|
201109428
<br /> All insurance policies required by Lender and renewals of such policies shall be sltbject to Lender's right to
<br /> disapprove such policies, sha11 i�iclude a standar d inortgage clause, azld sllall n�ine Lender as inoi�tgagee
<br /> ancUor as an additional Poss payee. Lender sha11 have the right ta hold the palicies�nd renew�l certi�cates. If
<br /> Lender requires, Borrower shall promptly give to Lender all receipts of paid preinitiYins and renew�l notices.
<br /> If Borrower oUtains aiiy form of insul•ailce coverlge, not otherwise required by Lender, for dainage to, or
<br /> destruction of, the Property, such policy shall inchtde a standard mortgage clausa ancl sha11 name�,ender as
<br /> mortgagee and/or as an additional loss�ayee.
<br /> In the event of loss, Borz•owe�sha11 give prompi ilotice to the insurance carrier and Lender, Lender may
<br /> inalce proof of loss if not inacle proinptly Uy Borrower. Uizless Lender and Borrower otherwise agree in
<br /> writing, any insuraiice proceeds, whether or not the underlying insurance was required U�Lender, shall Ue
<br /> applied to restoration or rep�tir of the Property, if the restoration or rep�ir is econoinically feasiUle and
<br /> Lender's security is not lessened. During such repair and restoration period, Lender s11a11 have the right to
<br /> hold such insurance proceeds until Lender has had an opportunify to inspecti sLtch Property to ensure the
<br /> vvorlc h�s been completed to�,encler`s satisf�etion, provided�hati such inspection shall Ua undertalcen
<br /> proinptly. Lender may disUurse proceeds for the repairs and restoratioiz in a single payment or in a series of
<br /> pro�ress payments�s the worlc is completed. Unless an agreeinent is inade in writing or Applic�ble L1w
<br /> requires interest to be p�id on such insurance proceeds, Lendei• shall not be required to pay Borrower any
<br /> iizterest or earnings on such proceeds. Pees for puUlic ldjusters, or other third parties, retained by Borrower
<br /> shall i�ot be p�id out of the insurance proceeds and shall Ue the sole oUligation of Borrower, Tf the iesEoration
<br /> or rep�ir is iiot econonucally fe�tsiUle or Lender's security would be lessened, the insurance proceeds sh�ll Ue
<br /> ap�lied to the sLUns secured l�y tlus SecLU-ity Instrutiaent, whether or not tlien due, witl�the axcess, if any,
<br /> paid to Bori•ower, Such insurance proceeds shall be applied in the order provided for in Section 2.
<br /> If Borrower aUandons the Property, Lender m�y File, negotiate�nd settle aiiy lvailaUle insurance claim and
<br /> related inatters. If Borrower does not respond within 30 clays to a notice froin Lender that the iilsttrailce
<br /> carrier has affered to settl�1 classn, t]iexl Lender inay negotiate and settle the claisn. 'The 30-day period w�ll
<br /> begin when tlie notice is given. In eithex•eveiit, or iF Lender acquires tlie Property under Section 22 or
<br /> otherwise, Borrower hei�eby assigns to Lender(�)Borrower's rights to any insurance proceeds in Tn ainount
<br /> no�to exceed tlie amounts un�aid undex•the Note or this Security Instrument, and(b) any other oC
<br /> Bori•ower's rights(other thln the riglit to any i•efiind of tuie�rned premiums p�tiid by Borrower)under all
<br /> insurance policies covering the Property, insofar as such rigllts are appliclUle to the cover�ge of the
<br /> Property, Lencler inay use the insurance proceeds either to repair or restore the Property or to pay amounts
<br /> unpaid under the Note or this Security Instruinent, whetlier or not then due.
<br /> 6. Oeeupaney. Borrower sh�11 occupy, establish, ancl use t11e Property as Bori-ower's principal resiclence '
<br /> witl�in 60 days after the exectitiotl of tihis Security Instrument and shall coiitinue to occLtpy the Property�ts
<br /> Borrower's principal residence for at least one year a�ter t11e date of occupancy, unless Lencler otherwise
<br /> agrees iii writing, which consent shall not be unreasonably withhelcl, or unless extenuating circumstaiices
<br /> exist wlueh are veyond Borrower's control.
<br /> 7. Preservation, Maintenance and Protection of the Property; Inspections. Bor�•ower shall��ot destroy,
<br /> damago or irilpai�•the Pro�erty, allow the Property tio deteriorate or cominit w�ste oii the Property. Whether
<br /> or ilot Boi•rower is resicting in the Property, Borrower sha11 mainfain the Property in order lo prevent the
<br /> Property froin deterioratiizg or decreasing in v�1ue c�ue to its conclition. Unless it is determii�ed purstiiant to
<br /> Section S that r�epau or restor�tiou is not econoinically feasible, Borrower shall piomptly repair tlie Property
<br /> if dainaged to avoid fiirther deterioration or clamage. If insuranoe or condeiruiation proceeds are�aid in
<br /> connection witlz dalnage to, or the t�lcing of, the Property, Borrower sha11 be responsible for repairing or
<br /> restoring the Property oi�ly if Lender izas released proceeds for such pui•poses. Lender inly disUurse proceeds
<br /> 231234
<br /> NEBRASKA-Single Famlly-Fannie Mae/Freddie M ac UNIFORM INSTRUM ENT Form 3028 1I01
<br /> VM P Q VM P6(NE)(1105)
<br /> Wolters Kluwer Financial Services Page 7 of 17
<br />
|