200909239 - Laserfiche WebLink

Browse

200909239 In the event. of a partial taking, destruction, or loss iu value of t.hc Property in which the fair market value of the Property immediately before the partial taking, dest.ructiou, or loss in value is equal to or greater than the amount of the sums secured by this Security instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, lire sums secured by this Security ,.Instrument shall be reduced by lire amouut. of the Miscellaneous 1'rocccds trtultiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss iu value. Any balance shall be paid to Borrower. In the event of a partial t.akiug, destruction, or loss in value of the Property in which the fair market. value of the Property irntmediat.ely before the partial taking, destruction, or loss in value is less that! the amount of the sutras secured ilrunediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree iu writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Properly is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined ill the next sentence) oi'fers to make au award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Tender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of Lhe Property or to lire sums secured by this Security lustrument, whether or not then due. "Opposing F'aRy" means Lhe third party drat owes Borrower Miscellaneous Proceeds or Lhe party against whotTt T3orrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall he in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result iu forfeiture of the Property or other material unpairnrent of l.,euder's interest in the Property or rights under this Security Ttlstrume-rl. Borrower can cure such a default. and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to he dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material unpairnent 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 he paid Lo Lender. All Miscellaneous Proceeds that are not applied to restoration or repair ol'the Properly shall be applied in'the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. );xtension of the t.unc 1'or payment or nuldificat.iou oC amortization of the sums secured by this Security Tnstrument granted by Lender to Borrower or any Successor in interest. of Borrower shall trot operate to release Lhe liability of Borrower or any Successors iu Interest of Borrower. Lender shall not be required w conntnettce proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment. or otherwise modify amortization of I.he suers secured by this Security lnstrulnent by reason of a.ny demand made by lire original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right. or remedy including, without lllllllalloll, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less Lhau the amount then due, shall not he a waiver of or preclude the exercise of any right or remedy. 13..Ioint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's ohliga.l.ious and liability shall be joint and several. IIowever, any Borrower who co-signs this Security Instrument but. does not execute the Nnle (a "at-signer"): (a) is co-signing this Security lustrument only to mortgage, grant and convey the a>-signer's interest in the Property under the terms of this Security instrument; (b) is not. personally uhligaled t.o pay the sums secured by this Security lustrument; and (c) agrees that. Lender and any other Borrower can agree to extend, modify, forbear or make a.uy accontrnodations with regard to Lhe Lernrs of this Security Instrumeul or the Note without the co-signer's consent. Subject to the provisions of Sectrou 1$, any Successor in Tnterest of Borrower who assumes Borrower's obligations under this Security luslrtumeut. in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrumeul. Borrower shall not. be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees Lo such release in writing. The covenants and agreements of this Security lustrurncnt shall hind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Laan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting L.,ender's iuteresl. in the F'ropcrty and' rights under this Secnrlt~r' Ttisirument; incltidCng, Mir' "that limited to, attorneys' fees, properly inspection and valuation fees. lu regard to any other fees, the absence of express authority in this Security Instrumeul. to charge a specific fee to Borrower shall not. be construed as a prohibition on the charging of such fee. L.cnder tnay not. charge fees lha.t. are expressly prohibited by this Security Instrument or by Applicable Law. If rite Loau is subject t.o a law which sets rnaxitllum loan charges, and that law is finally interpreted so that. the interest or other luau charges collected or to be collected in connection with the Loan exceed the permitted !units, thou: (a) any such loa.u charge stroll be reduced by the amouut necessary to reduce the charge to the permitted limit; and (b) any Burns already collected from Borrower which exceeded pernittcd limits will be refunded to Borrower. Lender may choose to lrtake Ibis refund by reducing [Lie prmclpal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be I.realed as a partial prepayment without. any prepayment charge (whether or not 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 act.iou Borrower might have arising out. of such overcharge. 15. Notices. All notices given by Borrower or Lender in conuect.ion with this Security Tnstrument. must he in writing. Any notice to .Borrower iu counect.ion with this Security Tnslruntent shall be deemed to leave been given to Borrower when mailed by t'irst class retail or when a.ct.ually 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 he the T'ropert.y Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Leader of Borrower's change of address. if Lender specifies a procedure far reporl.iug Borrower's change of address, t.hcu Borrower shall only report a change of address through that specified procedure. 't'here may he only otre designated notice address under ibis Security Instruntcnt at a-ty one time. Any notice to Lender shall be given by delivering it or by mailing it by lirst class mail to Lender's address stated herein unless Lender has designated another address by notice to Torrower. Auy notice in connection with. this Security Instrurttcnt shall not be deemed to have been given Lo Lender until acl.ua.lly received by bender. If any uot.ice required by this Security instrument is also required under Applicable Law, lire Applicable Law requirement will satisfy the corresponding requirement under this Security instrument. 16. Governing Law; Severability; Rules of Construction. This Security lnstrutnent shall he governed by federal law and the law of the jurisdiction iu which the Property is located. All rights and obligations contained in this Security Instrument are subject to any reyuirenreuls and lunilat.ious of Applicable Law. Applicable L~tw rtnght explicitly or implicitly allow the parties t.o agree by contract or it might he silent, but. such silence shall not be construed as a prohibitiotl against agreement. by contract. Tn the eveltt Lhat. any provision or clause of this Security lustrument. or the Notc confl-cts with Applicable Law, such coutlict. shall not al`f'ect other provisions of this Security Tnstrument or Lhe Note which can be given effect. without. the contlicliug provision. As used in this Security lustrument; (a) words of` the masculine gender shall mean and include corresponding neuter words or words of the i'eminiue gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligat.iou to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Tnstrumeut. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" lneaus any Icgal or beneficial. iuteresl in the Property, including, but. not limited to, tklose beneficial interests transferred in a bond for deed, contract. for deed, installment sales contract or escrow agreement, the intclat of which is the tra.usfer of title by l:iorrower at. a future date to a purchaser, If all or any part. of the Properly or any Tnterest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest. iu Borrower is sold car Lransferred) without Lender's prior written consent, Leader may require immed-ate payineut in full of all sums secured by this Security T-tstrurneut. however, this option shall not. be exercised by I..ender if such exercise is prohibited by AppHcahle Law. NEBRASKA--Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 t/01 bankers Systems, Inc., St. Cloud, MN Form MD-1~NE 8/17!2000 (/xige .5 n/'7/M,(G',Q -rte=--