|
20�20272�
<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 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 Borrower any interest or earnings 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 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 shall
<br />be applied to the stuns secured 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, destruction, 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, 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 multiplied by the following
<br />fraction: (a) the total amount of the sums se,cured immediately before the partial taking, destrucrion, or loss
<br />in value divided by (b) the fair market ealue of the Progerty immediately before the partial taking,
<br />destrucrion, or loss in value. Any balance shall be paid to Borrower.
<br />Tn the event of a partiat taking, �estruction, or loss in value of the Property in which the fair market value of
<br />the Progerty immediately before the partial taking, destruction, or loss in value is less than the amount of the
<br />smns s�ured 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 this
<br />Security Instrument 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 Parly
<br />(as defined in the next sentence) offers to make an awazd to settle a claim for damages, Borrower fails to
<br />respond to Lender within 30 days after the date the norice is given, Lender is authorized to colle,ct and apply
<br />the Miscellan�us Proceeds either to restoration or repair of the Property or to the sums secured by this
<br />Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower
<br />Miscellaneous Proceeds or the party against whom Borrower has a right of action in regazd 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, coutd result in forfeiture of the Property or other material impairment of Lender's interest in the
<br />Property or rights under this Security Instrument. Bonower can cure such a default and, if acceleration has
<br />occurred, reinstate as provided in Section 19, by causing the action or proc,eeding to be dismissed with a
<br />n�ling that, in Lender's judgment, pr�ludes forfeiture of the Property or other materiai impairment of
<br />Lender's interest in the Property or rights under this Security Instrument. The proce�ds 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 />NEBRASKA-Single Famfly-Fannie Mae/Freddle Mac UNIFORM INSTRUMENT
<br />VMP Q
<br />Walters Kluwer Financial Services
<br />Form 3028 1 /01
<br />VMP61NE) (1105)
<br />Page 10 of 7 7
<br />
|