|
20��09924
<br />Lender may disburse proceeds for the repeirs and rastoration in a single payment or in a series of progress payments as
<br />the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property,
<br />Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration.
<br />Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause,
<br />Lender may inspect the interior of the improvements on the Property. Lender shell give Borrower notice at the time of
<br />or prior to such an interior inspection specifying such reasonabla cause.
<br />8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or
<br />any persons or antities acting at the direction of Borrower or with Borrower's knowledge or consent gave materielly
<br />false, misleading, or inaccurate information or statements to Lender (or tailed to provide Lender with material
<br />information) in connection with the Loan. Material representations include, but are not limited to, representations
<br />concerning Borrower's occupancy of the Property es Borrower's principel residence.
<br />9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower feils
<br />to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that
<br />might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as e
<br />proceeding in bankruptcy, probete, for condemnation or forfeiture, for enforcement of e lien which may attain priority
<br />over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Proparty, then
<br />Lender may do and pay for whatever is reasonable or eppropriate to protect Lender's interest in the Property and rights
<br />under this Sacurity Instrument, including pratecting and/or assessing the value of the Proparty, and securing and/or
<br />repairing the Property. Lender's actions cen include, but are not limited to: (a) paying any sums secured by a lien which
<br />has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its
<br />interest in the Properry and/or rights under this Security Instrument, including its secured position in a bankruptcy
<br />proceeding. Securing the Property includes, but is not limited to, entering the Property to meke repairs, chenge locks,
<br />raplace or board up doors and windows, drain weter from pipes, eliminete building or other code violations or dangerous
<br />conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not
<br />have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking
<br />any or all actions authorized under this Section 9.
<br />Any emounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this
<br />Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be
<br />payable, with such interest, upon notice from Lender to Borrower requesting payment.
<br />If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. It Borrower
<br />ecquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in
<br />writing.
<br />10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of ineking the Loan, Borrower shell
<br />pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgege Insurance
<br />coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance
<br />and Borrower was required to make seperataly designated payments toward the premiums for Mortgege Insurence,
<br />Borrower shall pay the premiums requirad to obtain coverage substantially equivelent to the Mortgage Insurance
<br />previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in
<br />effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage
<br />is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments thet were
<br />due when the insurance coverage ceased to be in effect. Lender will accept, use and ratain these payments as e
<br />non-refundable loss rasarve in lieu of Mortgage Insurance. Such loss reserve shell be non-refundable, notwithstanding
<br />the fact that the Loen is ultimately paid in full, and Lendar shell not be required to pay Borrower any interest or earnings
<br />on such loss reserve. Lender can no longer require loss reserve peyments if Mortgage Insurance coverage (in the
<br />amount and for the period that Lender requires) providad by an insurer salected by Lender again becomes aveilable, is
<br />obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender
<br />required Mortgage Insurance es a condition of ineking the Loan end Borrower was required to make seperately
<br />designated payments towerd the premiums for Mortgage Insuranca, Borrower shall pey the premiums required to
<br />maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for
<br />Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such
<br />termination or until termination is required by Appliceble Law. Nothing in this Section 10 affects Borrower's obligation
<br />to pay interest at the rete provided in the Note.
<br />Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if
<br />Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.
<br />Mortgage insurers evaluate their total risk on ail such insurance in force from time to time, and may enter into
<br />agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and
<br />conditions that are satisfactory to the mortgege insurer and the other party (or perties) to these agreements. These
<br />agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer
<br />may have available (which may include funds obtained from Mortgage Insurance premiumsl.
<br />As a result of these egreements, Lender, any purcheser of the Note, another insurer, any reinsurer, eny other
<br />entity, or any affiliete of any of the foregoing, may receive (diractly or indirectly) amounts that derive from (or might be
<br />characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the
<br />mortgage insurer's risk, or reducing losses. If such egreement provides that an affiliate of Lender takes a share of the
<br />insurer's risk in exchenge for a share of the premiums paid to the insurar, the arrangement is often termed "captive
<br />reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or
<br />any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance,
<br />end they will not entitle Borrower to any refund.
<br />(b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgege Insurance
<br />under the Homeowners Protection Act of 7998 or any other law. These rights may include the right to receive certein
<br />disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated
<br />automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the tlme of such
<br />cancellation or termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds ere hereby essigned to and
<br />shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be appiied to restoration or repair of the Proparty, if
<br />tha restoretion or repair is economicelly feasible end Lender's security is not lessened. During such repair and
<br />restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender hes had an opportunity
<br />to inspect such Proparty to ensure the work has been completed to Lender's satisfaction, provided that such inspection
<br />shall be undertaken promptly. Lender may pay for the repeirs end restoration in a single disbursement or in e series of
<br />progress payments as the work is completed. Unless an egreement is made in writing or Applicable Law requires
<br />interest to be paid on such Miscellaneous Proceeds, Lender shall not be requirad to pey Borrower any interest or
<br />earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security
<br />would be lessened, the Miscellaneous Proceeds shall be appiied to the sums secured by this Security Instrument,
<br />whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in
<br />the order provided for in Section 2.
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to
<br />Borrower.
<br />NEBRASKA-Single Family-Fannie Mae/Freddia Mac UNIFORM INSTRUMENT Form 3028 1/01
<br />Page 4 of 7
<br />�
<br />�
<br />
|