200700761 - Laserfiche WebLink

Browse

200700761 If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proeeeds until Lcnder has had an opportunity to inspect such Property to cnsurc the work has been completed to Lender's satisfaction, provided that such inspection shall be undcrtakcn promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress paymcnts as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Procccds, Lcnder shall not be required to pay Borrower any interest or eamings on such Miscellaneous Procccds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceed., shall be applied to the sums secured by this Security Instmment, whether or not then due, with the excess, if any, paid to Borrowcr. Such Miscellaneous Procccds shall be applied in the order provided for in Section 2. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to makc an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lendcr is authorized to collect and apply the Miscellancous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellancous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfciture of the Property or other material impairment of Lendcr's interest in the Property or rights under this Security Instrumcnt. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impainnent of Lender's interest in the Propcrty or rights under this Security Instnlluent. The proceeds of any award or claim for damages that are attributable to the impairmcnt of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lcnder in exercising any right or remedy including, without limitation, Lender's acceptance of paymcnts from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 12. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrowcr's obligations and liability shall be joint and scveral. Howcver, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instmment only to mortgage, grant and convey thc co- signer's interest in the Property under the tenus of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 17, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and bencfits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 19) and benefit the successors and assigns of Lender. 13. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, as allowed undcr Applicable Law. The absence of exprcss authority in this Security Instrument to charge a specific fec to Borrowcr shall not be construed as a prohibition on the charging of such fcc. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loml charge shall be reduccd by the amount necessary to reduce the charge to the permittcd limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by NEBRASKA DEED OF TRUST~Single Family--Secondary Lien THE COMPLIANCE SOURCE, INC. I!;) ITEM 8627L7 (0304}-MERSMFNE3118 (Page 7 of 11 pages) 4001247094 GREATLAND. To Order Gall: 1-800-530-9393 n Fax: 616-791-1131