|
201504234
<br /> i
<br /> Insurance terminated automatically,and/or to receive a refund of any Mortgage Insurance premiums that were '
<br /> unearned at the time of such cancellation or termination.
<br /> 11.Assignment of Miscellaneous Proceeds;Forfeiture.All Miscellaneous Proceeds are hereby assigned to and �
<br /> shall be paid to Lender.
<br /> If the Property is damaged,such Miscellaneous Proceeds shall be applied to restoration or repair of the Property,if
<br /> the restoration or repair is economically feasible and Lender's security is not lessened.During such repair and restoration
<br /> period,Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect
<br /> such Property to ensure the work has been completed to Lender's satisfaction,provided that such inspection shall be
<br /> undertaken promptly.Lender may pay for the repairs and restoration in a single disbursement or in a series of progress
<br /> payments as the work is completed.Unless an agreement is made in writing or Applicable Law requires interest to be
<br /> paid on such Miscellaneous Proceeds,Lender shall not be required to pay Borrower any interest or earnings on such
<br /> Miscellaneous Proceeds.Ifthe restoration or repair is not economically feasible or Lender's security would be lessened,
<br /> the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument,whether or not then due,
<br /> with the excess,if any,paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in
<br /> 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 /> i
<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 the
<br /> Property immediately before the partial taking,destruction,or loss in value is equal to or greater than the amount of the
<br /> sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value,unless
<br /> Borrower and Lender otherwise agree in writing,the sums secured by this Security Instrument shall be reduced by the
<br /> amount of the Miscellaneous Proceeds multiplied by the following fraction: (a)the total amount of the sums secured
<br /> immediaEely before the partial taking,destruction,or loss in value divided by(b)the fair market value of the Property
<br /> 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 the
<br /> Property immediately before the partial taking,destruction,or loss in value is less than the amount of the sums secured
<br /> immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in
<br /> writing,the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the
<br /> sums aze then due.
<br /> If the Properly 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 Lender
<br /> within 30 days after the date the notice is given,Lender is authorized to collect and apply the Miscellaneous Proceeds
<br /> either to restoration or repair of the Property or to the sums secured by this Security Instrument,whether or not then due.
<br /> "Opposing Party"means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower
<br /> 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 Properiy or other material impairment of Lender's interest in the Properiy or
<br /> rights under this Security Instrument.Borrower can cure such a default and,if acceleration has occurred,reinstate as
<br /> provided in Section 19,by causing the action or proceeding to be dismissed with a ruling that,in Lender's judgment,
<br /> precludes forfeiture of the Properiy or other material impairment of Lender's interest in the Property or rights under this
<br /> Security Instrument.The proceeds of any award or claim for damages that are attributable to the impairment of Lender's
<br /> 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 order
<br /> provided for in Section 2.
<br /> 12. 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 of
<br /> NEBRASKA-Singie Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT For 3028 1/01
<br /> Page 8 of 13
<br /> ios,inc. Borrower(s)Initials
<br /> I
<br />
|