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20��056��
<br />determination or certification. Borrower shall also be responsible for the payment of any fees impased 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 />If Borrower fails to maintain any of the coverages described above, Lender may abtain insurance coverage, at
<br />Lender's option and Bonower's expense. Iznder is under no obligation to purchase any particular type or amount of
<br />coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the
<br />Property, or the contents of the Property, against any risk, hazard or liabihty and might provide greater or lesser coverage
<br />than was previously in ei�ect. Borrower acknowledges that the cost ofthe insurance coverage so obtained might sipnificantly
<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 ofBorrower 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 Bonower requesting
<br />payment.
<br />All insurance policies required by Lender and renewals of such policies shall be suhject to Lender's right to
<br />disap�rove such policies, shall include a standard mortgage clause, and shall name Iznder as mortgagee and/or as an
<br />additional loss payee. Lender sha11 have the right to hold the policies and renewal certificates. IfLender requires, Borrower
<br />shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of msurance
<br />coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a
<br />standard martgage clause and shall name Lender as mortgagee and/or as an additional loss payee.
<br />In the event of loss, Borrower shall give prompt not�ce to the insurance carrier and Lender. Lender maymake proof
<br />of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds,
<br />whether or not the underlyuig msurance was reyuired by I.ender, shall be applied to restoration or repair ofthe Properly, if
<br />the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration
<br />period, Lender shall have the right to hold such insurance proceeds unril Lender has had an opportumty to inspect such
<br />Pro erty to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
<br />promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress
<br />payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid
<br />on such insurance proceeds, Lender 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 Borrower shall not be paid out ofthe insurance proceeds and shall be
<br />the sole obligation of Borrower. If the restoration or repair is not econom�cally feasible or Lender's security would be
<br />lessened, the insurance proceeds shall be applied to the sums secured by this Securrty Instrument, whether or not then due,
<br />with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
<br />IfBorrower abandons the Property, Iznder may file, negotiate and settle any available insurance claim and related
<br />matters. IfBorrower does not respond within 30 days to a notice from Lender that the msurance carrier has offeredto settle a
<br />claim, then Lender may negotiate and settle the clasm. 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 Iznder (a) Borrower's
<br />rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument,
<br />and (b) any other of Bonower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all
<br />insurance policies covering the Property, insofar as such rights are applicable to the coverage ofthe Property. Lender may
<br />use the insurance proceeds either to repa�r or restore the Property or to pay amounts unpaid under the Note or this Security
<br />Instrument, whether or not then due.
<br />6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principalresidence withim
<br />60 days after the execution of this Security Instrument and shall continue to occupy the Property 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 />eactenuatmg c�rcumstances exist which are beyond Borrower's control.
<br />?. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy,
<br />damage or impair the Property, allow the Property to deteriorate or commit waste
<br />on the Property. Whether or not Bonower is residmg in the Property, Borrower shall maintain the Property m order to
<br />prevent the Property from deteriorating or decreasing m value due to rts condition. Unless it is determmed pursuant to
<br />Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Properly 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 of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released
<br />proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration m a smgle payment or in a series
<br />ofprogress payments as the work is completed. Ifthe insurance or condemnation proceeds are not sufficient to repair or
<br />restore the Property. Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration.
<br />Lender or rts agent may make reasonable entries upon and inspections ofthe Properiy. If it has reasonable cause,
<br />Lender may inspect the interior 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 />8. Borrower's Loan Application. Borrower 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 Borrower's knowledge or consent gave
<br />materially false, misleading, or inaccurate mfortnation or statements to Lender (or failed to provide Lender with material
<br />information) in connection wrth the Loan. Materiai representations include, but are not limitedto, represent�Tions concerning
<br />Borrower's occupancy ofthe Property as Borrower's principal residence.
<br />9. Protection of Lender's Interest in the Property and Rights iJnder this Security Instrument. If
<br />(a) Borrower fails to perform the covenants and agreements contamed in this Security Instrument, (b) there is a legal
<br />proceeding that might s�gnificantly affect Lender's mterest in the Property and/or rights under this SecurityInstrument (such
<br />as a proceedmg in bankruptcy, probate, for condemnation or forFeiture, �or enforcement of a lien which may attain priority
<br />over this Securrty Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Properly, then Lender
<br />may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Properly and rights 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 uiclude, but are not limited to: (a) paying any sums secured by a lien which has priorit� over
<br />this Security Instrument; (b) appearin� in court; and (c) paym� reasonable attorneys' fees to protect its interest m the
<br />Property and/or rights under this Secur�ty Instrument, includmg �ts secured position in a bankruptcy proceeding. Securing
<br />the Property includes, but is not limited to, enterin� the Properiy to make re�airs, change locks, replace or board up doors
<br />and windows, drain water from pipes, eliminate buxlding or other code violations or dangerous condrtions, and have uhlrties
<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 ]iability for not taking any or all actions authorized under this
<br />Section 9.
<br />Any amounts disbursed by Lender under this 5ection 9 shall become additional debt of Borrower secured by this
<br />Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable,
<br />with such interest, upon notice fiom I,ender to Borrower requesting paytnent.
<br />If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions ofthe lease. IfBorrower
<br />acquires fee title to the Properiy, 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 />Borrower shall pay the premiums required to maintain the Mort�age Insurance in effect. I� for any reason, the Mortgage
<br />Insurance coverage requu'ed by Lender ceases to be available �rom the mortgage insurer that previously provided such
<br />NEBRASKA—Single Family—Fannie Mae/Freddie Mac LJNIFORM INSTRUMENT (MERS)
<br />12439.CV (11/07) 4300102395
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<br />Form 3028 1/Ol (page 4 of 8 pages)
<br />Creative Thinkiag, Iuc.
<br />GOTO(00306110)
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