|
201306443
<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 Note, another insurer, any reinsurer, any other
<br /> entity, or any affiliate of any of the foregoing, may 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 provides that an affiliate of Lender
<br /> takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer,the arrangement is
<br /> often termed"captive reinsurance."Further:
<br /> (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage
<br /> Insurance,or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe
<br /> for Mortgage Insurance,and they will not entitle Borrower to any refund.
<br /> (b)Any such agreements will not affect the rights Borrower has—if any—with respect to the Mortgage
<br /> Insurance under the Homeowners Protection Act of 1998 or any other law.These rights may include the right
<br /> to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the
<br /> Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance
<br /> premiums that were unearned at the time of such cancellation or termination.
<br /> 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to
<br /> 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 agreement 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 repair is not economically
<br /> feasible or Lender's security would be lessened,the Miscellaneous Proceeds shall 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,destruction,or loss in value of the Property,the Miscellaneous Proceeds shall be
<br /> applied to the sums secured by this 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 of the
<br /> Property immediately before the partial taking,destruction,or loss in value is equal to or greater than the amount of
<br /> the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value,
<br /> 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 of the
<br /> Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums
<br /> secured immediately before the partial taking,destruction,or loss in value,unless Borrower and Lender otherwise
<br /> agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument
<br /> whether or not the sums are then due.
<br /> If the Property is abandoned by Borrower,or if,after notice by Lender to Borrower that the Opposing Party(as
<br /> defined in the next sentence)offers to make an award to settle a claim for damages, Borrower fails to respond to
<br /> Lender within 30 days after the date the notice is given,Lender is authorized to collect and apply the Miscellaneous
<br /> Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument,whether or
<br /> not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party
<br /> 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 Lender's
<br /> judgment,could result in forfeiture of the Property or other material impairment of Lender's interest in the Property
<br /> or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred,
<br /> reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in
<br /> Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the
<br /> Property or rights under this Security Instrument. The proceeds of pward or claim for damages that are
<br /> Initials: /C
<br /> NEBRASKA—Single Family—Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01 (page 7 of 13 pages)
<br />
|