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2o�oosos2 If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Froperty to ensure the work has been campleted to Lender's satisfaction, provided that such inspection shall be undertaken promptly. L.ender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Uciless an agreement is made in writing or Applicable I.aw requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restaration or repair is not economically feasible or I,,ender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order pravided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Praceeds shall be applied to the sums secured by this Security Instrurnent, whether or not then due, vvith the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value af the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the arnount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrowear and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amaunt of the Miscellaneous Proceeds rnultiplied by the following fraction: (a) the total amount of the sums secured imamediately before the partial taking, destruction, or loss in value divided by (b) the fair rnarket value of the Property irnrnediately before the partial taking, destruction, or loss in value. Any balance shall be paid ta Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured imrnediately before the partial taking, destruction, or loss in value, unless Bonrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Tnstrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for darnages, Bonower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restaratian or repair of the Property or to the sums secured by this Security Instrument, whether or nat then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whorn Borrower has a right of action in regard to Miscellaneous Proceeds. �$�S�{l�1, — Single Fnmily — Fannie Mae/F�eddie Mac iINIFORM INSTRUM&NT Form 3028 � GCC- G3028-11 (09/Ol) (Page ll of 19) [uitials: �