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. • 201201896
<br /> V2 WBCD LOA& # 503398012
<br /> selected by Lender.ff substantially equ ivalent Mortgage I nsu rance coverage is not available,Borrower shall
<br /> continue to pay to Lender the amount of the separately designated payments that were due when the
<br /> insurance coverage ceased to be in effect.Lender will accept,use and retain these payments as a non-
<br /> reiundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-reiundable,
<br /> noiwithstanding the fact that the Loan is ultimately paid in full,and Lender shall not be required to pay
<br /> Borrower any interest orearnings on such loss reserve.Lender can no longer require loss resenre payments
<br /> rf Mortgage Insurance coverage(in the amount and for the period ihat Lender requires)provided by an
<br /> insurer selected by Lender again becomes available, is obtained, and Lender requires separately
<br /> designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage
<br /> Insurance as a condition of making the�oan and Borrower was required to make separately designated
<br /> payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to
<br /> maintain Mortgage Insurance in effect, or to provide a non-retundable loss reserve, until Lender's
<br /> requirementfor Mortgage lnsuranceends in accordancewith anywritten agreement beiween Borrowerand
<br /> Lender providing for such termination or until termination is required by Applicable Law.Nothing in this
<br /> Section 10 affects Borrower's obligation to pay interest at the rate provided in�e Note.
<br /> Mortgage Insurance reimburses Lender(or any entity tliat purchases the Note)for certain losses it may
<br /> incur'rf 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 all such insurance in force from time to time,and may
<br /> enter into agreements with other parties that share or modiiy their risk, or reduce losses. These
<br /> agreements are on terms and conditions that are satisfactoryto the mortgage insurer and the other party
<br /> (or parties) to these agreements. These agreements may require the mortgage insurer to make
<br /> payments using any source of funds that the mortgage insurer may have available(which may include
<br /> funds obtained from Mortgage Insurance premiums).
<br /> As a result ofthese agreements,Lender,any purchaser of the note,another insurer,any reinsurer,
<br /> any other entity,or affiliate of any of the foregoing,may receive(directly or indirectly)amounts that derive
<br /> from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in
<br /> exchange for sharing or modifying the mortgage insurer's risk,or reducing losses.If such agreement
<br /> provided that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the
<br /> premiums paid to the insurer,the arrangement is often termed"captive reinsurance."Further:
<br /> (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for
<br /> Mortgagc Insuranco,or any ofhor terms of the Loan.Such agroomentswill not increase the amount
<br /> Borrower will owe for Mortgage Insurance,and they will not entkle Borrower to any refund.
<br /> (b) Any such agreemenis will not affect the rights 8orrower has-if any-with respect to the
<br /> Mortgage Insurance underthe Homeowners Protection Actof 1998 or any other law.These 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 automatically,andJor to recelve
<br /> a refund of any Mortgage Insurance premiums thatwere unearned at the time of such cancellation
<br /> or termination.
<br /> 11.Assignment of Miscellaneous Proceeds;Forfeiture.All Miscellaneous Proceeds are hereby
<br /> assigned to and shall be paid to Lender.
<br /> If the Property is damaged,such Miscellaneous Proceeds shall be applied to restoration or repair
<br /> ofthe Property,ifthe restoration orrepair is economicallyfeasibleand Lender's security is not lessened.
<br /> During such repair and restoration period, Lender shall have the right to hold such Miscellaneous
<br /> Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been
<br /> compieted to Lender's satisfaction,providedthatsuch inspection shall beundertaken promptly.Lender
<br /> may pay for the repairs and restoration in a single disbursement or in a series of progress payments
<br /> as the work is completed.Unless an agreement is made in writing or Applicable Law requires interest
<br /> to be paid on such Miscellaneous Proceeds,Lender shall not be required to pay Borrower any interest
<br /> or earnings on such Miscellaneous Proceeds.If the restoration or repair is not economically feasible or
<br /> Lender's security would be lessened,the Miscellaneous Proceeds shall be applied to the sums secured
<br /> by this Security Instrument,whether or not then due,with the excess,if any,paid to Borrower.Such
<br /> Miscellaneous Proceeds shall be applied in the order provided for in Section 2.
<br /> In the event of a total taking,destruction,or loss in value ofthe Property,the Miscellaneous Proceeds
<br /> shall be applied to the sums secured by this Security Instrument,whether or not then due,with the
<br /> excess,if any,paid to Borrower.
<br /> In the event of a partial taking,destruction,or loss in value of the Property in which the fair market
<br /> value of the Property immediately before the partial taking,destruction,or loss in value is equal to or
<br /> greater than the amount of the sums secured by this Security Instrument immediately before the partial
<br /> taking,destruction,or foss in value,unless Borrower and Lender otherwise agree in writing,the sums
<br /> secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds
<br /> multiplied by the following fraction:(a)the total amount of the sums secured immediately before the
<br /> partial taking,destruction,or loss in value divided by(b)the fair market value of the Property immediately
<br /> before the partial taking,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
<br /> value of the Property immediately before the partial taking,destruction,or loss in value is less tha the
<br /> Initials: ��
<br /> NEBRASKA-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form 3o2a 1/01
<br /> Online Documents,Inc. Page 7 O} 11 NEEDEED 1108
<br /> 02-22-2012 15:18
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