|
201209436
<br /> satisfaction, provided that such inspection 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 interes[[o be paid on such
<br /> Miscellaneous Proceeds, Lender shall no[be required to pay Borrower any interest or eamings on such
<br /> Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's securiry would
<br /> be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security ]ns[rumen[,
<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, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall
<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 even[ of a partial taking, destructio�, or loss in value of the Properry in which[he fair market value of
<br /> the Property immediazely beFore the partial taking, destmction, or loss in value is equal to or greater than the
<br /> amount of the sums secured by this Se�urity Instrument immediately 6efore the partial taking, destruction, or
<br /> loss in value, unless Borrower and L.ender othercvise agree in writing, the sums secured by this Security
<br /> Instrument shall be reduced by the amoun[of the Miscellaneous Proceeds multiplied by the following
<br /> fraction: (a)the total amount of the sums secured immediately before the partial taking, destruction, or loss
<br /> i�value divided by (b)the fair market value of the Property immediately before the partial taking,
<br /> destruction, or loss in value. Any balance shall be paid[o Borrower.
<br /> In the event of a partial taking, destruction, or loss in value of the Properry in which the fair mazket value of
<br /> the Property immediazely before the partial taking, destruction, or loss in value is less than the amount of the
<br /> sums secured immediately before[he partial taldng, destruction, or bss in value, unless Borrower and
<br /> Lender otherwise agree in writing, the Miscellan�us Proceeds shall he applied to the sums secured by this
<br /> Security Instrument whether or not the sums aze then due.
<br /> If[he Property is abandoned by Borrower, or if, after notice 6y Lender to Borrower that the Opposing Party
<br /> (as deFined in the nex[sentence) offers to make an award to settle a claim for damages, Borrower fails to
<br /> respond to L.ender within 30 days after the date the notice is given, I.ender is authorized to collect and apply
<br /> the Miscellaneous Proceeds either ro restoration or repair of the Property or to the sums secured by this
<br /> Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Bonower
<br /> Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous
<br /> Proceeds.
<br /> Borrower shall be in defaul[if any action or proceeding, whether civil or criminal, is begun that, in Lender's
<br /> judgmen[, could result in forfeirure of the Property or other material impairment of Lender's interest in the
<br /> Properry or rights under this Security I�strument. Boaower can cure such a default and, if acceleration has
<br /> occuned, reinstate as provided in Section 19, by causing the ac[ion or proceeding to be dismissed with a
<br /> niling 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
<br /> claim for damages[hat are attributable to the impairment of Lender's interest in the Property aze hereby
<br /> assigned and shall be paid to Lender.
<br /> All Miscellaneous Proceeds that aze not applied to restoration or repair of the Property shall be applied in the
<br /> order provided for in Section 2.
<br /> NEBFASKN-Single Family-Fannia MeeiFratlOie Mec UNIFOFM INSTPUMENT Form 3028 1I01
<br /> yp,9p C3 VMPBINE111105).00
<br /> Wolters Kluwer Pinancial Services PeBe 10 oi 1�
<br />
|