|
201�0�308
<br />satisfaction, provided that such inspecrion 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 Proc,eeds, Lender shall not be required to pay Borrower any interest or eamings on such
<br />Miscellan�us Proc.eeds. If the 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 then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proce.eds 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 s�ured by this S�urity Instrument, whether or not then due, with the excess, if any,
<br />paid to Borrower.
<br />In the event of a partial taldug, destrucrion,. or loss in value of the Property in which the fair market value of
<br />the Praperty immecliately 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, unl� �orrower and Lender othervvise a.gree in writing, the sums secured by this Security
<br />Instrument shail be recIuced by the amount of the Miscellaneous P�s multiplied by the following
<br />fraction: (a} the total amount of the s� secured immediately before the gartial taking, destruction, or loss
<br />in vatue c�ivided by (b} the fair mar&et value of the Property immediately before the partiat taking,
<br />destntction, or Ic�s.s in �alue. Any balauce sFiall be paid to Borrower.
<br />Tn the eve� of a pare� taking, destruction, or loss in value Qf t�Ce Property in wrhich the fair market value of
<br />the Prv}�rtlr i�ate.Fy �fore the gartiat taking, d�tcuctioa, or loss ia value is Iess t�an the amount of the
<br />sums sec� �iat�Iy t�fore tlie partiai taking, destraction, os Ioss in value, uteless �orrower and
<br />Lenc�er ot:h�ise agr� ��rritiug, the 11�isc�Zanevus Proceeds sh�il be apgliec� to the sums secured by this
<br />Secttrity �� verheti�er oF ao� the su�s are then due.
<br />If the Property is ahanc�oned by Borrower, or if, a.fter notice by �.encter to Borrov�+er tha� the Opposing Party
<br />(as definect in tt�e next sentence) offers to make an award to settle a claim for damages, Borrower fails to
<br />resgoad ta Leicder within 30 days after the date the notice is given, Lender is authorized to colle,ct and apply
<br />the Miscellaiceous Proceeds either to restoration or repair of the Property or to the sums secured by this
<br />Securit� �t, whether or no� then due. "Opposing Party" means the third party that owes Bonower
<br />MiscelFaueous Proceeds or the part� against whom Bonovver has a right of a�crion in regazd to Miscellaneous
<br />Proceeds.
<br />Borrower shall be ia default if any action or proceeding, whether civil or criminal, is begun that, in Lender's
<br />judgment, could resuit in forfeiture of the Property or other material impairment of Lender's interest in the
<br />Property or rights under this Security Instrument. Bonower can cure such a default and, if accelerarion has
<br />occurred, reinstate as provided in Section I9, 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 �terial impairment of
<br />Lender's interest in the Froperty or rights under this S�urity Instrument. The proceeds of any award or
<br />claim for damages that are ariributable to the impairment of Lender'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 />NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
<br />VMP �
<br />Wolters Kluwer Financial Services
<br />Form 3028 7 /01
<br />VMPBINE) (1105)
<br />Page 10 of 17
<br />
|