|
201108126
<br /> satisf�ctioil, �rovided th�t such inspection sha11 be underfalcen proin�tly. Lender rnay pay for the repairs
<br /> and restoration in a single disUttrseinent or in a series of progress payineiits as the woi•lc is coinpleted.
<br /> Unless an agreeinent is inacie in writiing or Applicabla Law requires interest to be paid on euch
<br /> lYliscellaneous Proceeds, Les�dei� shall not be required to pay Boi�rowei�any interest or ea1•ni�7gs oiz such
<br /> Miscellaneous Proceeds. If the restoration or re�air is not economically feasiUle or Lender`s security would
<br /> be lessened, the Miscellaiieotis Proceeds shall ve applied to the suins secured Uy this Security Instruinent,
<br /> whether or noti then du�, witli the excess, if�ny, p�id to Borrower. Such Miscellaneous Proceeds shall lie
<br /> applied in the order provided for in Section 2,
<br /> In the avent of a total talcirzg, ciestrLtction, or loss in value of tlie Property, the 1Vliscellaneous Proceeds sh�ll
<br /> be applied to ti1�e sLims secured by this �ecLtriEy Instrun�ent, whetl�er or not then due, with the excess, if 1ny,
<br /> paid to Borrowei�.
<br /> I�the event of a partial talcing, destruction, or loss iu value of tlie Pioperty in which the faii�marlcet value of
<br /> the Property iirunediately Uefore the pai•tial talcing, destruction, or loss in value is equal to or gi•eater than ihe
<br /> amount of t11e sums secured Uy this Security Instrument inunediately before the p�rti�l talcing, desti•uction, or
<br /> loss iii value, unless Borrower and Leiider otherwise agree in writing, the sums secured by tliis Secui•ity
<br /> Instnunent sha11 be reduced by tlie�nount of tl�e Miscellaueous Proceeds multiplied by the followin�g
<br /> fi'action; (a)the tot�l alnount of the sunas secured iir�nedititely befot•e the partial talcing, destructiot�, or loas
<br /> ii1 value divided by(b) the fair market v11ue of the Property inzmediately vefoi•e the p�rtial talcii7g,
<br /> destrtitction, or loss in v11ue. �Zy Ualai7ce sh�ll be paid to Borxower.
<br /> In the even�of a partiial talcing, destruetion, or loss in value of the Pi°operty in which t11e fair mas•lcet valtie of
<br /> the T'roperty immedi�tely before the partial talcing, destruction, or loss in value is less than the a�nount of the
<br /> suins securet�in��lediately l�efore the pa�•tial talcing, destruction, or loss in value, LtnleSS Bori•ower and
<br /> Lender ofherwise agree in writing, tlle Miscellaneous Proceeds shall Ue applied to the sums secured by this
<br /> Security Instrument wliether or not the sums are theii due.
<br /> If tihe Proporty is aUandnned by Borrawer, or if, after notice by Lender to Borrower tliat the O�posing P��ty
<br /> (as clefined in tlie next senteiice) offers to m�lce an award to settle a c11im for damages, Borrower fails to
<br /> respond to Lender witlun 30 days after the d�te the zlotice is given, Lender is�uthorized tio collect and apply
<br /> the MiscellTneous Proceeds either to restoration or repair of the Property or to the sums secured by this
<br /> Sect�rity Instrument, whetlier or ilot then due. "Opposing P�rty" ineans the third p�rty tllat owes Borrower
<br /> Miscellan�ous Proceeds or the party against who7n Borrower has a right of actiou in regard to Miseellaneous
<br /> Proceeds.
<br /> Borrower shall be in default if any action or proceecling, wliether civil or criminal, is�begui1111at, iu Lenclei's
<br /> jtiid�;ulent, could result in forfeiture of the Pro�erty or other i�aterial iinpairment of Lei7der's int�rest in tlie�
<br /> Proparty oi•rights under this Security Instrument. Borrowe�� can cLtre such a defaLilt and, if�eceleration h�s
<br /> occurred, reinst�te as providetl in Section 19, by caii�ing tlie ac�ion or proceeding to be dismissed with a
<br /> ruling�hat, in Lencler's juc�gnzent, precludes foi�feitiure of the Propex•ty oi� other�naterial im�airment of
<br /> Lender's interest in the Property or i•ights under this Security Instrument. The proceeds oF any awarti or
<br /> claiin Tor datnages that are attribiitable tn the iinpairinent oi'Lender's i��terest in the Property ar�e hereby
<br /> assigiied ancl shall be paid to Lender.
<br /> All Miscelluleous Proceeds tha�are not applied to restoratiari or repau of the Pi•operty sha�ll be applied in the
<br /> ot•der provided for in Sectioii 2.
<br /> 231199
<br /> NECiRASf<A-SingleF�mily-FannieMae/FreddleMacUNIFORM INSTRUMENT Form 302d 1/01
<br /> VM P O VM P6(NE)(1105)
<br /> Wolters Kluwer Financlal Services Page 10 of 17
<br />
|