|
201009814
<br />In the event of a partial taking, destruc�ion, or loss rn value of the Praperty in which the fair market value of the
<br />Property itntnediately before the partial taking, destruction, or Loss in value is equal to or greater than the amount of the surns
<br />secured by this Security Instrument irnmediately before the partial taking, destructian, or loss in value, nnless Borrower and
<br />Lender otherwise agree in writin�, the sums secured by this Security Instrwneut shall be reduced by the amount of the
<br />Miscellaneous Proceeds multiplied by the following fractioa: (a) the total amouut of the sums secured immediately before the
<br />partial taking, destructiou, or loss in value divided by (b) the fair market value of the Praperiy immediately before the partial
<br />taking, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />Iu the event of a paRial taking, destruction, or Loss 'rn value of the Properry in which the fair market valae of the
<br />Property unrnediately hefore the partial taking, destruction, or loss iu vallue is less than the amount of the sums secured
<br />irntnediately before the partial taking, destruction, or loss in value, unless Borrower aud L,ender otherwise agree iu writing, the
<br />Miscellaneous Froceeds shall be applied to the surns secured by this Security Instrument whether or no[ [he sums are theu due.
<br />If the Property is abaudoned by Borrower, or if, after notice by I.,ender to Borrower that the Opposing Party (as defined
<br />in the next sentence) affers to make an award to settle a clairn for damages, Borrower faits to respand to Lender within 30 days
<br />after th� date the notice is given, Leuder is authorized to collect aud apply the Miscellaneous Proceeds either to restoration or
<br />repair of [he Property or to the sums secured by this Security Instnrment, whether or not then due. "Oppasing Party" means
<br />the third party that awes Borrower Miscellaneous Proceeds or the parCy against whom Borrower has a right oP action 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 Lender's judgment,
<br />could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this
<br />Security Instnunent. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Seclion 19, by
<br />causing the actiou or proceeding to be dismissed with a ruling that, in Leader's judgment, precludes forfeiture of the Fraperty
<br />or other material impairment of l,ender's 'rnterest in the Property or rights under this Security Instrwnent. The proceeds of any
<br />award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and
<br />shall be paid ta Lender.
<br />All Miscellaneous 1'rnceeds that are not applied to restoratiou or repair of the Property shall be applied in the order
<br />prov'rded for in Sectian 2.
<br />12. Borrower Not Released; Forbearauce By Lender Not a Waiver. Extension of th� tune for payment or
<br />modification of amortizatian of the sums secared by this Securiry Instrument grauted by Lender to Barrawer or any Successor
<br />in Interest of Borrower shall not operate to release the liabilitq af $arrower or any Successors iu Interest of Borrower. Lender
<br />shall not be required to cornrnence proceedings against aay Successor in Interest of Borrower or to refuse to extend tizne for
<br />payment or otherwise modify amortization of the surns secured by this Securiry Instrument by reason of any dernand made by
<br />the original Borrawer or any Successors in Interest of Borrower. Any farbearance by Lender in exercising any right or remedy
<br />including, without limitation, Lender's acceptaace of paymeuts from third persous, entities or Successors in Interest of
<br />Borrower or in amouuts less than the arnount then due, sh�ll not be a waiver af or preclude the exercise of any right or remcdy.
<br />13. Joint and Several Liability; Casigners; Successors and Assigns Bound. $orrower covenants and agrees that
<br />Borrawer's obligations and liability shall be joint and severaL However, any Barrower who co-signs this Security Instrument
<br />but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument ouly to mortgage, grant and couvey the
<br />co-signer's interest in the Froperty under the terms of this Security Instrument; (b) is uot personally obligated ta pay the sams
<br />secured by this Sccurity Instrument; and (c) agrees that Lender and any ather Borrower can agree to extend, modifq, farbear or
<br />rnake any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's cousent.
<br />Subject to the provisions o1' Section 18, auy Successor in Interest of Borrower who assu.mes $orrower's obligations
<br />under this Securiry Instrument in writing, and is approved by Leuder, shall obtain all of Borrawer's rights dnd benefits under
<br />this Security Instrwnent. Borrower shall not be released from Borrower's obligations and liability under this Securiry
<br />Instrumeat unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrumeat shall bind
<br />(except as provided in Sectian 20) and benefit the successors and assigns of Lender.
