|
2oiooszi4
<br />In the event of a partial taking, destructinn, or loss in value of the Pxoperty in which the fair market value of the
<br />Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of tk�e sums
<br />secured by this Securiry Instrument itnrnediatcly before the partial t�king, destruction, or loss in value, unless 13orrower and
<br />Lende`r otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the
<br />Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />partial taking, destruction, or loss in value divided by (b) the fair market value of the Proper.ty immediately b�forc the parcial
<br />taking, destruction, or loss in value. A�ay balance shall b� paid to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair rnarlcet value of the
<br />Property imznediately before the partial taking, destruction, or loss in value is less than the amount of the sums s�curcd
<br />immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise a�ree in writing, the
<br />Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether ar not the sums are then c�ue.
<br />If the Property is abandoned by Borrower, or i f, after notice by Lender to Borrower that the Oppnsing Paxty (as defined
<br />in the next sentence) offers to make an award to settle a daim �or daraages, �3oz'rower faiis to respond to J,ender within 30 days
<br />after the date the notice is given, Lender is authorized to collect anci apply the Miscellaneous Proceeds either to restoration or
<br />;repai;r of the Property or W the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means
<br />the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard
<br />to Miscellaneous I'roceeds.
<br />I3orrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment,
<br />couad resull in forfeiture of thc Property or other material impairment of Lender's interest in the Property or rights under this
<br />Securi[y Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Secti�n 19, by
<br />causing the action or proceeding .to be dicmissed with a ruling that, in Lender's judgment, precludes forfeiture of the Yroperty
<br />or othcr mat.erial impairment of Lender's interest in the Property or rights under this Security Instruznent. The proceeds of any
<br />award or claim for damages that are attributable to the impaicment of Lender's interest in the Property are hereby assigned and
<br />shall be paid to Lender.
<br />All Miscellaneous Proceeds that are not applicd to restoration or repair of the Property shall be applied in the order
<br />provided for in Section 2.
<br />12. Borrower Not Released; Forbearance By I�ender Not a Wa3ver. Extension of the time for payment or
<br />rnodification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor
<br />in Interest of Borrower shall not operate to release the liability af Borrower or any Succ:ess�rs in Interest of Borrower. Lender
<br />shall not be required to commence proceedings against any Successor in Interest �f �3oarr[�wer or to refuse to extend time for
<br />payment or othexwise znodify amortization oF the sums secur�d by this Security Instrument by reason of any demand made by
<br />the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy
<br />including, without limitation, Lender's acceptance of payznents frotn thirci persons, entities or Successors in Intere5t of
<br />Borrower or in amounts less than the amount then due, shall not be a waivcr of or preclude the exercise of any right or remedy.
<br />13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. B�rrower covenants and agrees that
<br />Borrower's obiigations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument
<br />but does not execute the Note (a "co-signer"): (a) is ca-signing this Security lnstrument only to mortgage, grant and convey the
<br />co-sign�r's interest in the Property under tl�e terms of this Security Instrument; (b) is not personally obligated to pay the sums
<br />secured by this Security Instrurnent; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbc:ar or
<br />nnake any accommodations with regard to the terms of this 5ecurity instrument oz' 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
<br />under this Security Instrument in writing, and is approved by Lender, shall obtain all of $orrower's rigltts atzd benetits under
<br />this Securiry Instrument. Borrower shall not be released from $orrower's obligations and liability under this Security
<br />Instrument unless Lender agrees to such release in writing. The covenants and agreemenfs of this Security Instrument shall bind
<br />(except as provided in Section 20) ancl benefit the successors and assigns of Lender.
<br />14. Loan Charges. Lender may charge $orrower fees for servzces performed 'tn connection with Borrow�:r's default,
<br />for the purpose of protecting Lender's interest in thc Property and rigMs under this Security Instrurnerit, inclufing, buC r1c�t
<br />limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority
<br />in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging �f such
<br />fee. Lender may not charge fees that are expressly prohibited by this 5ecurity instrumenC or by Applicable Law.
