|
201207009
<br />satisfacrion, 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 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 Proc�ds. If the restoration or repair is not economically feasible or Lender's security would
<br />be lessenerl, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument,
<br />whether or not then due, with the excess, if any, paid to Borrower. Such Miscellan�us 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 exc,ess, if any,
<br />paid to Borrower.
<br />In the event of a partial tatang, destruction, or loss in vatue of the Property in wluch the fair market value of
<br />the Prag�rty immediately before the partial taking, destrucrion, or Ioss in vaIue is equal to or greater than the
<br />amuucet of the sums secured by this Security �nstrnment immediately before the paztiat taldng, destruction, or
<br />Ioss ia value, uste� Borrow+er and LencYer otherwise agree irt writing, the s�ms secured by this Security
<br />Im�vmeat sba�t: b� reduced by the amount of tbe 11�iscellaneous Proceeds muitiplied by the following
<br />fracCiane: (a} ttze tota� amaunt of the sums s� immediately befoze ttie partial taking, destcuct�on, or loss
<br />i� vatue �videc� by (b) tfie fair market v�Sue o€ tfle Progerty i�iately lrefore t� gartiat taking
<br />des�ction, or Iass ia value. Any balagce s1�aII l� paid to Borrower.
<br />� tT� evetct of a g�tia� tat�g, �on, or loss in value of the Prep�rl.y ffi wkicta the fair market value of
<br />13�e Progerty i�abe�y� �fore tfie partiat tai€iag, �tion, o� Y�s ia �ue is I� than the �rnount of the
<br />sums seeut�ck �y before the gartia� tatdag, �on, or Y� in vaSue, tmless Borrower anci
<br />I.eac�ei o� agre.� in writing, the Miscellaueous Proce� shatZ be applied tv the sums s�ured by this
<br />Se�i.ty � whether or not the sums �re then due.
<br />If the Property is abandoned by Borrower, Qr if, aEtes notice hy Lender 40 �3orrawer that the �P��g P�'Y
<br />�as defined i� tl�e aexC sentence) offers to make an award to settIe a cFaim for damages, Borrower fails to
<br />respond to I.ender v�rithi� 30 ct�ys after tfie date the norice is given, Lender is authorized to coll�t and apply
<br />the iVliscellaueous Pr�s either to restoration or repair of the Progerty or to the sums secured by this
<br />Securit}r Ins�nt, vvrhetlier os not then c�ue. "OPPasiug Party" m�s ttze third. parcy that owes �orrower
<br />1V�iscella�us �s or ttce garty agaiast whom Borrower has a rigfit of action in regard to Miscellaa�us
<br />Pror.eeds.
<br />Borrower shaU� be in default if any acrion or proceeding, whether civil or criminal, is begun that, in Lender's
<br />judgcaent, coutd result in forfeiture of the Pro�rty or other material impairment of Lender's interest in the
<br />Property or rights vnder this Security Instrument. Borrower can cure such a d�fault and, if accelerarion has
<br />occurred, reinstate as provided in Section I9, by causing the action or proceeding to be dismissed with a
<br />niling 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 Instrument. The proceec�s of any awazd or
<br />claim for damages that aze attributable to the impairment of Lender's interest in the Property aze hereby
<br />assigned and shaIl be paid to Lender.
<br />All Miscellan�us Proc,eeds that are not applied to restoration or repair of the Property shall be applied in the
<br />order provided for in Section 2.
<br />NEBRASKA-Single Fam(ly-Fennie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01
<br />VMP � VMPB(NEI (1105)
<br />Wolters Kluwer Financial Services Page 10 of 17
<br />
|