|
20i20404�
<br />satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs
<br />and restorarion 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 Procceds, Lender shall not be required to pay Borrower any interest or earnings on such
<br />Miscellaneous Procceds. 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 Insmiment,
<br />whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be
<br />applied in the order provided for in Secrion 2.
<br />In the event of a total taldng, destruction, or loss in value of the Property, the Miscellan�us Proceeds shall
<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 Bonower.
<br />In the event of a partial taking, desmicrion, 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 />Ioss in value, unless Borrower and Lender otherwise agree in writing, the sums s�ured by this Security
<br />Inshvment shall be reduced by the amount of the Miscellan�us Proceeds muitiplied by the following
<br />fraction: (a) the totai amount of the siuns secured imtnediateIy before the partial taking, destrucrion, or loss
<br />in vatue divided by (b) the fair mazket value of the Property immediately before the partial taking,
<br />c�straction, or loss in value. Any balance shall be paid to Borrower.
<br />In the event of a partia� ta�n,g, destruction, or loss in vaTue of the Property in which the fair market value of
<br />the Property imui�liately before the partial taldng, destruction, or Ioss in value is Iess than the amount of the
<br />sums secused immediateIy before the partial taking, destivction, or loss in value, unless Borrower and
<br />Lender otherwise agree in writing, the Miscellaneous Proceeds sha11 be applied to the sums secured by this
<br />Security Inscroment wflether or not the sums are then due.
<br />If the Property is abando� by Borrower, or if, after notice by Lender to Borrower that the Opposing Party
<br />(as defined in the next �ntence) 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 authorize� to collect and apply
<br />the Miscellaneous Proceeds either to restora.tion or repair of the Fropert}� or to the sams secured by this
<br />Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower
<br />Miscellaneous Proceeris or the party against whom Borrower has a right of acrion in regard to Miscellaneous
<br />Frc�ds.
<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 />Properiy or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has
<br />accurred, reinstate as provided in S�rion 19, by causing the acrion 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 Security Instrument. The proceeds of any awazd 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 MaelFreddie Mac UNIFORM INSTRUMENT
<br />VMP �
<br />Wolters Kluwer Financfal Services
<br />Farm 3028 1l01
<br />VMP6INE) (1105)
<br />Page10of17
<br />t
<br />
|