|
2� 17���85
<br /> In the e�ent of a�atal�aking, des�ructxon, or loss zn�alue of the Prop�rty, �he Miscellaneaus Proceeds shall be
<br /> applied to tihe sums se�ured b}� this Security Ins�rument, vWhether or not then due, with the excess, if any, paid to
<br /> Borrower.
<br /> T.n the e�ent of a partial tal�ing, destruction, or �oss in �value of the Property in which the fair market�alue of
<br /> the Prapert}�immed�ately befare the par�ia�tak�ng, d�struction, �r I�ss in�alue is equal to or grea�er than the amount
<br /> of the sums secured�y this Secur��y Instrument immediate�y before the partial taking, destru�tion, �r�oss in�a�ue,
<br /> unless B�rrower and Lender otherwise agree in writing, the sums se�ured by th�s S�curity Instrumen�shal�be reduced
<br /> by the amount of.the ll�iscellaneaus Proceeds multip�ied Y�y the fo�lowing fraction: �a}the to�a� amount of the sums
<br /> secured i.mmedia�ely before the partial taking, destruction, or loss in va�ue divided by�b�the fair market�alue of�he
<br /> Property immediately before the partial taking, dest�uction, or loss�.n�alue. Any balance�hal�be paid to Bvrrower. �
<br /> In the e�ent of a partial�aking, destruction, or loss in�aiue of�he Property in which the fai�-mark��va�ue of
<br /> the Propert� immediate�y before the partia��aki.ng, destru�t�.on, �r loss in value is�ess than the arnaunt of the sums
<br /> seeur�d immediately h�fare the partial taking, destru�tion, or �oss in�al�e, un:less Barrower and Lender otherwise
<br /> agree in writing, the M�scel�aneous Proeeeds shal�be applied to the sums secured by this Security Instrument whether
<br /> or not�he sums are then due.
<br /> Tf�he Property is abandoned by Barr�wer,or�f, aft�r notic�by Len�er to Borrower that the apposing Party�as
<br /> def ned in �he next sentence} offers to make an av�rard to settie a�laim for damages, Barrower fails �o respand ta.
<br /> Lender within 3�days af�er xhe da�e the no��ce is given, Lender is au�horized�o collect and app�y the Miscellaneous
<br /> Froceeds either to res�orat�vn or repa�r of the Property vr to the surns secured by this Security Instrumen�, whether
<br /> or not�hen due. t'�pposing Party" means the thi�d par�y tha� awes Borrower Miscellaneous Proceeds or the party
<br /> against whom B�rrower has a right of act�on in regard to Miscellaneous Pr�ceeds.
<br /> Borrower shall be i.n default if an}� a�tion or pr�ceeding, whether civil or crimina�, is begun�hat, in Lender's
<br /> judgment, could resu��in forfeature af�he�r�perty or other ma�erial�mpa�rmen�of Lender's interest in the Property
<br /> or rights under this Secur��y Instrument. Barrower can cure such a default and, if acCeleration has occurred,reinstate
<br /> as provided in Section 1 S, by causing the acti�n or p.roceeding to �e dismissed with a ruling �hat, in Lender's
<br /> �u�gment, precludes forfeiture of the Prope.rty or oth�r material impairrnent of Lender's interes�in the P.rvpert}�or
<br /> r�gh�s under this Security �nstrument. The proceeds of any av�ard or cla�m far damages that are attr�bu�able �o the
<br /> impairment of Lender's �nteres�in the Property are hereby assigned and sha�l be paid t�Lender.
<br /> All Miscellaneous Pr�ceeds that are nat applied to restoration or r�pair of the Property shall be a�ppl�ed�n�he
<br /> order provided fur in Sectivn 2.
<br /> 1.1. Borrawer Not Released; Forb+�aranCe By Lender Nat a Wai�er. E�tension of�he time for payment or
<br /> mod�fication of amortiza.tion af�he su�ms secured by this Se�uri�Instrument granted hy Lender ta Borrower or any
<br /> Successor in Inter�st of Borro�er shall nat operate to re��ase�h� �iability of BorrovWer or any Successors in I.nteres#
<br /> af Bvrrawer. Lender shalt no�be reguixed to commen�e pro�eed�ngs against any Su�cessor in�nteres�of Barrower
<br /> or to refuse t� extend �ime for payment or otherwise madify amflrtization of�he sums secured by �his Security
<br /> �ns�rument by reason af an�demand ma�e by�he�rigina� Borrawer or any Successflrs in Intere�t of Borrawer. Any
<br /> forbearance by Lender in exercising any right or remedy in��uding, �ithout lim�tat�on, Lender's acceptance af
<br /> payments fro�m thi.rd persons, en�i�ies or Successors�n Interest of Borrower or in amount�less�han the amnunt fihen
<br /> due, shall not be a wai�er vf or prec�ude the e�.ercise of any right or remedy.
<br /> 12. J�int and Se�erai Liability; �o-s�gner5; Successors and A.ssigns Bounc�. Borrower co�enants and agrees
<br /> that Borrower's obligat�ons and liabi�it��ha�1 be joint and s��eral.�ov��v�r,any Borrawer vvho ca-signs this 5ecurity
<br /> Instrun�ent bu�does nat execu�e the Nat��a"�o-sig�ner"}: �a}is co-si�ing this Security Tnstrument only t�martgage,
<br /> gran� and convey the c�-s�gner's inte�est in �h� Proper�y under �he terms flf�his Secur�ty Instru.ment; �b} is not
<br /> persvnal�y abl�gated�o pay �h� sums secured by this Security �nstrument; and�c�agrees tha�Lender and a�ny vther
<br /> Bo.rrawer can agree to extend, modify, forbear ar ma�e any acc�mmoda�ions with regard to the terms af this Security
<br /> Tnstrument or�he Note without the co- signer's consent.
<br /> Subject to the pro�isians of Secti�n 17, any Successor in �.nterest of Barrower who assumes Borrower's
<br /> obl�ga�ians under th�s Se�urity�ns�rument in wrxting] and is appro�ed by Lend�r, shal�obtain all af Borrovwer's rights
<br /> and benefits under this Security I:nstrument. .Borrower sha�l not be released f.rom Bvrrawer's abliga�ions and 1�ab�li�ty
<br /> NEBRASKA FHA aEED�F TRUST- MERS DocMagl� �
<br /> N ED�TZ2.FHA �91141�5 Page 8 af 13 www.docmagi�.com
<br /> � . .
<br /> S_�rC
<br />
|