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201206068
<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 [fie work is completed.
<br />Unless an agreement is made in writing or Applicable Law requires interest to be paid oil such
<br />Miscellaneous Proceeds, Lender shall not be requircd to pay Borrower ,my interest or earnings on surh
<br />Miscellaneous Proceeds, If [lie 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 (lien due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall 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 Security Instrument, whether or not then due, with the excess, if any,
<br />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 of
<br />the Property huniediatcly 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 Borrower and Lender otherwise agree in writing, the sums secured by this Security
<br />Instrument shall be reduced by the amourn of [he Miscellaneous Proceeds multiplied by (lie following
<br />fraction: (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 Borrower.
<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 irrimediately before the partial taking, destruction, or loss in value is less than the amount of [lie
<br />sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and
<br />Lender otherwise agree in writing, the Miscellaneous Prooeeds shall be applied to the sums secured by this
<br />Security Instrument whethcr or not the sums are then due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party
<br />(as defined in the next sentence) offins to make an award to settle, I claim for dainages, Borrower fails to
<br />respond to Lender within 30 days after the date the notice is given, 1,ender is authorized to collect and apply
<br />the Miscellaneous Proceeds either to restotation or repair of the Property or to the sums secured by this
<br />Security Instrument, whether or not then due, "Opposing Party" means (lie hird party that owes Borrower
<br />Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellancous
<br />Proceeds.
<br />Borrowur 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 />Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has
<br />occurred, reinstate as provided in Section 19, by causing the action or proceoding to be dismissed with a
<br />ruling that, in Lender's judgment, precludes forfeiture of the Property or other raucrial 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 are attributable to the impairment of Looder's interest in the Property are 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 />24CO1503
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