|
�01209211
<br />Lender providing for such termination or imtil termination is required by Applicable Law. Nothing in this S�tion
<br />10 affects Borrower's obligation to pay interest at the rate provided in the Note.
<br />Mortgage lnsurance reimburse>c Lender {or any entity that purchases the Note) for certain losses it may incur
<br />if Borrower dces not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.
<br />Mortgage insurers evaluate their total risk on alI sucb insurauce in force from time to tirae, and may enter into
<br />agreements with other parties that share or madify their risk, or reduce Iosses. These agreements are on terms and
<br />conditions that are satisfactory to the mortgage insurer and the other Farty (or parties) w these agreements. These
<br />agreements may require ttie mortgage insurer to make paynnents using any source of funds that the mortgage insurer
<br />may have available (which may include funds obtained from Mortgage Insurance premiums).
<br />As a result of these agreements, Lender, any purchaser of the 1Vote, another insurer, any reinsurer, aay other
<br />entity, or any affiliate of any of the foregoing, m,ay re�ceive (dirc�tly ar indirectly) amounts that derive from (or might
<br />be chazacterized as) a porti�on of Borrower's payments for Mortgage �nsurance, in exchange for sharing or modifying
<br />the mortgage ins��rer's risk, or xeducing losses. If such agreement provides that an affliate of Lender takes a share
<br />of the iasurer's risk in exchange for a share of ttie preauums paid to the insurer, the arrangement is often termed
<br />"capt�ve reinsurance. ° Further.
<br />{a} Any such agreeme,nts will nat affect the amount� khat Bocrower has agreEd to pay for Mortgage
<br />Insurance, or any other terms of the Loan. Such agreementa will not increase Lhe amount Borrower will owe
<br />for Mortgage Insurance, and they will not entitle Burrower to any refund.
<br />(b) Any such aSx'e�ments wiU not affect the rights Borrower has - if any - with respect to the Mortg�ge
<br />Insurance under the Homeowners Protection Act of 1.998 or any othex law. These rYghts may include the right
<br />to receive certain diseiosures, to request anc� obtain cancellation of the Mortgage Tnsurance, to have the
<br />Mortgage Insurance terminat� automatically, aad/or to recefve a refiwd of any Mo�rtgage Tnsurance premiums
<br />th�t were un�rnecl at the time of such cance.l�atian or termination.
<br />11. A�signment of Miscellan�us proceeds; Forfeiture. Ail Miscellaneous Pra�eeds are hereby assigned w
<br />and shal[ be paid ta Lender.
<br />If tlie Progerty is damagai, such Miscellaneous Proceeds shall be applied to restoration ar repair of the Froperty,
<br />if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and
<br />restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an
<br />opportunity to inspect such Property to ensure the work has been complet� to Lender's sa.tisfaction, provided that
<br />such inspection shall be undertaken promptly. Lender may pay for the zepairs and restoration in a single disburse�ment
<br />or in a series of progress payments as the work is completed. I7ntess an agreement is made in writing or Applicable
<br />Law requires interest ta be paid on such Miscellan�us Proceeds, Lender shall not be required to pay Borrower any
<br />interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or
<br />Lender's security would be lessened, the Miscsllaneous Proceeds shall be applied to the sums secnted by this Security
<br />Instrument, whether or not then due, witla the excess, if any. paid to Borrower. Such Miscellan�us Proc.aecls shall
<br />be applied in the order provided for in Secaon 2.
<br />In the event of a total taking, destruction, or loss in value of tbe Property, the Miscellaneous Pror,eeds shall be
<br />applied W the sums secured by thls Se�urity Instrument, whether or not then due, with the excess, iP any, paid to
<br />Barrower.
<br />In the event of a partial taking, destruction� or loss in value af the Properiy in w}aich the faix market value of
<br />the Property immediately before the gartial taking� desriuction, or loss in value is equai to or greater than the amouat
<br />of the sums secured by this Security Ynstrunnent immediately before the partial taking� destruction, or Ioss in value,
<br />unless Bonower and Lender otherwise agree in writing � the sums secured by this Security Instrunnent sha�tl be reciuced
<br />by the amount of the Miscellaneous Praceeds muliipli� by the following fraction: (a) the total amount of the swns
<br />secnred immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the
<br />Property immediately before the partial taldng, destruction, or loss in vatue. Any balance shall be paid to Bortower.
<br />In the event of a partial taking, destzuction, or loss u► value of the Properiy in which the fair mazket va�ue of
<br />the Property immediately before the partial taking, destsuction, or loss in value is less than the amouat af the sums
<br />secured immediately before the partiai taking, destruction, or loss in value, ttn�eas Borrower and Lender otherwise
<br />NEBRASKA—Single Famfly--Fsnnie Mae/Freddie Mac UNIFORM INSTRUMEPII' �����
<br />Form 3028 1/01 Page 8 of 14 www,docmagfc.com
<br />N�ozs.�.�
<br />
|