|
200904421
<br />(a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value
<br />divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in
<br />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 marketvalue
<br />of the Property immediately before the partial taking, destruction, ar loss in value is less than the amount of the
<br />sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender
<br />otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security
<br />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 fails to
<br />respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the
<br />Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security
<br />Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous
<br />Proceeds or the party against whom Borrower has a right of 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 interest in
<br />the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has
<br />occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling
<br />that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest
<br />in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that
<br />are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to
<br />Lender.
<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Propertyshall be applied
<br />in the order provided far in Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Nnt a Waiver. Extensien of the time far
<br />payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to
<br />Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any
<br />Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any
<br />Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of
<br />the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any
<br />Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including,
<br />without limitation, Lender's acceptance of payments from third persons, entities nr Successors in Interest of
<br />Borrower ar in amounts less than the amau nt then due, shall not be a waiver of or preclude the exercise of any
<br />right ar remedy.
<br />13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrowercovenants
<br />and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-
<br />signs this Security Instrument but does not execute the Nate (a "co-signer"): (a) is co-signing this Security
<br />Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this
<br />Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c)
<br />agrees that Lender and any other Borrower can agree to extend, modify, forbear ar make any accommodations
<br />with regard to the terms of this Security Instrument ox the Nate without the co-signer's consent.
<br />Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's
<br />obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's
<br />rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations
<br />and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and
<br />agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors
<br />and assigns of Lender.
<br />14. Loan Charges. Lender may charge Borrower fees for services performed in connection with
<br />Borrower's default, far the purpose of protecting Lender's interest in the Property and rights under this Security
<br />Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any
<br />other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall
<br />not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly
<br />prohibited by this Security Instrument or by Applicable Law.
<br />If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted se
<br />that the interest or other loan charges collected or to be collected in connection with the Loan exceed the
<br />permitted limits, then: (a) any such loan charge shall be reduced by the amount necessaryto reduce the charge
<br />NEBRASKA--Single Family--Fannie MaelFreddie Mec UNIFORM INSTRUMENT (Page o )
<br />Nebraska Oeed olTrust3028
<br />NE pOT 01/01
<br />
|