|
�
<br />.�
<br />20120595;
<br />If the Property is damaged, such Miscellaneous Proceeds sha11 be applied to restoration or repair of the
<br />Property, ifthe restoration or repair is economically feasible and Lender's security is not lessened. During
<br />suck repair and restoration period, Lender sha11 have the right to hold such Miscellaneous Proceeds until
<br />Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's
<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 rnade in writing or Applicable Law requires interest to be paid on such
<br />Misceltaneous Proceeds, Lender sha11 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
<br />would be lessened, the Miscellaneous Proceeds sha11 be applied to the sums secured by this SecuriTy
<br />Instrurnent, whether or not then due, with the excess, if any, paid to Bonower, Such Miscellaneous
<br />Proceeds shall be 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
<br />shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess,
<br />if any, paid to Borrower,
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value
<br />ofthe Property immediately before the paztiai ta.king, destruction, or loss in value is equal to or greater
<br />than the amount of the sums secured by this Security Instrument immediately before the partial taking,
<br />destruction, or loss in value, unless Borrower and Lender othenvise agree in writing, the sums secured
<br />by this Security Instrument sha11 be reduced by the amount of the Miscellaneous Proceeds multiplied by
<br />the following fraction: (a) the total amount of the sums secured immediately before the partial taking,
<br />destruction, or loss in value divided by (b) the fair market value ofthe Property immediately before the
<br />partial taking, destruction, or loss in value. Any balance sha11 be pa.id to Bonower.
<br />In the event of a partial talcing, destruction, or loss in value of the Property in which the fair market value
<br />ofthe Property immediately before the paxtial taking, destruction, or loss in valne is less than the amount
<br />of the sums secured immediately before the partial taking, destruction, or loss in value, unless Bonower
<br />and Lender otherwise agree in writing, the Miscellaneous Proceeds sha11 be applied to the sums secured
<br />by this 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 Bonower that the Opposing
<br />Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Bonower
<br />fails to respond to Lender within 30 days after the da,te the notice is given, Lender is authorized to collect
<br />and apply the Miscellaneous Proceeds either to restoration or repa.ir ofthe Property or to the sums secured
<br />by this Security Instnzment, whether or not then due. "Opposing Party" means the third party that owes
<br />Borrower Miscellaneous Procesds or the party against whom Bonower has a right of action in regard to
<br />Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
<br />Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's
<br />interest in the Property or rights under this Security Instrument. Bonower can cure such a default and,
<br />if accelaration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to
<br />be dismissed with a ruling thax, in Lender's judgment, precludes forfeiture oftha Property or other material
<br />impairment of Lender's interest in the Property or rights under this Security Tnstrument. The proceeds of
<br />���r/�( � � �as�rnzz�s
<br />NEBRASKASingle Family-Fannie Mae/Freddie Mec UNIFORM (NSTRUMENT Form 30281/01
<br />VMF� 08/70
<br />Woftars Kluwer Finar�cial 3ervicss 201207094,0.0.0.4002-J20110209Y Initials: Page 10 of 17
<br />1 7
<br />
|