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20�2068�4 to receive a refnnd of any Mortgage Insurance premiums that were unearned at the time of snch cancellation or termination. 11. Assignment of Miscellaneous Proceeds; ForFeiture. All Miscellaneous Proceeds are hereby assigned to and sha11 be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds sha11 be applied to restoration or repair of the Property, if the restora.tion or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opporiunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided tha.t such inspection sha11 be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender sha11 not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by ttus Security Inshvment, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, desiruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bonower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial ta,king, destntction, or loss in value is equal to or greater tha.n the amount of the sums secured by this Security Instrument immediately before the partial taking, destntction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument sha11 be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial ta.king, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial talcing, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial ta,king, destruction, or loss in value of the Property in which the fair market value of the Properiy immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the pa.rtial taking, desttuction, or loss in value, unless Bonower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by tlus Security Instntment whether or not the sums are then due. If the Property is aba.ndoned by Bonower, or if, after notice by Lender to Bonower that the Opposing Party (as defined in the next sentence) offers to make an awazd to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by tlris Security Instntment, whether or not then due. "Opposing Pa.rty" means the third party that owes Bonower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. HCFG-00359 NEBRASKASfngle Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01 � 01/12 Wolte�s Kluwer Financial Serviees 201206104.1.1.2336J20720129Y Pega 10 oi 17 6•