|
2-�-1 �� 617 v
<br />1111065811
<br />sarisfaction, provided that such inspectian shall be undertaken promptly. Lender may pay for the repairs and
<br />restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an
<br />agreement is made in writing or Apglicable Law requires interest to be paid on such Miscellaneous Proceeds,
<br />Lender shall not be required to pay Borrower any interest or earnings on suc6 Miscellaneous Proceeds. If the
<br />restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Tnstrument, whether or not then due, with the
<br />excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in
<br />Section 2.
<br />In the event af a total taking, destruction, or loss in value of the Property, the Miscellaneons
<br />Proceeds shall be applied to the sums secwed by this Security Instrument, whether or not then due, with the
<br />excess, if any, paid to Borrower.
<br />Ia the event of a partial taking, destruction, or loss in value of the Property u► which the fair market
<br />value of the Properiy immediately before the partial taking, destruction, or loss in value is equal to or greater
<br />than the atnount of the sums secured by this Security Instrument immediately before the partial taking,
<br />destcvction, or loss in value, unless Borrower and Lender otherwise agree in writing, the swns secured by ttris
<br />Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the
<br />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 of the Property immediately before the
<br />partial takiag, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />In the event of a paztial taking, destruction, or loss in value of the Property in which the fair market
<br />value of the Property immediately before the partial taking, destruction, or loss in value is less than the
<br />amount of the sums secured immediately before the partial taking, desiruction, or loss in value, unless
<br />Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />secured by this Security Ins�uument whether or not the sums aze then due. If the Property is abandoned by
<br />Borrower, or if, after nodce by Lendet to Borrower that the Opposing Party (as defined in the next sentenca)
<br />offers to make an awazd to settle a ciaim for damages, Borrower fails to respond to Lender within 30 days
<br />after the date the nodce is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either
<br />to restoration or repair of the Property or to the sums secured by this Securiry Insttument, whether or not then
<br />due. "Opposing Party" means the third pariy that owes Borrower Misceilaneous Proceerls or the party against
<br />whom Borrower has a right of action in regard to Miscellaneous Proceeds.
<br />Bortower shall be in default if aay 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 impaument of Lender's interest
<br />in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration
<br />has accurred, reinstate as provided in Section 19, by causing the action or proceeding 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 lnstrument. The proceeds of aay award or claim
<br />for damages that are amibutable to the impairment of Lender's interest in the Property aze hereby assigned
<br />and sha11 be paid to Lender.
<br />All Miscellaneous Proceeds that are not applied to restoradon or repair of the Property shall be
<br />applied in the order provided for in Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for
<br />payment or modification of amortization of the svms secured by this Security Instrument granted by Lender
<br />to Borrower or any Successor in Interest of Bonower shall not operate to release the liability of Boaower or
<br />any Successors in Interest of Bocrower. Lender shall not be required to commence proceedings against any
<br />Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization
<br />of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or
<br />any Successors in Interest of Borrower. Any forbeazance by Lender ie exercising any right or remedy
<br />inclnding, without limitation, Lender's acceptance of payments from third persons, entities or Successors in
<br />NEBRASKA—Single Family Baonk MaelFreddie Mac UNIFORM INSTRIJMENT
<br />� 338.8 Page 9 of ]4. Form 30281/Ol
<br />X�
<br />t
<br />�
<br />
|