|
202100302
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of
<br />the Property, if the restoration or repair is economically feasible and Lender's security is not lessened.
<br />During such repair and restoration period, Lender shall have the right to hold such Miscellaneous
<br />Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been
<br />completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender
<br />may pay for the repairs and restoration in a single disbursement or in a series of progress payments as
<br />the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to
<br />be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or
<br />earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or
<br />Lender's security would be Lessened, the Miscellaneous Proceeds shall be applied to the sums secured
<br />by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such
<br />Miscellaneous Proceeds shall be applied in the order provided for in Section 2.
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds
<br />shall be applied to the sums secured by this Security Instrument, whether or not then due, with the
<br />excess, if any, paid to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value of the Property immediately before the partial taking, destruction, or loss in value is equal to
<br />or greater than the amount of the sums secured by this Security Instrument immediately before the
<br />partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing,
<br />the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous
<br />Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
<br />before the partial taking, destruction, or loss in value divided by (b) the fair market value of the
<br />Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid
<br />to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value of the Property immediately before the partial taking, destruction, or loss in value is less than the
<br />amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless
<br />Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the
<br />sums secured by this Security Instrument whether or not the sums are then due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing
<br />Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower
<br />fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to
<br />collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the
<br />sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third
<br />party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of
<br />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
<br />Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's
<br />interest in the Property or rights under this Security Instrument. Borrower can cure such a default and,
<br />if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding
<br />to be dismissed with a ruling that, in. Lender's judgment, precludes forfeiture of the Property or other
<br />material impairment of Lender's interest in the Property or rights under this Security Instrument. The
<br />proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest
<br />in the Property are hereby assigned and shall be paid to Lender.
<br />NEBRASKA -Single Family -Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS
<br />Wolters Kluwer Financial Services, Inc.
<br />2021011020.3.0.3317 J 20190326Y
<br />1527666
<br />Form 3028 1/01
<br />02/2019
<br />Page 10 of 16
<br />
|