Sample Document. Intended as reference only
Your actual closing documents will vary according to the lending institution
Page
Lender
has had an opportunity to inspect such Property to ensure the work has been
completed to Lender's satisfaction, provided that such inspection shall be
undertaken promptly. Lender may pay for the repairs and restoration in a single
disbursement or in a series of progress payments as the work is completed.
Unless an agreement is made in writing or Applicable Law requires interest to be
paid on such Miscellaneous Proceeds, Lender shall not be required to pay
Borrower any interest or earnings on such Miscellaneous Proceeds. If the
restoration or repair is not economically feasible or Lender's security would be
lessened, the Miscellaneous Proceeds shall be applied to the sums secured by
this Security Instrument, whether or not then due, with the excess, if any, paid
to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided
for in Section 2.
In
the event of a total taking, destruction, or loss in value of the Property, the
Miscellaneous Proceeds shall be applied to the sums secured by this Security
Instrument, whether or not then due, with the excess, if any, paid to Borrower.
In
the event of a partial taking, destruction, or loss in value of the Property in
which the fair market value of the Property immediately before the partial
taking, destruction, or loss in value is equal to or greater than the amount of
the sums secured by this Security Instrument immediately before the partial
taking, destruction, or loss in value, unless Borrower and Lender otherwise
agree in writing, the sums secured by this Security Instrument shall be reduced
by the amount of the Miscellaneous Proceeds multiplied by the following
fraction: (a) the total amount of the sums secured immediately before the
partial taking, destruction, or loss in value divided by (b) the fair market
value of the Property immediately before the partial taking, destruction, or
loss in value. Any balance shall be paid to Borrower.
In
the event of a partial taking, destruction, or loss in value of the Property in
which the fair market value of the Property immediately before the partial
taking, destruction, or loss in value is less than the amount of the sums
secured immediately before the partial taking, destruction, or loss in value,
unless Borrower and Lender otherwise agree in writing, the Miscellaneous
Proceeds shall be applied to the sums secured by this Security Instrument
whether or not the sums are then due.
If
the Property is abandoned by Borrower, or if, after notice by Lender to Borrower
that the Opposing Party (as defined in the next sentence) offers to make an
award to settle a claim for damages, Borrower fails to respond to Lender within
30 days after the date the notice is given, Lender is authorized to collect and
apply the Miscellaneous Proceeds either to restoration or repair of the Property
or to the sums secured by this Security Instrument, whether or not then due.
"Opposing Party" means the third party that owes Borrower
Miscellaneous Proceeds or the party against whom Borrower has a right of action
in regard to Miscellaneous Proceeds.
Borrower
shall be in default if any action or proceeding, whether civil or criminal, is
begun that, in Lender's judgment, could result in forfeiture of the Property or
other material impairment of Lender's interest in the Property or rights under
this Security Instrument. Borrower can cure such a default and, if acceleration
has occurred, reinstate as provided in Section 19, by causing the action or
proceeding to be dismissed with a ruling that, in Lender's judgment, precludes
forfeiture of the Property or other material impairment of Lender's interest in
the Property or rights under this Security Instrument. The proceeds of any award
or claim for damages that are attributable to the impairment of Lender's
interest in the Property are hereby assigned and shall be paid to Lender .
All
Miscellaneous Proceeds that are not applied to restoration or repair of the
Property shall be applied in the order provided for in Section 2.
12.
Borrower Not Released; Forbearance By Lender Not a Waiver.
Extension of the time for payment or modification of amortization of the sums
secured by this Security Instrument granted by Lender to Borrower or any
Successor in Interest of Borrower shall not operate to release the liability of
Borrower or any Successors in Interest of Borrower. Lender shall not be required
to commence proceedings against any
Successor
in Interest of Borrower or to refuse to extend time for payment or otherwise
modify amortization of the sums secured by this Security Instrument by reason of
any demand made by the original Borrower or any Successors in Interest of
Borrower. Any forbearance by Lender in exercising any right or remedy including,
without limitation, Lender's acceptance of payments from third persons, entities
or Successors in Interest of Borrower or in amounts less than the amount then
due, shall not be a waiver of or preclude the exercise of any right or remedy.
13.
Joint and Several Liability; Co-signers; Successors and Assigns Bound.
Borrower covenants and agrees that Borrower's obligations and liability shall be
joint and several. However, any Borrower who co-signs
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OHIO--Single Family--Fannie
Mae/Freddie Mac UNIFORM INSTRUMENT
Form
3036 1/01
Document Systems, Inc. (800)
649-1362
Page 8 of 12
OH30361.MTG
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