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201209241
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Last modified
8/19/2014 2:21:05 PM
Creation date
11/2/2012 8:15:58 AM
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DEEDS
Inst Number
201209241
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20�2Q924� <br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration <br />or repair of the Properly, if the restoration or repair is economically feasible and Lender's <br />security is not lessened. During such repair and restoration period, Lender shall have the right <br />to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such <br />Property to ensure the work has been completed to Lender's satisfaction, provided that such <br />inspecflon shall be undertaken promptly. Lender may pay for the repairs and restoration in a <br />single disbursement or in a series of progress payments as the work is completed. Unless an <br />agreement is made in writing or Appflcable Law requires interest to be paid on such <br />Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings <br />on snch Miscellaneous Proceeds. If the restoration or repair is not economically feasible or <br />Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums <br />secured by this Security Instrument, whether or not then due, with the excess, if any, paid to <br />Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. <br />In the event of a total taking, destrucflon, or loss in value of the Property, the <br />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. <br />In the event of a partial taking, destrucflon, or loss in value of the Property in which <br />the fair market value of the Property immediately before the partial taking, destruction, or loss <br />in value is equal to or greater than the amount of the sums secured by this Security Instrument <br />immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender <br />otherwise agree in writing, the sutns secured by this Security Instrument shall be reduced by the <br />amount of the Miscellaneous Proceeds mulflplied by the following fraction: (a) the total amount <br />of the sums secnred immediately before the partial taking, destruction, or loss in value divided <br />by (b) the fair market value of the Property immediately before the partial taking, destrucrion, or <br />loss in value. Any balance shall be paid to Borrower. <br />In the event of a partial taking, destrucflon, or loss in value of the Property in which <br />the fair market value of the Property immediately before the partial taking, destruction, or loss <br />in value is less than the amount of the sums secured immediately before the partial taking, <br />destrucflon, or loss in value, unless Borrower and Lender otherwise agree in writing, the <br />Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether <br />or not the sums are then due. <br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower <br />that the Opposing Party (as defined in the next sentence) offers to make an award to setde a <br />claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice <br />is given, Lender is auWorized to collect and apply the Miscellaneous Proceeds eiWer to <br />restoration or repair of the Property or to We sums secured by this Security Instrument, whether <br />or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous <br />Proceeds or the party against whom Bonower has a right of action in regard to Miscellaneous <br />Proceeds. <br />NEBRA$I{.� — Single Family -- Fennia Mea/Fraddla Mac UNIFORM INS7'RUMENf Form 3028 1/y �O <br />GCC- G302&11 (09/Ol) (Page 11 ofl9) Initials: ��- <br />
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