|
�o�������
<br />satisfacrion, 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 Bonower 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 Secrion 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 sums secured by tlus Security Insmiment, whether or not then due, with the excess, if any,
<br />paid to Bonower.
<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 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 Bonower and Lender otherwise agre,e in writing, the sums secured by this Security
<br />Instn�ment shall b� r�uced by the amount of the Miscellaneous Proceeds mulriplied by the following
<br />fracrion: (a) the total amount of the sums secured 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 />destruction, or loss in value. Any balance shall be paid to Bonower.
<br />�n the event of a partial takiag, destr�ction, or loss in value of the Property in wluch the fair market value of
<br />the Property i�iately before the partial taldng, destruction, or loss in value is less tt�acc the amount of the
<br />sums securec� im�aediately before tfie partial tal�ng, destruction, or loss in value, unless Borrower and
<br />Lender otlterwise agree i� �vrritiag, the MiscelIaneous Proceeds shall be applied to the sums secured by this
<br />Seezu�ity Instn�nent v�+hether ar rnft the sums are then due.
<br />If the Propemy is abandoned by �orrower, vr if, after notice by Lender to Borrower that the Opposing Party
<br />(as defned in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to
<br />respond to Lender within 30 ctays after the date the norice is given, Lender is authorized to collect and apply
<br />the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this
<br />Security Instrument WII�I.�ICL QL IIOL T1181I � . "Opposing Party" mea�s the third party that owes Borrower
<br />Miscellaneovs Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous
<br />Procee�s.
<br />Borrower shall he 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 />Properiy or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has
<br />occurred, reinstate as provided in Secrion 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 Instrument. The proceeds of any award or
<br />claim for damages that aze 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 aze not applied to restorarion or repair of the Property sha11 be applied in the
<br />order provided for in Section 2.
<br />NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01
<br />VMP � VMP6(NE) (1105)
<br />Wolters Kluwer Financial Services Page 10 of 17
<br />
|