|
201109225
<br /> All insurance policies required by Lender and renewals of such policies sha11 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 have the right to hold the policies and renewal certificates. If
<br /> Lender requires, Bonower shall promptly give to Lender all receipts of paid premiums and renewal notices.
<br /> If Borrower obtains any form of insurance coverage, not otherwise requirefl by Lender, for damage to, or
<br /> destruction of, the Property, such policy shall include a standard mortgage clause and sha11 name I.ender as
<br /> mortgagee and/or as an additionalloss pay�. �
<br /> In the event of loss, Borrower shall 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 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 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 opportunity to inspect such Properly 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 Bonower any
<br /> interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower
<br /> sha11 not be paid out of the insurance proceeds and shall be the sole obligation of Bonower. If the restoration
<br /> or repair is not economically feasible or Lender's security would b�lessened, the insurance proceeds shall be
<br /> applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any,
<br /> paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
<br /> If Bonower abandons the Properly, L,ender may file,negotiate and settle any available insurance 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 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�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 a11
<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 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 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 /> e�st which are beyond Bonower's control.
<br /> 7. Preservation, Maintenance and Protecfion of the Property; Inspections. Bonower shall not destroy,
<br /> damage or impair the Property, a11ow the Property to deteriorate or commit waste on the Properly. Whether
<br /> or not Bonower is residing in the Property, Borrower sha11 maintain the Properly in order to prevent the
<br /> Property from deteriorating or de,creasing in value due to its condition. Unless it is determined pursuant to
<br /> Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property
<br /> if damaged to avoid further deterioration or damage. If insurance or condemnation proc,eeds aze paid in
<br /> conn�tion with damage to, or the taking of, the Property, Bonower shall be responsible for repairing or
<br /> restoring the Properly only if Lender has released proceeds for such purposes. Lender may disburse proceeds
<br /> NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Farm 3028 1/01
<br /> VMP� VMP6(NE)(11051.00
<br /> Wolters Kluwer Financial Services Page 7 of 17
<br />
|