|
201206260
<br /> reserve payments if Mortgage Insivauce coverage (in the anoount and for the period that T,ender requires)provided
<br /> by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated
<br /> payments tnwazd the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of
<br /> malcing the Loan and Borrower was required to make separately designated payments towazd the premiums for
<br /> Mortgage Insurance, Borrower shall pay the premiums required to maintarn Mortgage Insurance in effect, or to
<br /> provide a non refimdable loss reserve,until Lender's reqnirement£or Mortgage Tnsutance ends in accordance with
<br /> any written agreement betv✓een Bonower and Lender providing foz such termination or until termination is requ"sed
<br /> by Applioable Law. Nothing in this Section 10 afFects Borrower's obligation to pay interest at the rate provided in
<br /> the T+Tote.
<br /> MorEgage Insurance reimburses Lender(or any entity that purchases the Note)for certain losses it may incur if
<br /> Borrower does not repay the Laan as agreed. Borrower is not a party m the Mortgage Insurance.
<br /> Mortgage insurers evaluate their total risk on al1 such insurence in force from time to time,and may enter into
<br /> ageements with other parties that shaze or modify their risk, or reduce losses.These agreements aze on terms and
<br /> conditions that aze satisfactory to the mortgage insurer and the other party (or pariies)to these agreements. These
<br /> agreements may reguire the mortgage insurer to make payments using any source of fimc3s ihai the mortgage insurer
<br /> may have available(which may include fimds abtained from Mortgage Ins�irance premiums}.
<br /> As aresult ofthese agreements, Lender, any purchaser ofthe Note, another insurez, any reinsuru, any other
<br /> entity, or any affiliate of any of the foregoing, may receive (direcily or indirectly) amounts that derive from (or
<br /> might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or
<br /> modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an aiilliate of Lender
<br /> takes a share of the insuxer's risk in exchange for a shaze of the premiutns paid to the insurez, tLe arrangement is
<br /> o8en teimed"captive reuisurauce."Further:
<br /> {a) Any sucfi agreements will not afCect the amounis that Borrower has agreed ta pay for Mortgage
<br /> Tnsurance,or any other terms of the Loan. Such agreements will nat increase the amount Borrower will owe
<br /> for Mortgage Insnrance,and they will not entiile Barrower fo any refund.
<br /> (b)Any such agreements will not affect Ehe rigdts Borrower has —if any —with respect to the Mortgage
<br /> Insurance uuder the Homeowners Protection Act of 1998 or any ofher law.These rights may inclnde the right
<br /> fo receive certain disclosures, ta request and obtain cancellation of the Mortgage Iasurance, to have tLe
<br /> Mortgage Iusurance terminafed anfomaticatty, and/or to receive a refund of any MorEgage Tnsurance
<br /> premiums that were unearned af the time of sach cancellation or terminafion.
<br /> lX. Assignment of 14Tiseellaneons Proceeds; Forfeiture. Ali Niiscellaneous Proceeds are hereby assigned to
<br /> and shall be paid to Lender.
<br /> If the Properry is damaged, such Miscellaneous Proceeds shall be applied to restorarion or repair of the
<br /> Progerty, if the restoration or regaix is economically feasible and I.endez's security is not lessened. During such
<br /> repair and rastoration period,Lender shall have tlie right to hold such Miscellaneous Proceeds imtil Lender has had
<br /> an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction,provided
<br /> that such inspection slzall be undertaken promptly. Lender may pay for the repairs and restoration in a single
<br /> disbursement or in a series of progcess payments as the work is completed Unless an agreement is made in writing
<br /> or Applicable Law zequires interest ta be paid on such Nliscellaneous Proceeds,Lender shall not be required to pay
<br /> Borrower any interest or eamings on such Miscellaneous Proceeds. If the restorarion or repa's is not economically
<br /> feasible or LendePs security woald be Iessened,the MisceFlaneous Proceeds shaA be applied to the sums secured by
<br /> this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous
<br /> Proceeds shall be applied in the order provided for in Section 2.
<br /> In the event of a total taking,desEruction, or loss in value of the Properry,the Miscellaneous Froceeds sfiall be
<br /> applied to the sums secured by this Security Inshumen; whether or not fhen due, with the excess, if any, paid to
<br /> Bozrower.
<br /> In the event of a partial taking,des4vction,or loss in value of the Praperty in which the fair mazket value of the
<br /> Property unmediately before the partial taking,destruction,or loss in value is equal ta or�eater than the amoum of
<br /> the s�s secured by this Security Insmunent immediately before the partiat taking, destrucrion, or lass in value,
<br /> unless Borrower and Lender otherwise agree in writing, tlte sums secured by this Secutity Instrument shall be
<br /> reduced by the amount of the Miscellaneous Proceeds mukiplied by the following fraction: (a) the total amoumt of
<br /> tlie sums secured 'unmediately before the partial taking, destruction, or loss in value divided by(b)the fair mazket
<br /> value ofthe Properry ffimediately before ffie partial tatcing,deshucrion,or loss in value. Any balance shalI be paid
<br /> to Borrower.
<br /> In the event of a partial taking,destruction, or loss in value oF the Properiy in wluch the fa3r mazket valae of the
<br /> Property immediately before the partial taking, destrucrion, or loss in value is less�the amount of the sums
<br /> Iniiials: .���
<br /> NEBIiASKA—SingleFamily—FannieMaeMYeddieMacUNIPORMINSTRU�NT Furm3028 ll41 (page 7ofl3pages) ,
<br />
|