|
2 Q ~ O 0 ~ """ ~ J DOC ID # : 00021157449712009
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the
<br />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 Property
<br />immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by
<br />this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise
<br />agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds
<br />multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, nr
<br />loss in value 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 lass in value of the Property in which the fair market value of the Property
<br />immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before
<br />the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds
<br />shall be applied to the sums secured by this Security 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 Party (as defined in the
<br />next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the
<br />date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the
<br />Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that
<br />owes $orrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous
<br />Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could
<br />result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security
<br />Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the
<br />action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material
<br />impairment of Lender's interest in the Property ar rights under this Security Instrument. The proceeds of any award or claim for
<br />damages that are attributable to the impairment of bender's interest in the Property are hereby assigned and shall be paid to Lender,
<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided
<br />for in Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification
<br />of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of
<br />Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be
<br />required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or
<br />otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original
<br />Borrower or any 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 or Successors in Interest of Borrower or in
<br />amounts less than the amount then due, shall not be a waiver of or preclude the 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 but
<br />does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the
<br />co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums
<br />secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or
<br />make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent.
<br />Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this
<br />Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security
<br />Instrument. $orrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender
<br />agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in
<br />Section 20) and benefit the successors and assigns of Lender.
<br />14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the
<br />purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to,
<br />attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security
<br />Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not
<br />charge fees that are expressly 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 sa that the interest or
<br />other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan
<br />charge. shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected
<br />from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing
<br />the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be
<br />treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the
<br />Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of
<br />action Borrower might have arising out of such overcharge.
<br />15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any
<br />notice to Borrower in connection with this Security Instnrment shall be deemed to have been given to Borrower when mailed by
<br />first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall
<br />constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property
<br />Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of
<br />Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall
<br />only report a change of address through that specified procedure. There may be only one designated notice address under this
<br />Security Instrument at any one time. Any notice to Lender shall be given by delivering it ar by mailing it by first class mail to
<br />Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with
<br />this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required
<br />by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding
<br />requirement under this Security Instrument.
<br />16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and
<br />the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instnrment are
<br />subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to
<br />agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract, In the
<br />NEBRASKA--Single Family--Fannie MaelFreddie Mac UNIFORM INSTRUMENT (MFRS) Form 3D28 1/D1
<br />MFRS Deed of Trust-NE
<br />2006A-NE (08/08) Page 6 of 9
<br />
|