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<br />200707594
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<br />to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly.
<br />Lender may pay for the repairs and restoration in a single disburscment or in a series of progress payments as the work is
<br />completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous
<br />Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. I[ the
<br />restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower.
<br />Such 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 shall be applied to
<br />the sums secured by this Security Instrument, whether or not then due, with the 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 value of the
<br />Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums
<br />secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and
<br />Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the
<br />Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial
<br />taking, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the
<br />Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured
<br />immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing,
<br />the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are
<br />then due.
<br />I[ the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined
<br />in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30
<br />days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to
<br />restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing
<br />Party" means the third 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 Lender's judgment,
<br />could result in forfeiture of the Property or other material impainnent of Lender's interest in the Property or rights under this
<br />Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19,
<br />by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the
<br />Property or other material impainnent 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 in the Property are
<br />hereby assigned and shall be paid to Lcnder.
<br />All Miscellaneous Proceeds that arc not applied to restoration or repair of the Property shall be applied in the order
<br />provided for in Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any
<br />Successor in Interest of Borrower shall not operate to rclease the liability of Borrower or any Successors in Interest of
<br />Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse
<br />to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of
<br />any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lcndcr in
<br />exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or
<br />Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the
<br />exercise of any right or remedy.
<br />13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that
<br />Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument
<br />but docs not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey
<br />the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
<br />the sums sccured by this Security Instrumcnt; and (c) agrees that Lender and any other Borrower can agree to extend,
<br />modify, forbear or make any accommodations with regard to the tenns of this Security Instrument or the Note without the
<br />co-signer's consent.
<br />Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations
<br />under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under
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<br />NEBRASKA-Single Family Fannie Maell<'reddle Mac UNIFORM INSTRUMENT
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<br />ITEM 2698L8 (001 1 )-MERS
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<br />(Page 8 of /2 pages)
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<br />I.'orm 3028 I/01
<br />GREATLAND.
<br />To Order Call: 1-800-530-93931-1 Fax: 616-791-1131
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