<br />14. Loan Charges. Lender may ctiarge Borrower fees for services performed in connection with Borrower's default,
<br />for the purpose of protecting Lender's interest in the Property and rigtits under this Security Tnstrurnent, including, but not
<br />lirnited to, attorueys' fees, praperty inspection and valuation fees. In regard to any other fees, the ahsence of express authoriry
<br />in this Securiry Instrument to charge a specific fee to Borrower sha11 not be construed as a prohibition on the charging of such
<br />fee. I.ender may not charge fecs that are expressly prohibitcd by this SecuriCy Instrurneut or by Applicable �.aw.
<br />If the Loaa is subject to a law which sets maximum loan charges, and that law is finally interpre[ed so that the interes�
<br />or nther loan charges collected ar ta be collected in connectiou with the Loan exceed the permitCed lirnits, then: (a) any such
<br />loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already
<br />collected from Borrower which exceeded permitted lunits will be refunded to Borrawer. Lender may choase 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 reductiou will be treated as a partial prepayment withaut any prepayment charge (whether or not a prepayment
<br />charge is provided for under the Note). Horrower's acceptance of any such refund made by direct payment to Barrower will
<br />constitute a waivcr of any right af action Borrawer might have aris'rng out of such overcharge.
<br />15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing.
<br />Auy notice to Borrower in connection with this Securiry Ipstrumeut shall be deemed to have been giveu to Borrower when
<br />mailed 6y first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any onc
<br />Borrower shall constitute notrce to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall
<br />be the Property Address unless Borrawer has designated a substitute notice address by notice lo Lender. Borrower shall
<br />promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Barrower's change of
<br />address, theu Borrower shall ouly report a change of address through thai specified procedure. There may be only one
<br />designated natice address under this Security Instrument at any one time. Any notice to L.ender shall be given hy delivering it
<br />or by mail'rng it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to
<br />Borrower. Any uotice in connection with this Security Instrutnent shall noc be deerned to have been given to Lender until
<br />actually received by Lender. Tf any notice required by this Securiry Instrument is also required uuder Applicable Law, the
<br />Applicable Law requirernent will satisfy the corresponding requirement under this Secarity Instrument.
<br />16. Governing Law; 5everability; Rules of Construction. This Security Instrumem shall be governed by federal Law
<br />aud the law of the jurisdiction in which [he Property is located. All rights and obligations contained in this Securiry Instrument
<br />are subject to any requirernents and limitations of.Applicable Law. Applicable Law might explicitly or unplicitly allow the
<br />partics to agree by conCract or it might be silent, bu[ such sileuce shall not be construed as a prohibitian against agreemenl by
<br />enntract. In the event that any provision or clause of this Securiry Instrument or the Note couflicts with Applicahle Law, such
<br />canflict shall uot affect other provisions of this Securiry Instrurneut or the Note which can be given effect without the
<br />con#licting provision.
<br />As used in this Security Instrurneat: (a) words of the masculine gender shall rnean and include correspondiug neuter
<br />wards 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 discretiou without any obligation to take any action.
<br />17. Borrower's Copy. $orrawer shall be given one copq of the Note and of this Security Instrument.
<br />18. Transfer of the Property or a$ene�cial Ltterest in Borrower. As used in this Section 18, "Interest in the
<br />1.'roperty" means any legal ar beneficial interest in the Property, including, but not limited [o, those beneficial interests
<br />transferred in a bond for deed, coutract for deed, installment sales contract or escrow agreement, the intent of which is the
<br />transfer of title by Borrower at a future date to a purchaser.
<br />IF a11 or any part of the Property or any Tnterest in the Property is sold or transferred (or if Borrower is not a natural
<br />person and a beneFicial interest iu Borrower is sald or transferred) without Lender's prior written consent, Lender may require
<br />i�unediate payrneut in full of all sums secured by this Securiry Instrurnent. However, this option shall nat be exercised by
<br />Lender if such exercise is prohibited by Applicable Law.
<br />NEeRASKA—Sinple Family—Fsnnie Mae/Freddie Mac UNIFORM INSTRUMENT �j—�orm 3028�
<br />8ankors Syatams, Inc., St. Clvud, MN Form MQ•1-NE 8l17/2000 ((X!$@ 5 af 7pagesf Il
<br />1 �<
<br />� 1 �
<br />r
<br />
|