|
201302648
<br /> 10. Assignment of Miscellaneous Proceeds;Forfeiture. All Miscellaneous Proceeds are hereby assigned to
<br /> and shall be paid to Lender.
<br /> If the Property is damaged,such Miscellaneous Proceeds shall be applied to restoration or repair of the Property,
<br /> if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and
<br /> restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an
<br /> opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction,provided that
<br /> such inspection shall be undertaken promptly. Lender maypay for the repairs and restoration in a single disbursement
<br /> or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable
<br /> Law requires interest to be paid on such Miscellaneous Proceeds,Lender shall not be required to pay Borrower any
<br /> interest or earnings on such 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 secured by this Security
<br /> Instrument,whether or not then due,with the excess,if any paid to Borrower. Such Miscellaneous Proceeds shall
<br /> 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 shall be
<br /> applied to the sums secured by this Security Instrument,whether or not then due,with the excess,if any,paid to
<br /> 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 equal to or greater than the amount
<br /> of the sums secured by this Security Instrument immediately before the partial taking,destruction,or loss in value,
<br /> unless Borrower and Lender otherwise agree in writing,the sums secured by this Security Instrument shall be reduced
<br /> by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a)the total amount of the sums
<br /> secured immediately before the partial taking,destruction,or loss in value divided by(b)the fair market value of the
<br /> Property immediately before the partial taking,destruction,or loss in value. Any balance shall 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 sums
<br /> secured immediately before the partial taking, destruction, or loss in value,unless Borrower and Lender otherwise
<br /> agree in writing,the 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 that the Opposing Party(as
<br /> defined in the next sentence)offers to make an award to settle a claim for damages,Borrower fails to respond to
<br /> Lender within 30 days after the date the notice is given,Lender is authorized to collect and apply the Miscellaneous
<br /> Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument,whether
<br /> or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party
<br /> against whom Borrower has a right of action in regard to Miscellaneous Proceeds.
<br /> Borrower shall be in default if any action or proceeding,whether civil or criminal,is begun that,in Lender's
<br /> judgment,could result in forfeiture of the Property or other material impairment of Lender's interest in the Property
<br /> or rights under this Security Instrument. Borrower can cure such a default and,if acceleration has occurred,reinstate
<br /> as provided in Section 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender's
<br /> judgment,precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or
<br /> rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the
<br /> impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender.
<br /> All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the
<br /> order provided for in Section 2.
<br /> 11. Borrower Not Released;Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br /> modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any
<br /> Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest
<br /> of Borrower. Lender shall not be required to continence proceedings against any Successor in Interest of Borrower
<br /> or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security
<br /> Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any
<br /> NEBRASKA-Single Family-UNIFORM INSTRUMENT DocMsgie ignearox
<br /> MODIFIED FOR DEPARTMENT OF VETERANS AFFAIRS-MERS www_doen:agic.enm
<br /> (Rev.1;01) Page 8 of 14
<br /> }!-5,5 BANK 006481355
<br /> l 6 FMUEEU_1303125598
<br />
|