201507658 - Laserfiche WebLink

Browse

2� 15�7�58 In the e��t of a parti�.l ta.king�destructi��.,or Ioss in�a�ue of the Property�n r�vhich the fair market value of the Property immed��ately before the part�a�tak�ng,d�struetion,or ioss in value is les�than t�ie amount of the sum�s�cured immedi�te�y befor�the partiial ta.king,des�ructi�n,ar Ioss in.va�ue,un�ess Bvrro�rer and Lender otherwise agree in�vriting,the Miscelianeous Proceeds shall be�pplied to the sums se�ured by th�s Security Instrument whether or�o�the sum�are then due. If the Property is abandoned b��orrower,or if,af�er notice b�Lend�r to B�rr��er that the�pposing Party�as d�fi�.ed in the next ser�tence�offers to m�ake an a�ard.�fl s�e�tle a claim for damages,�orrower fails to respond to�e�.der withi�34 days af�er the da�e the notice is given�L�nder is authorized to�ollect and app�y the Misc��laneous Proceeds�ither to restoration or repair af the Property or to the sums secure��b�t�.is Securit�Instrume�t,whet�er or not then due. "�pposing party"means the third party that owe�Barrower N�iscellaneous Proeeeds or t�ie party aga�ns�whom Borrower has a right�f action in regard to Miscellan,eous Proceeds. Borrc��ver shatl be in default if�.ny acti�n��pr�ceeding,�h�et�her ci�il ar criminal,is begun that,in L�nder'�judgment,could resu�t in forfeiture�f�h�e�'r��er��r ot�ier mat�rial impairment of�.ender's interest in the Pro�e�or rights und�r this Secu.rit�Instrument.B�rrow�r can c�.re su�h a�ef�u�t and, if acceleration has flccurred.,reins�.te as provid�d in Section 18,by caus�ng the act��n or praceed�ng ta be dismissed v�ith a ru��n.g that,in Lend�r's judgment,pre�ludes farfeiture of the l�roper�y or ather mater�a� impairment af Lender's interest in the I'roperty or rights under this Se�ur�ty Instrument. The proceeds of any awarc�or claim for damages that are a�tributa.ble to the impaixment�f Lender's interes�in the Frop�r�y are�ier�by ass�gned a�nd sha��be paid to Len.der. A11 Mis�ellan�ous Pro�eeds that are not applied to r�s�orat�on or repair of the pr�pert�r shall be applied in the order pro�rided for in Section 2. '!'!, B�rrvv�er Not Released;ForbearanceBy LenderNot a 1111'ai�er, Extension of the time for payment or m�di�c�tion af am�rtization af the sums secured by this Se�urity Instrument�anted by Lender to Borrovver or any Successor in Interest of Bortower shal�na�opera�e to release the liability vf Bvrrower or any Successors in Interest of Borrower. Lender shali not�be r��uu�d to commence proceedin�s against any Successor in Intere�t of B�rrower or t�refu5e to exter�d time for payment ar other�rise m�dify amortization of the sums se�u.red by this Security Instrument b�reas�n of any derr�and made'�y th� original B�rrower or any Successors in Interest of�3orrovver.Any farbearan.�e b�Lend�r i�exercising any right or rem�dy inc�u�ing,��thout�imita.tion, Le�.der's acceptance of�a�men�ts from t�ird persons, entities or Successo�'s rn Interest of Borrower or��amou�ts 1es�than the amount then due, shatl not be a wvaiver of or prec�ude the exercise af any right or rem�dy. 7�. Joint and Ser►eral Liability;Co-signers;SucGessar�and AssignsBound,I�orro�rer coven��ts a�ad agrees that Borrotiver's obligati�ns and�ia��i�y sh�,��be jvint and several.Ho�ve�er,an�Bar�ro�ver�h� co-signs th�s Security Instrunlent but dves not execute the Note�a"co-signer"}: �a}is co-s�gning th�s Secur�ty Instrument vnly to mortgage,grant�.nd con�e�the c�-si�ner's interest in the Property u�der the t�rms of t�i�s Security Instrument;�b}is nat persana��y ob�i�at�d t�pay the sums secur�d by this Secur�ty Instrumen�;a�d�c}agr�es that Lender and any ath�r Banvwer can agree to extend,modif�, f�rbear or rnake an�a�cammadations�ith regard to th�terms af this Security Instrument or the Note without the �o-signer's co�asent. FHA O�ed of Trust With MERS-NE 913�12414 Bankers SystemsT+'� VMP� VMP4N{IVE��954fi}.Q4 Waltets kCluwer Financial Sesvices Page 1�of 1 T �0�3��3��$�0 oz3� 4zo iol