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20�1U4270
<br />determination or certification. Bonower shall also be responsible for the payment of any fees imposed by the Federal
<br />Emergency Management Agency in connection with the review of any flood zone determination resultmg from an objection
<br />by Borrower.
<br />ff Bonower fails to maintain any of the coverages described above, I.ender may obtain insurance coverage, at
<br />Lender's option and Bonower's expense. I,ender is under no obligation to purchase any particular type or amount of
<br />coverage. Therefore, such coverage shall cover Lender, but might or m�ght not protect Borrower, Bonower's equity in the
<br />Property, or the contents of the Properiy, against any risk, hazard or liability and might provide greater or lesser coverage
<br />thari was previously in efl'ect. Bonower acknowledges that the cost ofthe insurance coverage so obtained might significantly
<br />exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Sechon 5 shall
<br />become additional debt of Bonower secured by this Security Instrument. These amounts shall bear interest at the Note rate
<br />from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting
<br />payment.
<br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to
<br />disap�prove such policies, shall include a standazd mortgage clause, and shall name Lender as mortgagee and/or as an
<br />addit�onal loss payee. Lender shall have the ri�ht to hold the policies and renewal certificates. If Lender requires, Bonower
<br />sha11 promptly give to Lender all receipts ofpa�d premiums and renewal notices. IfBorrower obtains any form of msurance
<br />coverage, not otherwise reyuired by I.ender, for damage to, or destruction o� the Property, such golicy shall include a
<br />standard mortgage clause and shall name I.ender 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. Lender maymake proof
<br />of loss if not made promptly by Borrower. Unless I.ender and Borrower otherwise agree in writing, any insurance pr�eeds,
<br />whether or not the underlyuig insurance was required byLender, shall be applied to restoration or repau ofthe Property, if
<br />the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration
<br />period, I.ender shall have the ri�ht to hold such insurance proceeds until Lender has had an opportunrty to inspect such
<br />Pro eriy to ensure the work has been completed to Lender's satisfaction, pr.ovided that such ins ection shall be undertaken
<br />promptly. Lender may disburse proceeds for the repairs and restoration in a single paymentor in a series of progress
<br />payments as the work �s comp leted. Unless an agreement is made in writing or Applicable Law requires interest to be paid
<br />on such insurance proceeds, L,ender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees
<br />for public adjusters, or other third parties, retained by Bonower shall not be paid out ofthe insurance proceeds and shall be
<br />the sole obligation of Borrower. ff the restoration or repair is not economically feasible or Lender's security would be
<br />lessened, the insurance proceeds shall be applied to the sums secured by this Securit� Instrument, whether or not then due,
<br />with the excess, if any, paid to Bonower. Such insurance proceeds shall be applied m 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 Bonower does not respond within 3 0 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 30-day period will begin when the notice is given. In either
<br />event, or ifLender acquires the Propertyunder Section 22 or otherwise, Bonower hereby assigns to Lender (a) Bonower's
<br />rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Secunty Instrument,
<br />and (b) any other ofBorrower's rights (other than the right to any refund of unearned premiums paid by Bonower) under a11
<br />insurance policies covering the Properly, insofar as such rights are applicable to the coverage ofthe Property. Lender may
<br />use the insurance proceeds either to repaar or restore the Property or to pay amounts unpaid under the Note or this Security
<br />Insttvment, whether or not then due.
<br />6. Occupancy. Bonower shall occupy, establish, and use the Property as Borrower's principal residence within
<br />60 days after the execution of this Security Inst�vment and shall continue to occupy the Properly as Borrower's principal
<br />residence for at least one year after the date
<br />of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless
<br />extenuatmg circumstances exist which aze beyond Bonower's control.
<br />7. Preservation, Maintenance and Protection of the Property; Inspections. Bonower shall not destroy,
<br />damage or impair the Property, allow the Properiy to deteriorate or commrt waste
<br />on the Properly. Whether or not Bonower is resid�ng in the Property, Borrower shall maintain the Pro�erty m order to
<br />prevent the Properiy from deterioratmg or decreasing m value due to its condition. Unless it is determmed pursuant to
<br />Section 5 that repa�r or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to
<br />avoid further deterioration or damage. If insurance or condemnation proceeds are paid m connection with damage to, or the
<br />taking o� the Property, Borrower shall be responsible for repairing or restoring the Property only if I.ender has released
<br />proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration m a su►gle payment or in a series
<br />of progress payments as the work is completed. If the insurance or condemnation proceeds are not su�cient to repair or
<br />restore the Properiy, Bonower is not relieved of Bonower's obl}gation for the completion of such repair or restoration.
<br />I.ender or its agent may make reasonable entries upon and mspections ofthe Property. If it has reasonable cause,
<br />Lender may inspect the mterior of the improvements on the Property. Lender shall give Borrower notice at the time of or
<br />prior to such an mterior inspection specifying such reasonable cause.
<br />S. Borrower's Loan Application. Bonower shall be in default i� during the Loan application process,
<br />Bonower or a.ny persons or entities actin� at the direction of Bonower or with Borrower's knowledge or consent gave
<br />materially false, misleading, or inaccurate mformation or statements to Lender (or failed to provide Lender with material
<br />information) in connection with the Loan. Material representations include, but are not limited to, representations concerning
<br />Borrower's occupancy of the Property as Bonower's principal residence.
<br />9. Protection of Lender's Interest in the Property and Rights Under this Security Instrumen� If
<br />(a) Borrower fails to perform the covenants and agreements contasned in this Security Insmament, (b) there is a legal
<br />proceeding that might significantly affect Lender's interest in the Properiy and/or rights under this Secuntylnshvmerrt (such
<br />as a proceedmg in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority
<br />over th�s Securrty Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender
<br />may do and pay for whatever is reasonable or appropnate to protect Lender's interest in the Property and nghts under this
<br />Security Instrument, including protecting and/or assessing the value of the Property, and securmg and/or repairing the
<br />Properiy. Lender's actions can mclude, but are not limited to: (a) paying any sums secured by a lien which has priorit� over
<br />this Security Instrument; (b) a�pearin� in court; and (c) pa}nn� reasonable attorneys' fees to protect its interest �n the
<br />Property and/or rights under this Securrty Instrument, including �ts secured position in a bankruptcy proceeding. Securing
<br />the Properly includes, but is not limited to, entering the Properiy to make re�airs, change locks, replace or board up doors
<br />and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilrt�es
<br />turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any
<br />duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this
<br />Section 9.
<br />Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this
<br />Security Inst�vment. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable,
<br />with such interest, upon notice from Lender to Borrower reyuesting payment.
<br />Ifthis Security Instrument on a leasehold, Borrower shall complywith all the provisions ofthe lease. IfBonower
<br />acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
<br />10. Mortgage Insurance. If Lender required Mortgage Insurance as a condrtion of making the Loan,
<br />Bonower shall pay the premiums required to maintain the Mortgage Insurance in effect. I� for any reason, the Mortgage
<br />Insurance coverage requ�red by Lender ceases to be available from 'the mortgage insurer that previously provided such
<br />NEBRASKA—Single Family—Faqnte Mae/Freddie Mac UNIFORM INSTRUMENT
<br />12439.CV (1/08) 03
<br />(MERS) Form 3028 1/01 (page 4 of 8 pages)
<br />Creative Thinlung, Inc.
<br />GOTO(00258e68)
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