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20�10703�
<br />All insurance policies required by Lender and renewals of such policies shall he subj�t to Lender's right to
<br />disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee
<br />and/or as an addirional loss payee. Lender shall have the right to hold the policies and renewal certificates. If
<br />Lender requires, Borrower shall promptly give to Lender all rec;eipts of paid premiums and renewal notices.
<br />If Bonower obtains any form of insurance coverage, not otherwise required by Lender, for daznage to, or
<br />destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as
<br />mortgagee and/or as an additional loss payee.
<br />In the event of loss, Bonower shall give prompt notice to the insurance cazrier and Lender. Lender may
<br />make proof of loss if not made promptly by Bonower. Unless Lender and Bonower otherwise agree in
<br />writing, any insurance proce�ds, whether or not the underlying �nc„rance was required by Lender, sha11 be
<br />applied to restoration or repair of the Property, if the restoration or repair is economically feasible and
<br />Lender's s�uriry is not lessened. During such repair and restoration period, I.ender shall have the right to
<br />hold such insurance procceds until Lender has had an opportutriry to inspect such Property to ensure the
<br />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
<br />progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law
<br />requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any
<br />interest or earnings on such procee�s. F�s for public adjusters, or other third parties, retained by Bonower
<br />shall not be paid out of the �n�ran� proc,eeds and shall be the sole obligation of �nower. If the restoration
<br />or repair is not ei;onomically feasible or Lender's se,curity would be l�sened, the insurance proceeds shall he
<br />applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any,
<br />paid to Bonower. Such insurance proceeds shall be applied in the order provided for in Secrion 2.
<br />If Bonower abandons the Property, Lender may file, negotiate and settle any available insurance claim and
<br />related matters. If Bonower does not respond within 30 days to a norice from Lender that the insurance
<br />carrier has offered to settle a claim, then Lender may negoriate and settle the claim. The 30-day period will
<br />begin when the norice is given. In either event, or if Lender acquires the Property under Se,ction 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 unpaid under the Note or this Security Instrument, and (b) any other of
<br />Borrower'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 of the
<br />Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts
<br />unpaid under the Note or this Security Instrument, whether or not then due.
<br />6. Occupancy. Bonower shall occupy, establish, and use the Property as Borrower's principal residence
<br />within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as
<br />Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise
<br />agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances
<br />exist which are 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 Property to deteriorate or commit waste on the Progerty. Whether
<br />or not Bonower is residing in the Property, Bonower shall maintain the PropErty in order to prevent the
<br />Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to
<br />Section 5 that repair or restoration is not economically feasible, Bonower shall promptly repair the Property
<br />if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in
<br />connection with damage to, or the taking of, the Property, Bonower shall be responsible for repairing or
<br />restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proc.eeds
<br />NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTHUMENT
<br />VMP p
<br />Wolters Kluwer Financial Servic�
<br />Form 3028 7/01
<br />VMP81NE) (1706)
<br />Page 7 of 17
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