201203977 - Laserfiche WebLink

Browse

20120397� DOC ID #: 00024128715012011 In the event of a partial taking, destruction, or loss in value of the Properiy in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial talcing, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applxed to the sums secured by this Security Instrument whether or not the sums aze then due. If the Properly is abandoned by Borrower, or if, after notice by Lender to Bonower that the Opposing Party (as defined in the ne�ct sentence) offers to make an award to settle a claim for damages, Bonower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscetlaneous Proceeds either to restorafion or repair of the Property or to the sums secwed by this Security Instrument, whether or not then due. "Opposing Party" means the third pariy that owes Bonower Miscellaneous Proceeds or the party against whom Bonower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Properly or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Properiy are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Bonower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Bonower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by tiie original Bonower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Bonower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Bonower covenants and agrees that Bonower's obligations and liability sha11 be joint and several. However, any Bonower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the casigner's interest in the Properiy under the terms of tPris Security Instrument; (b) is not parsonally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to eattend, modify, forbear or make any accommodations with regazd to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Bonower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and Iiability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Secrion 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Bonower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regazd to any other fees, the absence of express authority in this Security Instrument to chazge a specific fee to Borrower shall not be construed as a prohibition on the chazging of such fee. Lender may not charge fees that aze expressly prohibited by this Security Instrument or by Applicabte Law. If the Loan is subject to a law which sets rnaximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the chazge to the permitted timit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a d'uect payment to Borrower. If a refund reduces principal, the NEBRASKA—Singie Famify—Fannle Mae/Freddte Mac UNtFORM INSTRUMENT (MERS) Form 3028 1/01 MERS Deed of Trust-NE 2006A-NE (12/11) Page 8 of 12