|
201�07774
<br />All insurance policies required by Lender and renewals of such policies shall be subject 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 ha.ve the right to hold the policies and renewal certificates. If
<br />Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notic.es.
<br />If Borrower obta.ins any form of insurance coverage, not otherwise required by Lender, for damage to, or
<br />destrucrion 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 shatl give prompt notice to the insurance carrier 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 procceds, whether or not the underlying insurance was required by Lender, shall be
<br />applied to restoration or repair of the Property, if the restoration or repair is economically feasible and
<br />Lender'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 had an opportuniry to inspect such Property to ensure the
<br />work has been completed to Lender's satisfaction, provided that such inspe,crion shall be undertaken
<br />promptly. Lender may disburse proc�ds for the repairs and restoration in a single payment or in a series of
<br />progress payments as the work is completed. Unless an agre,ement is made in writing or Applicable Law
<br />requires interest to be paid on such insurance proceeds, Lender shall not be require� to pay Borrower any
<br />interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Bonower
<br />shall not be paid out of the inc„rance proceeds and shall be the sole obligarion of Borrower. If the restoration
<br />or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be
<br />applied to the sums secured by this S�urity Instrument, whether or not then due, with the excess, if any,
<br />paid to Borrower. Such insurance procceds shall be applied in the order provided for in Section 2.
<br />If Borrower abandons the Property, Lender may file, negotiate and settle any available inc��ran� claim and
<br />related matters. If Borrower 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 negoriate 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 procceds in an amount
<br />not to exceed the amounts unpaid under the Note or this Security Instnunent, and (b) any other of
<br />Borrower's rights (other than the right to any refund of unearned premiums paid by Bonower) under all
<br />insurance policies covering the Properiy, insofaz 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 Properly as Bonower's principal residence
<br />within 60 days after the execution 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, unless Lender otherwise
<br />agrces in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstanr,es
<br />eaust which are beyoad Bonower's co�trol.
<br />7. Preservation, Maint�nance and Proteetion of the Property; Inspections. Borrower shall not destroy,
<br />damage or impair the Property, allo�v the Properly to deteriorate or commit waste on the Property. Whether
<br />or not Borrower is residing in the Properiy, 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 />S�rion � that repair or restoration is not economically feasible, Borrower shall promptly repair the Property
<br />if damaged to avoid further deteriora.tion or damage. If insurance or condemnarion proceeds aze paid in
<br />conne�tion with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or
<br />restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse procceds
<br />NEBRASKA-Single Famtly-Fannie Mae/Freddie Mac UNIFORM INSTHUMENT Form 3028 1/01
<br />VMP p VMPB(NE) 11105)
<br />Wolters Kluwer Financlal Services Page 7 of 17
<br />� � � � h
<br />
|