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I `IHK . C 1 . e_aWC 1 c_' : 4JHM
<br />20020423'7
<br />M4.078 P.33/72
<br />In the event of a total takinp, destruction, or loss in value of the Property, the
<br />Miscellaneous proceeds shall be applied to the sums secured by this , Security Instrument,
<br />whether or not then due, with the excess, if any, paid to Borrower,
<br />In the event of a partial taking, destruction, or Ioss in value grthe Property in which the
<br />fair market value of the Property immediately before the partial wing, destruction, or loss
<br />in valve Is equal to or greater than the amount of the sums secured by this Security
<br />instrument immediately before the partial taking, destruction, or loss in value, unless
<br />Borrower and Lender otherwise agree in writing, the sums secured by this Security
<br />Instrument shall he reduced by the a11►PM of the Miscellaneous proceeds multiplied by the
<br />followin1g fraction: (a) the total amount of the sutras secured immediately before the partial
<br />taking, destruction, or Ipss In value diYided bY (b) the fair mar�et valile of the Property
<br />immediately before the partial taking, destruction, or loss in value. Any parlance shall be
<br />Paid to Borrower.
<br />In the event or a partial taking, destruction, or Ioss in value of the Property in which the
<br />fair market value of the PrQpertY irnMe0iatelY before the partial toing, destruction, or loss
<br />in value is less than the aplount Qf the sums secured immediately before the partial taking,
<br />destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the
<br />Miscellaneous proceeds shall be applied to the sums secured by this Security Instrument
<br />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
<br />the Opposing Party (as dehned In the next sentence) offers to rnake an award to settle a
<br />claim for damages, Borrower falls to respond to Lender within 30 days after the date the
<br />notice Is given, Lender is authorized to collect and apply the Miscellaneous Proceeds alther
<br />to restoration or repair of the Property or to the sums secured by this Security Instrument,
<br />whether or not then due. "opposing Party" rmeans the third party that owes Bcrrowe'r
<br />Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard
<br />to Miscellaneous Proceeds,
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is
<br />begun that, in Lender'q judgment, could result in forfeiture of the property or other material
<br />impairment of 1- ender's interest In the Property Pr rights under this Security Instrument,
<br />Borrower can we such A defWlt an0j if acceleration has occurred, reinstate as provided in
<br />section 10, by causing the action or proceeding V be 'dismissed with a ruling that, In
<br />Lender's judgment, precludes forfeiture of the Property or other raterial impairment of
<br />Lender's interest in the Property or rights under this Security Instrument, The proceeds of
<br />any award or claim for damages that are attributable to the impairment of Lender's interest
<br />in the property are hereby assigned oncl shall be paid to Lender,
<br />All Miscellaneou$ Proceeds that are not applied to restoration or repair of the Property
<br />shall be applied in the order provided fQr in Section 2,
<br />12. Sorrowor Not Raleawedl Forboamp;* 61y Lender Not a waivor, Extension of the time
<br />for - payment or modlfcatign of amortization of the sums secured by this Security Instrument
<br />granted by Lender to Borrower or any Successor in Interest of OprroWer shall not operate tp
<br />release the liaplllty of 13ortgwer or any Successors in Interest pf Borrower. Lender shall not
<br />be required to commence proceedinae oopinst ony Successor in Interest of Borrower or to
<br />refuse to extend time for payment or otherwise modify amortization of the sums secured by
<br />�N�11 Rev I IAVM P490 11 of 1e IOWA, FORM 30A 71D9
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