200803641 - Laserfiche WebLink

Browse

200803641 If the Property is abandoned by Borrower. or if, after IIOtice by Lender to Borrower that the Opposing Par1y (as defined in the next sentence) offers to make an award to settle a claim for damages. Borrower falls to respond to Lender within 3J days after the date the IIOtice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrumen~ whether or IIOt then due. " Opposing Par1y" means the third par1y that owes Borrower Miscellaneous Proceeds or the par1y 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 tha~ In Lender's judgmen~ could result in forfeiture of the Property or other material impairment of Lender's interest In the Property or rights under this Security Instrument Borrower can cure such a default and, If acceleration has nccurred, reinstate as provided in Section 1!\ by causing the action or proceeding to be dismissed with a ruling tha~ In Lender's judgmen~ precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument The proceeds of any award or claim for damages that are attributable to the impairment 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 12 Borrower Not ReIeued; 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 shallllOt 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 Lender In exercising any right or remedy including without limitation, Lender's acceptance of payments 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. 13 Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several However, any Borrower who co-signs this Security Instrument but does not execute the Note (a" co-signer"): (al is co-signing this Security Instrument only to mortgage, grant and convey the co-signer' s interest in the Property under the terms of this Security Instrument (b) is not personally obligated to pay the sums secured by this Security Instrnment and (e) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any acconunodations with regard to the terms of this Security Instrument or the Note without the co-signer' s consent Subject to the provisions of Section I a 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 benefits 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 ~ and benefit the successors and assigns of Lender. 14 Loan Charges. Lender may charge Borrower fees for selVlces performed in connection with Borrower's defaul~ for the purpose of protecting Lender's interest in the Property and rights under this Security Instrumen~ including but not limited to, attorneys' fees. property inspection and valuation fees. In regard to any other fees. the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee Lender may IIOt 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 loan charge shall be reduced by the amount necessary to reduce the charge to the permitted 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 reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction wlll be treated as a partial prepayment without any prepayment charge (whether or IIOt a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15 Notices. All notices given by Borrower or Lender In connection with this Security Instrument must be in writing Any IIOtice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly IIOtify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address. then Borrower shall only report a change of address through that specified procedure There may be only one designated notice address under this Security Instrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first class mall to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice In connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any IIOtice required by this Security Instrument Is also required under Applicable Law, the Applicahie Law requirement will satisfy the corresponding requirement under this Security Instrument 16 Governing Law; Severablllty; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might Borrower Initials: M-- --till __________ __________ __________ NEBRASKA.,slngle Family..rannie Mae,freddie Mac UNIFORM INSTRUMENT - MERS Form 302B 1,01 Page 7 of 11 DocMafJiC f!l1=iJ;;mII'1lI 800-648-1362 www.docmagic.cvm