|
201109225
<br /> satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs
<br /> and restoration in a single disbursement or in a series of progress payments as the work is completed.
<br /> Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br /> Miscellaneous Proc�ds, Lender sha11 not be required to pay Bonower any interest or earnings on such
<br /> Miscellaneous Proceeds. If the restoration or repair is not ec;onomically feasible or Lender's s�urity would
<br /> be lessened, the Miscellaneous Proc�ds shall be applied to the sums secured by this Security Instrument,
<br /> whether or not the�due, with the excess, if any,paid to Bonower. Such Miscellaneaus Proceeds shall be
<br /> applied in the order provided for in Secrion 2.
<br /> In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Procee�s shall
<br /> be applied to the sums secured by this S�urity Instnunent, whether or not then due, with the excess, if any,
<br /> paid to Borrower. �
<br /> In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of
<br /> the Property immediately before the partial taldng, destruction, or loss in value is equal to or greater than the
<br /> amount of the sums secwed by this Security Instrument immediately before the partial taking, destruction, or
<br /> loss in value, unless Bonower and Lender otherwise agree in writing, the sums secured by this Security
<br /> Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following
<br /> fraction: (a)the total amount of the sums s�ured immediately before the partial taking, destruction, or loss
<br /> in value divided by(b)the fair market value of the Property immediately before the partial taking,
<br /> destruction, or loss in value. Any balance shall be paid to Borrower.
<br /> In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of
<br /> the Property immediately before We partial taking, destruction, or loss in value is less than the amount of the
<br /> sums secured immediately before the partial taking, destruction, or loss in value, unless Bonower and
<br /> Lender otherwise agree in writing, the Miscellan�us Procceds shall be applied to the sums secured by this
<br /> Security Instrument whether or not the sums are then due.
<br /> If the Property is abandone�by Bonower, or if, after notice by Lender to Bonower that the Opposing Parly
<br /> (as defined in the next sentence)offers to make an awazd to settle a claim for damages, Borrower fails to
<br /> respond to Lender within 30 days after the date the notice is given, Lender is authorized to coll�t and apply
<br /> the Miscellan�us Proceeds either to restoration or repair of the Property or to the sums s�ured by this
<br /> Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower
<br /> Miscellaneous Proce�ds or the patty against whom Bonower has a right of action in regard to Miscellaneous
<br /> Proceeds.
<br /> Borrower sha11 be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's
<br /> judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the
<br /> Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has
<br /> occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a
<br /> ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impaimiient of
<br /> Lender's interest in the Property or rights under this Security Instnunent. The proceeds of any awazd or
<br /> claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby
<br /> assigned and sha11 be paid to Lender.
<br /> All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the
<br /> order provided for in Section 2.
<br /> NEBRASKA-Single Family-Fanme Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01
<br /> VMP� VMP61NE1(1105).00
<br /> Wolters Kluwer Financial Services Page 10 of 17
<br />
|