordinating the lien to this Security Instrument. If Lender determines thax any part of the Property is subject to a lieu which
<br />can attain prioriry over this Security Instnunent, Lender may give Borrower a notice identifying the lien. Within 10 days of
<br />the date on which Wat notice is given, Borrower shall satisfy the lien or ta.ke one or more of the actions set forth above in this
<br />Section 4.
<br />Lender may require Borrower to pay a one-time charge for a real estate tax verification andlor repoRing service used by
<br />Lender in connection with this Loan.
<br />5. Property Insurance. Borrower sha11 keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire, hazatds included within the tecm "extended coverage," and any other hazards including, but not
<br />limited to, ea.rthquakes and floods, for which Lender requires insurance. This u�surance shall be maintained in the amounts
<br />(including deductible levels) and fot the periods that Lender requires. What Lender requires pursuant to the preceding
<br />sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Bonower
<br />subject to Lender's right to disapprove Bonower's choice, which right sha11 not be exercised unreasonably. Lender may
<br />require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone detetmination, certif'ication
<br />and tracking services; or (b) a oue-time charge for flood zone determination and certification services and subsequent charges
<br />each time remappings or similar changes occur which reasonably might affect such determiaation or cert�cation. Borrower
<br />sha11 also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection
<br />with the review of any flood zone determination resulting from an objection by Borrower.
<br />If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's
<br />option and Borrower's expense. Lender is under no obligation to purchase any particular ry�e or amount of coverage.
<br />Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower s equity in the Properly, or
<br />the contents of the Properly, against any risk, hazard or liability and might provide greaxer or lesser coverage than was
<br />previously in effect. Borrower acknowledges that the cost of the insurance coverage so obta.ined might signif'icantly exceed the
<br />cost of insurance that Bonower could have obta.ined. Any amounts disbursed by Lender under this 5ection 5 shall become
<br />additional debt of Borrower secured by this Security Instrument. These amounts sha11 bear interest at the Note rate from the
<br />date of disbursement and sha11 be payable, with such interest, upon notice from Lender to Bonower requesting payment.
<br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove
<br />such policies, shall include a sta.ndard mort�age clause, and sha11 name Lender as mortgagee and/or as an additional loss payee.
<br />Lender shall have .the right to hold the policies and renewal certif'icates. If Lender requires, Borrower shall prompfly give to
<br />Lender a1l teceipts of paid premiums and renewal nodces. If Bonower obtains any form of insurance covetage, not oWerwise
<br />required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and
<br />shall name Lender as mortgagee andlor as an additionalloss payee.
<br />In the event of loss, Borrower sha11 give prompt notice to the insurance carrier and Lender. Lender may make proof of
<br />loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds,
<br />whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Properly, if the
<br />restoration or repair is economically feasible and Lender's security is not lessened. During such repau and restoration period,
<br />Lender sha11 have the right to hold such insurance proceeds until Lender has had an opportuniry to inspect such Property to
<br />ensure the work has been completed to Lender's satisfaction, provided that such inspection sha11 be undertaken prompdy.
<br />Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the
<br />work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance
<br />proceeds, Lender sha11 not be req�iired to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or
<br />other third parties, retained by Bpnower sha11 not be paid out of the insurance proceeds and shall be the sole obli�ation of
<br />Borrower. If the restoration or �epair is not economically feasible or Lender's security would be lessened, the msurance
<br />proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any,
<br />paid to Bonower. 5uch insurance proceeds sha.11 be applied in the order provided for in Section 2.
<br />If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related
<br />matters. If Borrower does not respond wrthin 30 days to a notice from Lender that the insurance carrier has offered to settle a
<br />claim, then Lender may negotiate and settle the claim. The 3aday period will begin when the notice is given. In either event,
<br />or if Lender acquires the Property! under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to
<br />any insurance ptoceeds in an amol�nt not to exceed the amounts unpaid under the Note or this 5ecurity Instrument, and (b) any
<br />other of Borrower's rights (other'than the right to any refund of uneamed premiums paid by Borrower) under all insurance
<br />�olicies covering the Properiy, i�psofar as such rights are applicable to the covetage of the Property. Lender may use the
<br />msurance proceeds either to repair, or restore the Properly or to pay amounts unpaid under the .Note or this Security Instrument,
<br />whether or not then due.
<br />6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days
<br />after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for
<br />at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent sha11 not be
<br />unreasonably withheld, or unless extenuating circumstances exist which'are beyond Borrower's control.
<br />NEBRASKA—Single Family—Famde Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01
<br />Benkera Systems, Irx., St. Cloud, MN Form MD-1iNE 6(17/2000 (page 3 of 7pages)
<br />
|