|
2� 1 ��7�25
<br /> If the Praperty is damaged, such Miscellaneous Proceeds shall be app�ied to rest�ration�r repair af the
<br /> Property,if the restorati�n or repair is econom�cally feasi�le and Lender's security is n�t�essened.During
<br /> such repair and restoration period,Lender sha11 ha�e the right ta hold such Miscellaneaus Pro�eeds until
<br /> Lender has had an opportunity to inspect such Praperty to ensur�the work has been�ompleted to Lender's
<br /> satisfaction,pro�ided that such inspection shall be undertaken promptly.Lender may pay for the repairs
<br /> and restoration in a single dis�ursement�r in a series of progress payments as the work is completed.
<br /> �Jnless an agre�ment is made in writing or Applicabte Law requires interest to be paid on such
<br /> Miscella.neous Proceed�,Lender shall not be required to pay Borrower any interest or earnings on such
<br /> Miscellaneous Proce�ds. If the restoration or re�air is not economical�y feas�ble or Lend�r's secur�ty
<br /> would be less�n�d,the Miscelianeous Praceeds shall be applied to the sums secured by this Security
<br /> Instrument,whether ar not then due,with the excess, if any,paid to Borrower. Such Miscellan�ous
<br /> Proc�eds shall be app�ied in the order pro�ided for in Section�.
<br /> In the e�ent of a tota�ta.king,destruct�on, or loss in�alue of the Propei-�y,the Miscellaneous Proceeds
<br /> shal�be applied t�the sums secured b�this Security Instrument,whether or not then due,with the excess,
<br /> if any,paid to Borrower.
<br /> In the ev�nt af a partial taking,destruct�on,or loss in�alue of the Property in which th�fa�r market va�ue
<br /> of the Pro�erty immediately before the partial taking,destruction, or loss in�alue is equal ta or great�r
<br /> than the amount of the sums secured by this Security Instrument immediately before the partial taking,
<br /> destruction,�r�oss in�alue,unless B�rrower and Lender otherwise agree in writing,th� sums secured
<br /> by this Security Instrument shall be redu�ed�y the amount of the Misce�laneous Pr�Geeds multiplied by
<br /> the following fraction: �a}the total amount�f the sums secured immediately before the partia�taking,
<br /> destruction, �r loss in value di�ided by(b}the fair market value of the Property immediately before the
<br /> partial ta.king,destruction, ar loss in�alue.Any halance shall be paid to Borrower.
<br /> In the event�f a partial ta.king,d�struction,�r loss in�alue of the Property in which the fair market value
<br /> of the Property immediately before the partial taking,destru�tion,or loss in value is less than the amount
<br /> of the sums secured�mmediat�ly before the partial ta.k�ng,destructi�n,or�oss in�alue,unless Borrower
<br /> and Lender otherwise agree in writing,the Misce�laneous Proceeds shall be applied to the sums secured
<br /> by this Security Instrument whether or n�t the sums are then du�.
<br /> If the Proper-�y is abandoned by Borro�ver, or if, after notice by Lender to Borrnvver tha�the�ppas�ng
<br /> Party�as defined in the next sentence}offers to make a.n award�o settle a claim for damages,Borrower
<br /> fai�s to respond to Lender with in 3�days after the date the not�ce is given,Lender i s authorized to col�ect
<br /> and app�y the Miscel�aneous Proceeds either to restoration or repair af the Property or to the sums secured
<br /> by this Security Instrument,whether or not then due. "�pposing Farty"means the third party that owes
<br /> Borrower Miscel�aneaus Proceeds or the party against whom Borrow�r has a right of action�n regard ta
<br /> Miscellaneous Praceeds.
<br /> Borrow�r sha11 be in default if any action or proceeding,whether ci�il or criminal, is begun that, in
<br /> Lender's j udgment, could result in farfeiture of the Property or�ther material impairment of Lender's
<br /> interest in the Pr�perty or rights under this Security Instrument. Barrower�an cure su�h a default and,
<br /> if accelerat�on has o�curred,reinstate as pro�ided in Sect�on 19,by causing the action or proceeding to
<br /> U�Ci1ST1715S�L�Wlt�7 21 T"L1�1I7�t�la.t,in Lender's judgment,precludes farfeiture of th�Property or other material
<br /> impairment of Lender's interest in the Property or rights under this Security Instrument.The proceeds of
<br /> 't'k 38827543
<br /> � 11l15
<br /> VMP�
<br /> Wblters K�uwer Financial Services 201 fi1 n311 fi.1.0.3537-.i20'i 6D219Y lnitials: ` Page 1❑of 17
<br /> P� "
<br />
|