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201107509
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Last modified
10/12/2011 4:31:49 AM
Creation date
10/7/2011 4:20:49 PM
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DEEDS
Inst Number
201107509
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�01107509 <br />All insurance policies required by I.�nder and renewals of such policies shall be subje�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 additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If <br />Lender requires, Bonower shall promptly give to Lender all rei;eipts of paid premiums and renewal notices. <br />If Borrower obtains any form of insurance coverage, not otherwise required by L.ender, for damage to, or <br />destrucrion of, the Properly, such policy shall include a standard mortgage clause and shall name Lender as <br />mortgag� and/or as an addirional loss payee. <br />In the event of loss, Bonower shall give prompt notice to the insurance cartier and Lender. Lender may <br />make proof of loss if not made promptly by Bonower. Unless Lender and Borrower otherwise agree in <br />writing, any insurance proc,eeds, whether or not the underlying insurance was require� by Lender, shall be <br />applie� to restoration or repair of the Property, if the restoration or repair is economically feasible and <br />Lender's security is not les�ned. During such repair and restoration period, Lender shall have the right to <br />hold such insurance proce�ds until Lender has had an opporlunity to inspect such Properly to ensure the <br />work has been completed to Lender's satisfacrion, 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 seri� 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 proc,eeds, Lender shall not be re�uired to pay Borrower any <br />interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower <br />shall not be paid out of the insurance proceeds and shall be the sole obligarion of Bonower. If the restoration <br />or repair is not economically feasible or Lender's security would be lessened, the insurance procceds shall be <br />applierl to the swns 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 Section 2. <br />If Bonower abandons the Property, Lender may file, negoriate and settle any available insurance claim and <br />related matters. If Bonower does not respond within 30 days to a notice from Lender that the insurance <br />carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will <br />begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or <br />otherwise, Borrower hereby assigns to Lender (a) Bonower's rights to any insurance procee�s in an amount <br />not to exceed the amounts unpaid under the Note or ttus 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, insofaz as such rights are applicable to the coverage of the <br />Property. Lender may use the insurance proaeeds either to repair or restore the Properiy 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 Bonower's principal residence <br />�vithin 60 days after t�e e�cecution of this Security Instrument and shall continue to occupy the Property as <br />Bonower's principal residence for at least one year after the date of occupancy, vnless Lender othervvise <br />agrees in �vriting, wbicfl� conserit shall not be unreasonably �vithheld, or unie� extenuating circumstances <br />exist which are beyoa�l �orrower's control. <br />7. Preservation, M�i�ot��ance and Proteciion of the Property; Inspections. Borrower shall not destroy, <br />damage or imgair the Pa+�rty, allow the Property to deteriorate or commit waste on the Property. Whether <br />or no1 Borro�ver is residiug in ttie Property, �rrower shall maintain the Pro�erty in order to prevent the <br />Paso�rty from deteriorating or d�reasing in value due to its condition. Unle.ss it is de#ermined pursuant to <br />Section 5 that repair or restoration is not e�onomically feasible, Borrower shall promptly repair the Property <br />if damage� to avoid fwrther deterioration or damage. If insuranc� or condemnation proceeds aze paid in <br />conn�tion with daznage to, or the taking of, the Property, Bono�ver shall be responsible for repairing or <br />restoring the Property oniy if Lender has released procee�s for such purposes. Lender may disburse proceetls <br />NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01 <br />VMP � VMP6(NE) (11051 <br />Wolters Kluwer Financtal Services Page 7 of 17 <br />A � Y � � <br />
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