|
��14��759
<br /> sa�isfact�on, pr�vided�hat such inspec�ion shall be und�rtak�n pr�mp��y. L�nder may pa� far the repairs
<br /> and restoratian in a single disburs�ment�r in a seri�s�f pr�gres�payments as�h�wark is cornpl�ted.
<br /> [Jnl�ss an agreemen� is mad��n writing�r Appli�abl�Law r�quires �nt�rest t�be pa�d on such
<br /> Mis�eilar�eous Proceeds, Lend�r shal� not be requir�d to pay Borr�wer an� �nteres�ar earning� on such
<br /> Mis�ellaneou� Praceeds. �f the res�ora�i�n or repair is not e�anam�ca�iy feasible or Lender's security would
<br /> �e lessened, th� M�sce��anenus Pracee�.s shal�b�applied t�the sums secur�d by this Security Ins�rument,
<br /> whether or n�t�hen due, w�th the excess, �f any, pa�d ta B�rrower. Such M�sce�iane�us Proc�e�s shall�e
<br /> app�ied in the�rder provided far in Sec�ion 2.
<br /> In�he event�f a total �aking, destruction, ar loss in�alue af�h�Proper�y, �he M�sce��aneaus Praceeds shall
<br /> be app��ed ta the sums secured by th�s Securi�y Instrurnent, whe�her�r n�t�hen due, V�11�Y1��'l��XC�55, if any,
<br /> paid t�Borrow�r.
<br /> �n the e�rent of a par�ia� taking, destruc�ion, or�oss �n�aiue of the Pr�p�rty �n wh�Gh�he fair m�arket va�ue af
<br /> th�Praper�y immediate��before the par�ial taking, destruGtion, �r Ioss �n�alue�s equa� �o ar grea�er than the
<br /> amoun�of th��ums secured by�his Secur�ty ins�rumen� immed�a�e��befare the par�ia� �aking, destruction, or
<br /> �oss�n�a�ue, un�ess Borrow�r and Lender atherwise agr�e in v�ri�ing, the sums secured by�h�� Securit�
<br /> �nstrument shal�he reduced by th�amflun�of th�N��scel�aneous Proce�ds multiplied by the fallowing
<br /> frac�ion: �a}the�ota� amaun�of the sum�secured immedia�ely before the partial taking, destruct�flny �r�oss
<br /> in value divided by �b} �he fair mark�t va�ue of th�Proper�y �mmedzate�y before th�par�ial taking,
<br /> destruc�ian, or Iass in�a�ue. Any ba.lance shall be paid�o Borrower.
<br /> �n�he event of a par��a� taking, destruct��n, �r loss in value af the Proper�y in which�he fair market�a1ue af
<br /> �he Pr�perty in�mediate�y befare�he part�al �a�ing, destructian, ar l�ss in�a�ue is less than�he amoun�af�h�
<br /> sum�.s secured imm�diate�y before the partiai taking, destruction, or loss �n�a�ue, uniess Borrawer and
<br /> Lender othervWise agree in wri�ing, the Misceilaneous Proceeds sha��be app�xed�o the sums secured by this
<br /> Secur�t� �ns�rument v�he�her or no�the sums are�hen due.
<br /> �f the Proper�y �s a�and�ned by Borrower, �r�f, af�er not�ce by Lender to Barrower that the�pposing Party
<br /> �as de�ned �n�he nex�sentence}affers to ma�e an a�vard to s�t�Ie a c�aim for damag�s, B�rrovver fa��s to
<br /> resp�nd�o Lender within 30 day� after�he date the notic�is given, L�nder is authar�z�d to c���ect and appl�
<br /> the M�scellaneaus Praceeds ei�her ta res�oration ar repair of the Proper�y Qr�a�he sunls �ecured b��his
<br /> Secur�ty Instrument, u�heth�r�r no�then due. "�pposing Par�y" means �he th�rd party that ow�s Borr�wer
<br /> Miscellaneous Fraceeds�r the par�y agains�whom Borrawer has a right of act�on in regard to M�sc���aneaus
<br /> Proceeds.
<br /> Barro�ver sha�I be�n default if aray acti�n or pr�ce�ding, �hether civ�l�r cr�minal, �s begun that, in L�n��r's
<br /> �judgment, cou�d result in forfe�ture of�he Proper�y or ath�r mat�r�al �mpa�rment of Lender's int�rest in the
<br /> Property�r rights under this Secur�ty �nstrumen�. Borrov�er can cure such a default and, if ac����rat�on has
<br /> �ccurred, reinstate as pro��ded in 5ec���n 19, b�caus�ng the action or proceeding t�b�d�sm.�.ssed with a
<br /> rul�ng that, in Lender's judgment, precXudes f�rfe�ture of�ht Prap�r�y�r�ther mater�a�. �mpairment of
<br /> Lender's �n�erest in the Property or rights under�h�s S�cur�t� �nstrunient. The proceeds �f any award or
<br /> c�aim far damages�hat ar�a�tr�butable t� tht�mpa�rm�nt�f L�nder's �n��r�st in the Proper��are here�y
<br /> assigned and shall be paxd t� Lender.
<br /> A�� Misce�laneous Proceeds�ha�are no� appl��d to res�oration or repair of�he Prop�r�y shal�be app���d�n�he
<br /> order pro�ided for in Section�.
<br /> N�BRASECA-5ingte�amity-Fanni�Mael�rceddie M�c UNIF�RM 1N5TRUM�NT �orm 3028 i 101
<br /> VMP[� VMPF{N�)[�3�2}
<br /> WaIters Kf�wer�inanciai Ser�ices Page 1 Q o€17
<br />
|