|
20�2000��
<br />sarisfaction, provided that such inspection sha11 be undertaken promptly. Lender may pay for the repairs
<br />and restoration in a single disbursement or in a series of progress payments as the work is completed.
<br />Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lender shall not be required to pay Bonower any interest or earnings on such
<br />Miscellaneous Proc.eeds. If the restoration or repair is not economically feasible or Lender's security would
<br />be lessened, the Miscellan�us Proc,eeds shall be applied to the sums secured by this Security Instrument,
<br />whether or not then due, with the excess, if any, paid to Bonower. Such Miscellaneous Proceeds shall be
<br />applied in the order provided for in Section 2.
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds sha11
<br />be applied to the sums s�ured by this Security Instrument, whether or not then due, with the excess, if any,
<br />paid to Borrower.
<br />In the event of a partial taldng, destrucrion, or loss in value of the Property in which the fair market value of
<br />the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the
<br />amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or
<br />loss in value, uiiless Bonower and Lender otherwise agree in writing, the sums secured by this Security
<br />Instrument shall be reduced by the amount of the Miscellan�us Proceeds mulripliect by the following
<br />fraction: (a) the totai amount of the sums se,cured immediately before the partial taking, destruction, or loss
<br />in value divided by (b) the fair market value of the Property immediately before the partial taking,
<br />destrucrion, or loss in value. Any balance shall be paid to Bonower.
<br />In the event of a paztial taldng, destrucrion, or loss in value of the Property in which the fair market value of
<br />tise Pro�rty itrm�diately t�fore the partiai taking, destruetion, or Ioss in value is Iess than the aznount of the
<br />srzms se,curect i�iately before the partiat taking, destrucrion, or loss in vatue, unless Borrower and
<br />Le�der otherwise agree in writing, the 1VZiscellaneous Proceeds shall be applied to the sums secured by this
<br />Security Im�nt wltett�er or not the sums are then due.
<br />If the Property is abandoa� by Borrower, or if, after norice by Lender to Borrower that the Opposing Pariy
<br />(as defined in the next sentence) offers to make an award to settle a claim for damages, Bonower fails to
<br />resgond to Lender within 30 days after the date the notice is given, Lender is authorized to colle�t and apply
<br />the Miscell�us Proceeds either to restoration or repair of the Property or to the sums secured by this
<br />Security Tnstru�nent, �rhetl�er or not then due. "Opposing Party" means the third party that owes Borrower
<br />Miscel�a�eous Proe�s or the party against whom Borrower has a right of action in regard to Miscellaneous
<br />Proceecls.
<br />Borrower shall be ia default if any action or proceeding, whether civil or criminal, is begun that, in Lender's
<br />judgment, could rressult in forfeiture of the Property or other material impairment of Lender's interest in the
<br />Property or rights under tlus Security Instrument. Bonower can cure such a default and, if acceleration has
<br />occuned, reinstate as provided in Section 19, by causing the action or praceeding 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 Se,curity Instrument. The proceeds of any award or
<br />claim for damages that are attributable to the impairment of Lender's interest in the Property aze 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 />NEBRASKA-Single Family-Fannie Mae/Freddie Mec UNIFORM INSTRUMENT Form 3025 1/01
<br />VMP � VMPBWE) �1105)
<br />Wolters Kluwer Flnancial Services Page 10 of 17
<br />
|