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201207553
<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 modify their risk, orreduce losses. These agreements are on
<br />terms and conditions that are sarisfactory to the mortgage insurer and the other party {or parties) to these
<br />agreements. Thesa agreements may rec�uire the mortgage insurer to make payments using any source of fimds
<br />that the mortaage insurer may have available {which may inciude funds obtamed from Mortgage Insurance
<br />premiums).
<br />As a result of these agreements, Lender, any purchaser of the note, anothar insurer, any reinsurer, any
<br />other entity, or affiliate of any of the foregoing, rnay receive (directly 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 provided that an affiliate of Lender
<br />takes a share of the msurer's risk in exchange for a share of the premiums pa�d to the insurer, the arrangement ia
<br />often termed "captive reinsurance." Further:
<br />(a) Any such agr�ments will not affect the amounts that Borrower has agreed to pay for Mortgage
<br />Insurance, or any other terms ofthe Loan. Such agreements will not increase the amouat Borrower wili
<br />owe far Mortgage Insurance, and they will not entitle Borrower to any refund.
<br />{b) My such agreements tivill not affect the rights Borrower 6as — if any — with respect to the
<br />Mortgaga Insurance under the Homeowners Protection Act of 1998 or any afher law. These righ�s may
<br />include the right to receive certain disclosures, to request and obtain cance!lation of the Mortgage
<br />Insurance, to have the Mortgage Insurance tierminated automatically, and/or to receive a refund of aay
<br />Mortgage Insurance premiums that were uneamed at the time of such caneellallon or termination.
<br />11. Assignment of Miscellaneous Proceeds; Farfeiture. 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 appiied to restoration ar repair ofthe
<br />Property, if the restoration or repau� is economically feasible and Lender's security is not lessened. Durmg such
<br />repa►r and restoration period, Lender sha11 have the right to hold such Miscellaneous 1'roceeds until Lender has
<br />had an opportunity ta inspect such Property to ensure the work has been completed to Lender's satisfaction,
<br />provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a
<br />single disbwsement or in a series of progress payments as the work is completed. Unless an agreement is made in
<br />writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be
<br />required to pay Borrower any interest or eamings on such Miscellaneous Proceeds. If the restoration or repair is
<br />nat economically feasible or Lender's security would be lessened, the Miscellaneous 1'roceeds shall be applied to
<br />the sums secvred by this Security Instrument, whether or not then due, with the excess, if any, paid ta Borrower.
<br />Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2.
<br />In the event of a total taking, des�uction, or loss in value of the Properiy, the Miscellaneous Proceeds
<br />shall be applied to the sums secured by this Security Instrument, whether or not then due. with the excess, if any,
<br />paid to Borrower.
<br />In the svent of a partial taking, destruction, or loss in value of the Property in which the fair market value
<br />of the Property immediately before the partial taldng, destrucrion, or loss in value �s equal to or greaterdian the
<br />amount of the sums secured by this Security Instrument immediately before the partial taldng, desinrction, or loss
<br />in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument
<br />shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the followmg fraction: (a) the total
<br />amount ofthe sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the
<br />fair market value of the Property immediately before the partial taking, destruetion, or loss in value. Any balance
<br />shall be paid to Borrower.
<br />In tiie event of a partial taking, destnxction, or loss in value of the Property in which the fair marlcet value
<br />of the Property immediately before the partial taking, destruction, or loss in value zs less than the amount of the
<br />sums secured immediately before the partial taldng, destruction, or loss in value, unless Boaower and Lender
<br />otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security
<br />Instrument whether or not the sums aze then due.
<br />If the 1'roperty is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing
<br />Pariy (as defined in the next sentence) offers to make ari award to settle a claim for damages, Borrower fails to
<br />respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and applythe
<br />Miscellaneous Proceeds either to restoration or repair of the Property or to the s�s secured by this Secunty
<br />Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous
<br />Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
<br />Lender's judgment, could result in forfeiture of the Properiy or other materiat impairment of Lender's mterest in
<br />the Properiy or rights under this Security Inslavment. Borrower can cure such a default and, if acceleration has
<br />occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling
<br />that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest
<br />in the Property or rights under this Security Instrument. T�e proceeds of any award or claim for damages tl�at are
<br />attributable ta the unpairment af Lender's interest in the Property are hereby assigned and shall be paid ta Lender.
<br />All Miscellaneous Proceeds that are not applied to restorarion orrepair of the Property shall be applied 'm
<br />the order pravided for in Section 2.
<br />12. Borrower Not Released; �'orbearance By Lender Not a Waiver. Extension of the time for
<br />payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to
<br />Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any
<br />Successors in Interest of Borrower. Lender shall not be requited to commence proceedings against any Successor
<br />in Interest of Borrower or to refvse to extend time for payment or otherwise modify amortizatton of the sums
<br />secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in
<br />Interest ofBorrower. Any forbearance by Lender in exerc'tsin any nght or remedy including, without limitation,
<br />T.ender's aeceptanee of payments from third persons, enn�ties or Successors in Interest of Borrower or in
<br />amounts less than the amount then due, shall not be a wa�ver of or preclude the exercise of any right or remedy,
<br />13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants
<br />and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-
<br />signs this Security Insmunent but does not execute the Note (a "co-signer"): (a) is ca-signing this Security
<br />Instrurnent only to mortgage, grant and convey the casigner's interest in the Property under the terms of this
<br />Security Instrument; (b) is not personally obligated to pay the sums secured by this Secunty Instrument; and (c)
<br />agrees tbat Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations
<br />with regard to the terms of this 3eeurity Instnunent or the Note without the co-si�er's consent.
<br />NEBRASICA—Single Fam�ly—Fannie MaelFreddle Mac TJNIFORiVI INSTRUMENT (MERS} Form 30281/Ol (page 6 of 9 pagesJ
<br />13439,CV (9/]]} 4300102769 Creative Thinldng, [nc.
<br />GOTO(003tDb3b)
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