|
201200048
<br /> satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs
<br /> and restoration in a single disbursement or in a series of progress payxnents as the work is completed:
<br /> Uniess an agreement is made in writing or Applicable Law requires interest to be paid on such
<br /> Miscellaneous Proceeds, Lender sha11 not be required to pay Borrower any interest or eartiiiigs on such
<br /> Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would
<br /> be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Inslri�iiient,
<br /> whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds sha11 be
<br /> applied in the order provided for in Section 2.
<br /> In the event of a total talciiig, destruction, or loss in value of the Properly, the Miscellaneous Proceeds shall
<br /> be applied to the sums secured by this Security Instruinent, whether or not then due, with the excess, if any,
<br /> paid to Borrower.
<br /> In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of
<br /> the Property imrnediately before the partial taking, destruction, or loss in value is equal to or greater than the
<br /> amount of the swns secured by this Security Instnunent immediately before the partial taking, destruction, or
<br /> loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security
<br /> Instrument shall be reduced by the amount of the Miscellaneous Proceeds mialtiplied by the following
<br /> fraction: (a)the total amount of the suxns secured immediately before the partial taking, destruction, or loss
<br /> in value divided by(b)the fair market value of the Property in�lediately before the partial taking,
<br /> destruction, or loss in value. Any balance shall be paid to Borrower.
<br /> In the evenf of a partial taking, destruction, or loss in value of the Property in which the fair market value of
<br /> the Property iininediately before the partial taking; destruction, or loss in value is less than the amount of the
<br /> suxns secured immediately before the partial taking, destruction, or loss in value, unless Borrower and
<br /> Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by ihis
<br /> Security Instniment whether or not the sums are then due.
<br /> If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party
<br /> (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to
<br /> respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply
<br /> the Miscellaneous Proceeds either to restoration or repair of the Property ar to the sums secured by this
<br /> Securiry Instruiilent, whether or not then due. "Opposing Party" means the third pariy that owes Borrower
<br /> Miscellaneous Proceeds or the parLy against whom Borrower has a right of action in regard to Miscellaneous
<br /> Proceeds.
<br /> Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's
<br /> judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the
<br /> Property or rights under this Security Instruinent. Borrower can cure such a default and, if acceleration has
<br /> occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a
<br /> ruling that, in Lender`s judgment, precludes forfeiture of the Property or other material impairment of
<br /> Lender's interest in the Property or rights under this Security Instruinent. The proceeds of any award or
<br /> claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby
<br /> assigned and shall be paid to Lender.
<br /> All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the
<br /> order provided for in Section 2.
<br /> 24000018
<br /> NEBR4SKA-SingleFamily-FannieMae/FreddieMacUNIFORM INSTRUMENT Form30281/01
<br /> VM P Q VM P6(NE)(1'105)
<br /> Wolters Kluwer Financial Services Page 10 of 17
<br />
|