201207870 - Laserfiche WebLink

Browse

� 201207870 agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Properiy is abandoned by Borrower,or if, after notice by Lender to Borrower that the Opposing Party(as defined in the neat sentence) offers to make an award 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 restoraLion or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Bonower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regazd to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun thaY, in Lender's judgment, could result in forfeiture of the Properiy or other maYerial impairment of Lender's interest in the Property or rights under this Security Instrument. Bonower can cure such a default and, if acceleration has occurred,reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgnent, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any awazd or claim for damages that aze attributable to the impairment of Lender's interest in the Property aze hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restorafion or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modificaiion of amortization of the sums secured by this Secwity Instrument granted by Lender to Borrower or any Successor in Interest of Bonower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co—signers;Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligaYions and liability shall be joint and several. However,any Borrower who co-signs this Security [nstrument but does not execute the Note(a"co-signer"): (a)is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Secwity Instrument; (b) is not personally obligated to pay the sums secured by this Secwity Instrument; and(c)agees that Lender and any other Borrower can agree to e�ctend,modify, forbeaz or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Insirument in writing, and is approved by Lender,shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release i�writing. The covenants and agreements of this Security Instrument shall bind(except as provided in Section 20)and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Bonower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees,property inspection and valuation fees. In regazd to any other fees,the absence of express authority in this Security Instrument to chazge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees thax aze expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets ma�cimum loan charges, and thaY law is finally interpreted so thaY the interest or other loan chazges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a)any such loan charge shall be reduced by the amount necessary to reduce the chazge to the permitted limit; and(b) any sums already collected from Borrower which exceeded permitted Limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treaYed as a partial prepayment without any NEBRASKA—Single Family—Fannie Mae/Freddie Mac UNIFORM INSTRUMENT p�a,glc� Fortn 3028 1/01 Page 9 of 14 www_docmagic.com