|
20120��17
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the
<br />Property, if the restoration or repair is economically feasible and Lender's security is not lessened During such
<br />repair and restoration period, Lender sha11 have the right to hold such Miscellaneous Proceeds until Lender has
<br />had an opporlunity to inspect such Properly to ensure the work has been completed to Lender's sadsfaction,
<br />provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in
<br />a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is
<br />made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall
<br />not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or
<br />repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall
<br />be applied to the sums secured by this Security Instn�ment, whether or not then due, with the excess, if any,
<br />paid to Bonower. Such Miscellaneous Proceeds shall be 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
<br />sha11 be applied to the sums secured by this Security Inst�vment, whether or not then due, with the excess, if
<br />any, 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
<br />of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than
<br />the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction,
<br />or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security
<br />Instrument shall Ue reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction:
<br />(a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value
<br />divided by (b) the fair market value of the Properiy immediately before the pa.rtial taking, destruction, or loss
<br />in value. Any balance sha11 be paid to Borrower.
<br />In the event of a partial taking, desiruction, or loss in value of the Properiy in which the fair market value
<br />of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of
<br />the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and
<br />Lender otherwise agree in writing the Miscellaneous Proceeds shall be applied to the sums secured by this
<br />Security Instrument whether or not the sums aze then due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing
<br />Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to
<br />respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the
<br />Miscellaneous Proceeds either to restoration or repair of the Pmperiy or to the sums secured by this Security
<br />Instrument, whether or not then due. "Opposing Party" means the third pacly that owes Borrower Miscellaneous
<br />Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds.
<br />Borrower sha11 be in default if any 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 tlus Security Insmiment Borrower can cure such a default and, if acceleration
<br />has occurred, reinstate as provided in Section 19, by causing the acrion or proceeding to be dismissed with
<br />a 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 Instrument The proceeds of any award or claim
<br />for damages that aze attributable to the impairment of Lender's interest in the Property are hereby assigned
<br />and shall be paid to Lender.
<br />All Miscellaneous Proceeds that aze not applied to restoration or repair of the Properly shall be applied in
<br />the order provided for in Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment
<br />or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower
<br />or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors
<br />in Interest of Borrower. Lender shall not Ue required to commence proceedings against any Successor in Interest
<br />of Borrower or to refuse to extend rime for payment or otherwise modify amortization of the sums secured by
<br />this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of
<br />Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's
<br />NEBRASKA—Single Family—Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 30281/Ol
<br />NEBRASKA-MERS GreatDoca�
<br />ITEM 2698L9 (072811) (Pege 9 d 15)
<br />
|