|
• 201208574
<br /> These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage
<br /> insurer may have available(which may include funds obtained from Mortgage Insurance premiums).
<br /> As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any
<br /> other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive Prom
<br /> (or 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 affiliate of Lender
<br /> takes a share of the insurer's risk in exchange for a share of[he premiums paid to the insurer, the arrangement is
<br /> often termed"captive reinsurancz." Fur[her:
<br /> (a) Aoy such agreements will not affect the amoun[s tNat Borrower has agreed to pay for
<br /> Mortgage Insurance, or any ather terms of the Loan. Such agreements will not increase the amount
<br /> Borrower will owe for Mortgage[nsurance,and they will not entitle Borrower to any refund.
<br /> (b) Any such agreements will not affect the rights Borrower has - iF any - wit6 respect to t6e
<br /> Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may
<br /> include the right to receive certain disclosures,to request and obtain cancellation of the Mortgage Insurance,
<br /> to have the Mortgage [nsurance terminated automatically, and/or to receive a refund of any Mortgage
<br /> Insurance premiums that were unearned at the time of such cancellation 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 of the
<br /> Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such
<br /> repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until 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 shall be undertaken promptly. Lender may pay for the repairs and restoration in a single
<br /> disbursement or in a series of progress payments as the work is completed. Unless an ageement is made in writing
<br /> or Applicable Law requires interest to be paid on such Miscellaneous Proceeds,Lender shall not be required to pay
<br /> Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repa'v is not ewnomically
<br /> feasible or Lender's security would be lessened,the Miscellaneous Proceeds shall be applied to the sums secured by
<br /> this Security Inshvment, 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,destruction,or loss in value of the Property,the Miscellaneous Proceeds shall
<br /> be applied to the sums secured by t�is Security Instrument,whether or not then due,with the excess,if any,paid to
<br /> Borrower.
<br /> In the event 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 takin�, destruction, or loss in value is equal to or greater than the
<br /> amount of the sums sewred hy this Sewrity Insfrument immediately before the par[ial taking,deshvction,or loss in
<br /> value,unless Borrower and Lender otherwise agree in writing the sums secured by this Security Instrument shall be
<br /> reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a)the total amount of
<br /> the sums secured immediately before the partial taking, destruction, or loss in value divided by (b)the fair market
<br /> value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid
<br /> to Borrower.
<br /> In the event 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 taking, destruction, or loss in value is less than the amount of the
<br /> sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower 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 are then due.
<br /> NEBRASKA-Single Family-Faonie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3028 1/Ol
<br /> Pege 9 of 16 �7,
<br /> Ini[ials:
<br />
|