|
20120����
<br />Lender providing for sv.ch termination or u�nt� termination is reqlrired by Applicable La.w. Nothing in this Section
<br />10 affects Borrower's obligation to pay interest at the rate provided in the Note_
<br />Mortgage Insurance zeimburses I.ender (or any entity that purchases the Note) for certain losses it may incvr
<br />if Borrower does not repay the Laan as agreed. Borrower is not a party to the Mortgage Insuiance.
<br />Mortgage insvrers evaluate their total risk on aIl such insurance in force from time to time, and ma.y erner into
<br />agreements with other parties that share or mod.ify their z�isk, or reduce losses. These agreements �ca on terms and
<br />oouditions that aze satisfactory to tite mortgage insiuer and the other garty (or parties) to tb.esa agreEments. These
<br />agzeemsnts may require the mortgage insurer to a�ake payments using any sourc$ of funds that the mortgage insurer
<br />may have available (which may include funds obtained from Mortgage Insuraace premiwms).
<br />As a result of these a�gr�me�ts, Lender, any purchaser of the Note, �other insurer, aay rei�nsurer, �y other
<br />entaty, or any affiliate of any of the foregoing, may receive (directly or 'vad'uectly) amouats that derive from {or migbt
<br />be chazacterized as) a portion of Bozrower's payments for Mortgage Insurance, in exchange for sharing oz modifying
<br />the mortgage �r��*�*'s risk, or zeduai�aag losses. If such agreement provides that an affiliate of I.ender takes a share
<br />of the insurer's risk in exchange for a share of the premi�s paid to the insurer, the arrangement is often termed
<br />"��LVBI2LIIS11I'aL10E. �'lIT�36I:
<br />(a) Any such agreements wiIl not affect the amou�ts tltat Borrower has agreed to pay for Mortgage
<br />Lasoramce, or any other terms of the Laan. Such agreeaooie�ats will not increase the amtannt Borrower w71 owe
<br />£or Mort,gage Insucance, and fhey will not eanf3tIe Borrower to any refand.
<br />(1s) Any such agreemeuts w�l not a�'ed the rights Borrower has - if auy -�vith respec� to the Mortgage
<br />.Xusuarance u�der the Hom�wners Proteclaon Act of 1998 or any ottier law. These rights may 9ndude the right
<br />to recefve certain d�sclosur�, to ceque,st and obtain cancellation of the Mortgage Insorance, to ha�ee the
<br />Mortgage Insurance term�inated autom�lically, and/or to z�cei�e a refimd of any Mortgage Insurance preminms
<br />that were unearneti at the time of such canceIlatiou or t�rmination.
<br />11. Assigmnent of M3sceuaneous Proceeds; Forfeitare. All Miscellan�vs Proceeds are hereby assigned to
<br />and shall be paid to T.ender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property,
<br />if the restozabion or repair is economically feasible aad Lender's security is not lessened. During such repair and
<br />restora.tion peziod, Lender shall have ttie right to hold such Miscellaneovs Procee�s imiil Lender has had an
<br />opportunity to inspect such Property to ensure the work has beeu. completed to I.ender's satisfaction, provid� that
<br />such inspe.ction shall be undertaken proinptly. I.ender ma.y pay for tha repaizs and restoration in a single disbursement
<br />or in a series of progress paym.euts as the work is comple�ted. Unless an agreement is made in writing oz Applicabie
<br />Law rec�uires iaterest to be paid on such Miscellan�us Prer.ee�s, Lender shall noi be ze�uired to pay Borrower aay
<br />interest or earni.ngs on such Miscellaneous Proceeds. If the restordtion or repaiur is not ecoaomically feasible or
<br />Lsnder's sec�uity would be lessened, the Miscellaneot�s Proc.eeds shall be applied to the sumc secared by tlnis Secarity
<br />Instnwnent, whether or not then due, with the excess, if anY, Paid to Borrower. Such MisceIIaneaus Proc�eds shall
<br />be applied in the order provid�i for in Section 2.
<br />In the evern of a total takizzg, dest�cCion, or loss in valua of the Praperty, the M'�sceIian�us �'xoc�eds shall be
<br />applied io tl�e sums SeCUt'ed by tltis SecuriTy Tnetn�m�+_,t �� or not thea due� with tlie excess, if any, paid to
<br />Borrowes.
<br />In the eve�t of a partial taldng, destruction, or loss in value of the Property in which the fair mazket value of
<br />the Property immed'xately before the partiai taldng, destauction, oz J.oss in. value is eqval to ox greater than the amaunt
<br />of the swoais se�ured by this Security Instrument immediately before the partial talo�ag, destruction, or loss in vatU.e,
<br />unless Borrower and Lender otherwise agree ia writing, the sums sec�ued by this Security Ins�nt shall be reduced
<br />by the amou� of the Miscellaneous Proc�zds multiplied by the followiag fraction: (a) the total amourn of the sums
<br />secured immediately before the partia,I taldug, destruction, or loss in value divided by (b) the fair market value of the
<br />Properiy immediately before the partial taldng, destruction, or loss ia value. Any balanc$ shall be paid to Borrower.
<br />Tn the eveat of a partial tal�ng, de�uction, or Ioss in value of the Property in which the fair market valne of
<br />the Property i�iately before the partial tal�ng, destruction, or loss in value is Iess than the amourt of the sums
<br />serured immediately before the parti.al taking, destruction, or loss in value, unless Borrower and I,ender othe3rwise
<br />NEBRASi(A—Sing[e Family—Fanruie Mae/FretEdie NIFORM INSTR�
<br />Form 3028 1/Q1 Page 8 of l4
<br />�egic $�
<br />www_doanagPc.mm
<br />Nn3W8.&t�md
<br />
|