|
�01106590
<br />subsequent charges each time remappings or similar changes occur which reasonably might affect such
<br />determination ar certificatian. Borrower sha11 also be responsble for the payment of any fees imposed by the
<br />Federal Emergency Managemen# Agency in connection with the review of any flood zone detem�ination
<br />resulfiing from en obje�tion by Borrower. .
<br />If Borrower fails to mauitain any of the coverages described abave, I.ender may obtain insuraace coverage,
<br />at Lender's option and Borrower's exp.ense. Lender is under no obligation to purchase any particular iype ar
<br />amount of coveraga. Therefoxe, such coverage shatl cover I�ender, but might or might not protect Borrower,
<br />Borrower's equity in the Property, ar the contents of the Property, aga3nst any risk, hazard or liability and
<br />might provide greater or lesser coverage than was previously in affect. Borrower acknowtedges that the cost
<br />of the insurance coverage so obtained might significantly exceed the cos� of insurance that Bonower could
<br />have obtained. Any amouni� disbursed by Lender under this Seation 5 shall become additional debt of
<br />Borrawer secured by this Security Inslrumen� These amotmts shall bear interest at the Note rate from the date
<br />of disbmsement and shall be.payable, with such interesY, upon notice from Lender to Bonower requesting
<br />P��� .
<br />AII insurance policies required by�Lender and renewals of such golicies shall be subject to Lender's right
<br />to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee
<br />aud/or as an additional loss payee, Lender shall have the right to hold the policies and renewal certificates. If
<br />Lend� requires, Borrower sha11 promptly give to Lender a11 receipts of paid premiwns and renewai notices. If
<br />Borrower obtains any form of imsvrance coverage, not otherwise required by Lender, for damage .to, or
<br />destruction of. the Property, such policy shall include a standard mortgage clause and sha11 name Lender as
<br />mortgagee and/or as an additional loss payee. �
<br />In the event of loss, Borrower shall give prom�t notice to the insurance carrier and Lender. Lender may
<br />make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in
<br />writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, sha31 be
<br />applied to restoration or repair of the Properiy, if the r�oration or repair is economically feasible and
<br />Levder's security is not lessened. During such repair and restoration period, Lender shall have the right to
<br />hold such insurance proceeds until Lender has lzad an opportunify to inspect such Property to ensure the work
<br />has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly.
<br />Lender may disbuise 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 Appficable Law requires
<br />interest to be paid on such insurance proceeds, Lender shall not b� zequired to pay Borrower any interest or
<br />earnings on suah proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be
<br />paid out of the insurance proceeds and shaU be the sole obligation of Borrower. If the'restoration or repair is
<br />not economically feasible or Lender's security would be lessened, the insurance proceeds shall be apglied to
<br />the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to
<br />Borrowe�r. Such insurance proceeds sha11 be applied in the order provided for in Section 2.
<br />If Borrower abandons the Piroperty, Lender may file, negotiate and settle any available insurance claim and
<br />ralated matters. If Borrower does not xespond within 34 days to a no�ice from Lender that the insurance
<br />cazrier has offered to settle a c�aim, then Lender may negotiate and settle ttce claim. The 34-day period will
<br />begin when the notice is given. In either event, or if Lender acquires the Properiy under Sectiton 22 or
<br />otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount
<br />not to exceed the amounts us►paid under the Note or this Security Instrament, and (b} any other of Borrower's
<br />nights (other than �lze right to any refiznd of uneazned premiums paid by Borrower) under a11 insurance policies
<br />covering tlne Property, insofar as such rights are applicable to the coverage of the Property. Lender may use
<br />the insurance proceeds either to repair or restore the Property or to pay amounts wo:paid under the Note or this
<br />Security Instrument, whether or not then due.
<br />6. Oceupancy. Borrower shall occupy, establish, and use the Properiy as Borrower's principal residence
<br />within 60 days after the execution of f.his Security Instrument and shall continue to occupy the Property as
<br />Borrawer's principal residence for at least one year .after the date of occupancy, unless Lender otherwise
<br />agree�s in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist
<br />which are beyond Borrowea's control.
<br />'7. Pr�ervafion, Maintenance and Protection of the Property; Inspections. Borrower sha11 not
<br />destroy, dunage or impair the 1'roperty, allow the Property ta deteriorate or commit waste on tlze Pragerty.
<br />Bdhether or not Borrower is residing in the lsroperty, Borrower shaIl maintain the Property in order to grevent
<br />the Progerty frum deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to
<br />NEBRASKA- Sing6e Family - FarsnteMae/Freddfel}Aac UNIFORAA 1NSTRUAAEN7
<br />Form 30281/01 /�
<br />t.asar Fcrms Inc. �E�o> aae �/� K
<br />i.Fl�N� �2 Page6 of 13 Initiels: E`�_
<br />--
<br />
|