|
201244276
<br />satisfaction, provided that euch inspection shall be undertaken prompfly. Lender may pay for the repairs
<br />and re�toration in a single disbursemettt 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 />Miscellan�us Proceeds. If the restoration or repair is not economically feasible or Lender's security wauld
<br />be lessened, the Miscellaneou� Proceeds shall be applied to the sums secured by this Security Instrument,
<br />whether or not then due, with the eaccess, if any, paid to Borrower. Such Miscellaneous Proceeda sl�all 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 sums secured by this S�urity Instrament, whether or not then due, with the excess, if any,
<br />paid to Borrower.
<br />In the event of a partial taking, deshuction, or loss in value of the Property in wlrich the fair market value of
<br />the Ptoperty unmediately 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, deshuction, or
<br />loss in value, unless Borrower and Lender otherwise agree in writing, the sums se�ured by this Security
<br />Instiument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following
<br />fraction: (a) the total amount of the sums secured immediately before the partial taking, deshvction, 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 Bonowec_
<br />In the event of a partial taking, destruction, or loss in value of the Properly in which the fair market valne of
<br />the Propetty immediately before the parrial taking, destrucrion, or loss in value is less than the amount of the
<br />sums s�ured immediately befare the partial taking, destrucrion, or loss in value, unless Boaower and
<br />Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this
<br />Security Insfrument whether or not the sums are then due.
<br />If the Property is abandoned by Borrower, or if, after norice by Lender to Borrowez that the Opposing Party
<br />(as defined in the next sentence) 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 authorized to collect and apply
<br />the Miscellaneous Proceeds either to restorarion 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 pariy that owes Borrower
<br />Miscellaneous Proceeds or the party against whom Boaower has a right of action in regazd to Miscellaneaus
<br />Proceeds.
<br />Bonrower 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 />Properfy or rights under this Security Instivment. Borrower can cute such a default and, if acceleration has
<br />occurted, reinstate as provided in Section 19, by causing the acdon or proceeding to be dismissed with a
<br />ruling tfiat, 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 Inshvment. The proceeds of any award or
<br />claim for damages that ate attnibutable 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 restorarion or repair of fhe Property shall be applied in the
<br />order provided for in Section 2.
<br />NE9ftASKA�3ingle Femily-Fennie MaelFreddie Mac UNIFORM INSTRUMENT �� �� ��
<br />VMPB(NEj (1105).00
<br />Woiteta Iauwar Rrmntlel SeMt� Pege 10 of 17
<br />
|