201604017 - Laserfiche WebLink

Browse

2� 1 ��4� 17 In the event of a partxal tak�ng, destru��ion, or lass in�alue of the Proper�y in vvhich the fair market value ❑f fhe Praperty immedia�ely befare the part�al tak�ng, destruction, or�055 in Va1ue is IeSS t�1aII�e amount of�h�sums secured unmediately before the partial taking, destructi�n, vr loss in value, uniess Bvrrovver and Lender othervvise agree in vtiriting, the Miscellaneaus Proceeds shall he applied�o the sums secured hy�his Security Instrumenf vtrhether❑r not the sums are then due. � If fhe Propert�is abandoned by Barrawer, or if, after no�ice l��Lender ta Borrower that the�pposing Party�as de�in�d in the next sentence} affers tn make an award to settle a claim far damages, B�rrawer fails to respond ta Lender vvithin 3�days after th�date the notice is gi�en, Lender is authnrized t❑�olle�t and apply the Miscellaneous Proceeds e�ther�o r�stvration vr r�pair af th�Prapert�❑r to#he sums secured by this Securit�r Instrument,whe�her ar nnt then due. "�ppvsing Part�" means the�hird party �hat awes Barrower Miscel�anevu5 Proceed5 or the par�y against whom Bvrrower has a r�ght of acti�n in regard t�Miscellaneous Proceed�. Bvrr�t�er shall be in defau�t if an�ac�ion or proceeding, vvhether civil or cruninal, �s begun that, in Lender's judgment, could resul�in f�rfe�ture of the Prvperty vr other material impairment of Lender's intere5�in the Property or rights under this 5ecuri#�y Instrument. Borra�ver can cure 5uch a default and, if acceleration has occurred, reinstate as pro�ided in Sec�ion 18, by caus�ng the actian or proceeding to be dismuss�d wi�h a ruling that, in Lender's judgm�nt, precludes farfeiture vf the Property or vth�r material unpairment af Lender's inter�st in the Prop�rty or rights under th�s Security Ins�ru.ment. The proceeds of any a�ard or claim for damages�haf are attributabie to the unpairment af Lender's interest in the Propert�are hereb�assigned and shall be paid to L�nder. All Miscellanevus Pra�eeds tha#are not applied tv restaration vr repair❑f the Proper�shall be applied in the order pr�vided fvr in Sec#ian 2. ��, Barrow er Not Re�eased; F�rhearanc�By Lender Not a Vllai�er. Extensi�n of#he time far pa�menf vr modi�ication af amortiza�ian of the sums secured by this Security Instr�unent granted by Lender tv Bvrro�ver or any Succ�ssor in�nterest of Sorrov�rer shail nnt operate tv release the liab' 'ty of Bvrrawer or any Successors in�nferest of Borr�vver. Lender shall nv�be requir�d to cammence proceedings agai�nst an�r Successor in In�eres�of Barro�r�r or��refuse tv extend#�me far paymenf vr�thervvi5e modif� amartizatian af the sums secured h��his 5ecur�ity�nstrument b�r reason of an�demand made b��he ❑rigi.nal Borrower or any 5uccess�rs in interest of Borrawer. Any forbearance hy Lender in exercising any right or r�med�including, vv�thout limitat�on, Lender's a�ceptance❑f payments fr�m third persvns, entitie�ar Successors in rnterest of Barrawer or in amounts iess than the amaunt then due, shall nof be a �aiver af vr preclude the exercise of any right vr remedy. �2. Joinfi and Se►rera� Liabil��y; Cv-s�gners; Success�rs and assigns B�und. Borrower ca�venants and agrees that Sorrovver'S nbl�ga�ions and liabilit�shall�e jaint and se�eral. Howe�er, an�Bvrrvwer who co-signs th�s Securi.ty Inst.rument bu�d4es nat execute the Note {a "co-signer"}: (a} is ca-signing fhis Security Instrument only#a mvrtgage, grant and c4n�ey the co-sign�r's interest in the Properiy under the #erms vf�his Security�nstrument; �b} is nat persnna�ly❑bligafed to pa��he sums secured hy this Securiiy In�trument; and (c} agrees that Lender and any vther Borr�wer can agre�to extend, mod�f�, forbear or make any a�cammodatians vvith regard to the terms❑f#his Securi�y Ins�rument ar the Note withaut the co�signer's cans�nt. 193�G�g59 ��95152344 FHA Dee�af Trust Wit�M�RS-NE 913�12�94 Bankers 5ystems�+ VMF� VMP4N�NE�{i 50fi},�0 Wolters ISluwer FinaRcia�Services Page'i❑of 9 7