Laserfiche WebLink
2 0110900G <br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's ri�ht to <br />disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee <br />and/or as an additional loss paycc. Lcndcr shall havc thc right to hold thc policics and rencwal ccrtificatcs. If <br />Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. <br />If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or <br />destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as <br />morlgagee ancUor as an additional loss payee. <br />ln the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may <br />inake 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, shall be <br />applied to restoration or repair of the Property, if the restoration or repair is econoinically feasible and <br />Lcndcr's sccurity is not Icsscncd. Ihuing such rcpair and restoration period, Lcndcr shall havc thc right to <br />hold such insurance proceeds until Lender has had an opportunity 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 />progre�.s paymenls as the work is compleled. iJnletis an agreemeni in 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 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 obligation 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 />applicd to thc sums sccurcd by this Sccurity Instrumcnt, whcthcr or not thcn duc, with thc cxccss, if any, <br />paid to Borrower. Such insurance proceeds 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 insurance claim and <br />relaled mallers. If Borrower does nol respond within 30 Jays lo a notice from Lender ihal lhe 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) Borrower's rights to any insurance proceeds in an amount <br />not to exceed the amounts unpaid under the Note or this Security Instnxinent, and (b) any other of <br />Bortowcr's rights (othcr than thc right to any rcfund of uncarncd prcmiums paid by Borrowcr) undcr 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 />$. OCCUpaney.Borrawer shall occupy, eslxblish, and use the Properly as Bortower'ti 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 afier the date of occupancy, unless Lender othetwise <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,Maintenanceand Protectionof the Property; Inspections.Bonowcr shall not dcstroy, <br />damage or impair the Property_, allow the Property to deteriotate or commit waste on the Property. Whether <br />or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the <br />Property from deterioraling or dec:reasing in value due to its condilion. ilnless il is delermineci pursuant lo <br />Section 5 that repair or restotation is not economically feasible, Botrower shall promptly repair the Property <br />if dainaged 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 proceeds <br />NEBRASKASingle Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form 30281/01 <br />VMP � VMPB(NE) (1105).00 <br />Wolters Kluwer Financial Services Page 7 of 17 <br />