|
+' �O10U9014
<br />In th� event of a paartial taking, destruction, or loss in value of the Property in which the fair market value ��f the
<br />Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sutns
<br />secured by this Security Instrument immediately b�fore the partial taking, d�struction, or loss in value, unless Borrower and
<br />Lender otherwise agree in writing, the sums secured by this 5ecurity Instrument shall be reduced by the am�>unt 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 rnarket value of the Property immediately before the partial
<br />taking, destruction, or loss in value. Any balance shall be paid to Bottower.
<br />In the event of a partial taking, destruction, or loss it� value of the Property in which the fair rnarket value of the
<br />Fropetty immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured
<br />unmediately before the partial taking, desttuction, or loss in value, unless $orrower and Lender otherwise agree in writing, the
<br />Miscellaneous Proceeds 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 it, after notice by Lender to F3orrower that th� Opposing Party (as defined
<br />in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days
<br />after the date the notice is given, Lender is authorized tc� collect and apply the Miscellaneous Prc�ceeds either to restoration or
<br />repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Op�sing Party" rneans
<br />the third party that owes Borrower Misc�llaneous Proceeds or the party against whom Borrower has a right of acticm in regard
<br />to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in I,ender's judgment,
<br />could result in forfeiture of the Pr�perty or other material impairment of Lender's interest in the Property or z'ights under this
<br />Security Instrument, Borrower can cure such a default and, if acceleration has occurred, reinstate as provided i❑ Section 19, by
<br />causing the action or proceeding to be dismissed wiih a ruling that, in Lender's judgment, precludes fotfeitur4 of the Property
<br />or other material impairment of Lender's interest in the Property or rights under this Secuarity Instrument. The proceeds of any
<br />award or claim for damages that are attributable tc7 the impairment of Lender's interest in' the Property az'e h�teby assigned and
<br />shall be paid to Lender.
<br />All Miscellane�us Proceeds that are not applied to restc>ration or repair of the Property shall be applied in the order
<br />provided for in Sectinn 2.
<br />1.2. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor
<br />in Interest of Bnrrower shall not operate to release the liability of �3orrower or any Successars in Interest of Borrower. T,endcr
<br />shall nat be required to commence proceedings against any Successor in Interest of Borrower or tc7 refuse to extend time for
<br />paym.ent or otherwise modify amortization c�f the sum� s�cured 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 payments frann third persons, entities or Successors in Interest of
<br />Borrower or in amounts less than the amount then due, shall not be a waivet of or preclude the exercise of any right or remedy.
<br />13. Joint and Several Liability; Co-si�ners; Successors and Assigns $ound. Borrower covenants and agre�s that
<br />$orrower's obligations and liability shall be joint and several. However, any F3orrower who co-signs this Security Instrument
<br />but 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 int�rest in the Propetty under the terms of this Security Insttumenf; (b) is not personally obligated to pay the sums
<br />secur�d by this Security Instrument; and (c) agrees that Lc�nder 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 $orrower who assumes Borrower's obligations
<br />under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under
<br />this Security Instrument. Borrower shall not be released from Borrower's ohligations and liability under this Security
<br />Instrument unless Lender agrees to such release in writing. The covenants and agreernents of this Security Instrument shall bind
<br />(except as provided in Section 20) and benefit the successors and assigns of Lender.
<br />14. Loan Charges. Lender may charge Borrower fees for services performed in connectic�n with Borrower's default,
<br />for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but nol
<br />limited to, attorneys' f�es, ptoperty 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 f3orrower shall not be construed as a prohibition on the chatging of such
<br />fee. Lender may not charge fees that ar� �xpressly 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 interpr�ted so that the interest
<br />or other Ic7an charges collected or to be collected in connection with the Loan exceed the permitted lirnits, then; (a) any such
<br />loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (h) any sums already
<br />collected from Borrower which exceeded pertnitted limit� will be refunded to $orrower. Lender may choose to make this
<br />refund by reducing the principal owed under thE Note or by making a direct payment to $orrower. 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 fnr under the Note). Borrower's accepcance of any such refund rnade by direct payment to Borrower W�rr
<br />constitute a waxver of any right of acti�n Bnrrowex might have arising out of such overcharg�.
<br />15. Notices. All notices given by Borrower nr I,ender in connection with this Security Instrument nnust b� in wricing.
<br />Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when
<br />mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one
<br />B�rrower 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. Borrower shall
<br />promptly notify Lender of Borrower's change of address. if i,ender specifies a procedure for reporting Borrower's change of
<br />address, then Borrower shall only report a change of address through that specified procedure. There may be only one
<br />designated 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 thia Security instrument shall not be deemed to have been given to Lender until
<br />actually received by Lender. If any notice required by this Security Instrument is also required under Applicable I_aw, the
<br />Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument.
<br />16. Goyerning Law; $ey_erab , Rules of Constru�tion�.T,�iis S�cux�ty, Ic�str�J,�..b��;u.u:rg�„ al_laur
<br />and the law of the jurisdiction ui which tfie Froperty as located. 'All rights and obl�gations contamed in this �ecurit��y nstrument
<br />are subject to any reyuirernents and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the
<br />parties to agree by contract or it might t�e silent, but such silence shall not be construed as a prohibition against agrccmcnt by
<br />contract. In the event that any provision or clause of thia Security Instrument or the Note conflicts with Applicable Law, such
<br />conflict shall not affect other provisions of this Security Instrurnent or the Note which can be given effect without the
<br />conflicting provision.
<br />As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter
<br />words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the
<br />word "may" gives sole discretion without any obligation to take any action.
<br />17. Borrower's Copy. Borrower shall be given one copy of the Nots and of this Security Instrument.
<br />18. Transfex o�' the Property or a Bene�cial Ittterest in Borrower. As used in this Section 18, "Interest in the
<br />Property" means any legal or beneficial interest in the Yroperty, including, but not limited to, those beneficial interests
<br />transferred in a bond for deed, cantract for deed, installment sales contract or escrow agre�rnent, the intent of which is the
<br />transfer of tztle by Borrower at a f'uture 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 Borrower is not a natural
<br />person and a beneficial interest in $orrower is sold or transferred) without Lender's prior written consent, Lender may requit�
<br />immediate payment in full of all sums secured by this 5ecurity instrument. However, this option shall not be exercised by
<br />Lender if such exercise is prohibited by Applicable Law.
<br />NEBRASKA-5ingle Family—Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form 3028 7(01
<br />Bankers Systems, Inc., St. Cloud, MN Form MO-1-NE 8/17l2000 (pnge 5 of 7 pngec)
<br />
|