|
20120�0�7
<br />satisfaction, provided that such inspection shall be undertaken ptomptly. Lender may pay for the repairs
<br />and restoration in a single disbursement or in a series of progtess payments as the work is completed.
<br />Unless an agreement is made ia writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Leader shall not be required to pay Borrower any iaterest or earnings on such
<br />Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would
<br />be lessened, the Miscellaneous Proceeds sha11 be applied to the sums secured by this Securiry Instrument,
<br />whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be
<br />applied in the order provided for in Section 2.
<br />In the event of a total taking, destructioa, or loss in value of the Properry, the Miscellaneous Proceeds sha11
<br />be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any,
<br />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 of
<br />the Property immediately before the partial taking, desttuction, or loss in value is equal to or greater thaa the
<br />amount of the sums secured by this Security Iastrument immediately before the partial ta.king, destruction, or
<br />loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security
<br />Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following
<br />fraction: (a) the tota.l amount of the sums secured immediately before the partial taking, destruction, or loss
<br />in value divided by (b) the fair market value of the Property immediately before the partial taking,
<br />destruction, or loss in value. Any balance sha11 be 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 of
<br />the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the
<br />sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and
<br />Leader otherwise agree ia writing, the Miscellaneous Proceeds shall be applied to the sums secured by this
<br />Security Instrument whether or aot the sums are then due.
<br />If the Property is abandoned by Borrower, or if, after notice by Leader to Borrower that the Opposing Party
<br />(as defined in the next sentence) offers to make an award to settle a claim for dama.ges, Borrower fails to
<br />respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply
<br />the Miscellaneous Proceeds either to restoration or repair of the Propecty or to the sums secured by this
<br />Security Instrument, whether or not then due. "Opposing Party" meaas the third party that owes Borrower
<br />Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous
<br />Proceeds.
<br />Borrower sha11 be in default if any action or proceeding, whether civil or criminal, is begun tha.t, in Lender's
<br />judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the
<br />Property or rights under this Securiry Insttument. Borrowet caa cure such a default and, if acceleration has
<br />occurred, reinsta.te as provided in Section 19, by causing the actioa or proceeding to be dismissed with a
<br />ruling that, in Lender's judgment, precludes forfeiture of the Property or other ma.terial impaicment of
<br />Lender's interest in the Property or rights under tlus Securiry Instrument. The ptoceeds of any award or
<br />claim for dama.ges that are attributa.ble to the impairment of Lender's interest in the Property are hereby
<br />assigned and sha11 be paid to Lender.
<br />All Miscellaneous Proceeds tha.t are not applied to restoration ot repair of the Property sha11 be applied in the
<br />order provided for in Section 2.
<br />NEBRASKA-Single Family-Fannia Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01
<br />VMP p VMP6lNE) U 105).00
<br />Wolters Kluwer Financial Services Page 10 of 17
<br />
|