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20�20074� <br />continue to pay to Lender the amount of tbe separately designated payments that were due when the <br />insurance coverage ceased to be in eff�t. Lender will accept, use and retain these payments as a <br />non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, <br />notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay <br />Bonower any interest or eamings on such loss reserve. Lender can no longer require loss reserve payments <br />if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an <br />insurer selected by Lender again becomes available, is obtained, and Lender requires sepazately designated <br />payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a <br />condition of making the Loan and Borrower was required to make sepazately designated payments towazd the <br />premiums for Mortgage Insurance, Bonower shall pay the premiums required to maintain Mortgage <br />Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage <br />Insurance ends in accordance with any written agreement between Bonower and Lender providing for such <br />termination or until termination is required by Applicable Law. Nothing in this Section 10 affects <br />Bonower's obligation to pay interest at the rate provided in the Note. <br />Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur <br />if Borrower does not repay the Loan as agreed. Bonower is not a party to the Mortgage Insurance. <br />Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter <br />into agr�ments with other pazties that share or modify their risk, or reduce losses. These agreements aze on <br />terms and conditions that aze satisfactory to the mortgage insurer and the other party (or parties) to these <br />agreements. These agr�ments may require the mortgage insurer to make payments using any source of funds <br />that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance <br />premiums). <br />As a result of these agre,�ments, Lender, any purchaser of the Note, another insurer, any reinsurer, any other <br />entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from <br />(or might be characterized as) a portion of Bonower's payments for Mortgage Insurance, in exchange for <br />sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an <br />affiliate of Lender takes a shaze of the insurer's risk in exchange for a shaze of the premiums paid to the <br />insurer, the arrangement is often termed "captive reinsurance." Further: <br />(a) Any such agreements witl not affect the amounts that Borrower has agreed to pay for Mortgage <br />Insurance, or any other terms of the Loan. Such agreements will not increase the amount <br />Borrower will owe for Mortgage Insurance, and 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 <br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any other Iaw. The� rights <br />may include the right to receive certain disclosures, to request and obtain cancellation of the <br />Mortgage Insurance, to have the Mortgage Insurance terminated automaHcally, and/or to receive <br />a refund of any Mortgage Insurance premiums that were un�rned at the time of such <br />cancellallon or termination. <br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to <br />and shall be paid to Lender. <br />If the Property is damaged, such Miscellan�us Procee�s shall be applied to restoration or repair of the <br />Property, if the restoration or repair is economically feasible and Lender's se,curity is not lessened. During <br />such repair and restoration period, Lender shall have the right to hold such Miscellan�us Proceeds until <br />Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's <br />NEBRASKA-S(ngle Family-Fannfe Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01 <br />VMP � VMP8INE) (1105) <br />Wolters Kluwer Financial Services Page 9°f �� <br />"+ 1" . . . � � , � r <br />