<br />If the Loan is subject to a law which sets maximum loan chdrges, and that law is finally interpreted so that the interest
<br />or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) azay such
<br />loan charge shap be reduced by the azzzount n�c�^ssary tn reduce the charge to the permitted limit; and (b) any sums already
<br />colldc:ted from Borrower which exceeded permitted limits wi11 be refunded to Borrower. Lender rnay choose to make this
<br />refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces
<br />principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment
<br />charge is provided fc�r und�r the Note). Borrower's acceptance of any such reFund made by direct paynnent to Borrower will
<br />constitute a waiver of any right of action Borrower rnight have arising out of such overcharge.
<br />15. Notices. All notices given by Borrower or Lender in cannection with this Security �nstrutzxent znust bc izi writing.
<br />Any notice to Borrowex in connection with this Security Instrument shall be deemed to have been given to Borrower when
<br />mailed by first class znail or whe;n actually delivered ta Borrower's notice address if sent by other means. Notice to ar►y pne
<br />$orrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. "I'he notice address shall
<br />be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. $orrower shall
<br />promptly notify Lender of Borrower's ck�ange of addr4ss. If Lender specifies a procedure for reporting $orrower's change of
<br />address, then Borrower sha11 only report a change of address through that specified procedure. 'I'here may be only one
<br />designatcd notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it
<br />or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to
<br />Borrower. Any notice in connection with this Security instruzn�nt shall not be deemed to have been given to Lender until
<br />actually received by Lende;r. If any notice requircd by this Security Instrument is also required under Applicable Law, the
<br />Applicable Law requirement will satisfy the corresponding requirement under this Securiry Instrument.
<br />1G. Governing Law; Severability; Rules of Construcllntt. Th►s Security Instrument shall be governed by federal law
<br />and tl3e law of tFi� jurisdiction i�i wkiic�i tkie�'roperty is Iocate�t. .411 rights and obIig�ti�s cori�ii��d iri �his Securit"y I�strumerit
<br />are subject to any requirements and limitations o� Applicable Law. Applicable Law rnight explicitly or implicitly ailow the
<br />parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreemen,t hy
<br />contract. In thc event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such
<br />canflict shall not affect other provisions of this Security Instrunaent or the Note which can be given effect without the
<br />conflicting provisian.
<br />As used in this Security �nstrument: (a) words of the masculine gender shall mean and include corresponding neuter
<br />words oz' words of the feminine gender; (b) words in the singular shall mean and indude the plural and vice versa; and (c) fhe
<br />word "may" gives sole discretion withnut any obligation to take any action.
<br />17. Borrower's Copy. Borrower shall be given one copy of tk�e Note and of this Security Instrument.
<br />18. Transf�r of the Property or a Bene�cial Interest in Borrower. As used in this Sectic�n 1$, "Interest in the
<br />Property" means any legal or beneficial interest in the Property, including, buC not limited t�, Chose benefic�al , interests
<br />transferred in a bond for deed, contract for deed, installment sales contract or escrow agreetnent, the intcnt of which is the
<br />transfcr of title by Borrower at a future date to a purchaser.
<br />If all or any part of the Property or any Interest in the Property is sold or transferred (or if Bortower is not a natural
<br />person and a bene�icial interest in Borrower is sold or transferred) without Lender's prior written consent, J..ender ;tzaay require
<br />immediate payment in full of all suzns secured by this Security Instrument. T-Iowever, this option shall not be exercised by
<br />Lender if such exercise is prohibited by Applicable Law.
<br />NE9RA3KA-5ingle Family—Fannle Mae/Freddie Mac UNIFORM INSTRUM�N7 �m 3028 9/07
<br />F3ankers Systems, Inc., St. Clvud, MN Form MD-1-NE 8/17/2000 . ([�4gC S Of 7(IRgPS) ��
<br />, y� - ' j i.
<br />
|