|
- ��14���95
<br /> Lender pro�iding for such termina�ion ar until�erminat�Qn is required by Applica�le Law. l�o�hing�n this Sect�on
<br /> 1�affects Borrov�er's obl�gation to pay interest at�he rate prov�ded in the Note.
<br /> Mortgage�nsurance reimburses Lender�or any entity�ha�purchases the Nate} for certa�n Iosses it xnay�ncur
<br /> if Borrovver does not repay th���an as agreed. Borrower�s not a par�y ta the Mortgage�nsurance.
<br /> N�or�gage�nsurers e�aluate the�r to�al risl�on aIi su�h�surance in force fram time to time, and may enter into
<br /> agreemen�s with other part�es tha�share ar m�dify their r�sk, or reduce losses. T`hese agreements are on t�rms and
<br /> cond��i�ns that are satisfactory t� �he mor�gage�n�urer and�he ather party�or parties}to these agre�ments. T`hese
<br /> agreements may require the mortgage insurer to make payments using an�source of funds�ha�the mortgage insurer
<br /> may ha�e a�ailab�e�which may�nc�ude funds ob�ained from Mortgage Insurance premium.s�.
<br /> As a resu��af these agreemen�s, Lender, any purchaser of the Na��, anather insurer, any reinsurer, any a�her
<br /> entity, or any afFi��ate af any of the foregoing, may receive�d�rectly or�ndirec�ly}amaunts that derive from�or migh�
<br /> be characteri�ed as�a p�rtian af Borravver'�paymen�s far Mor�gage�nsurance,in ex�ha�ge for sharing or mod�fying
<br /> the mortgage insurer's rislc, or reducing losses. If such a�reement provides�hat an af��ia�e of Lender takes a share
<br /> of the insurer's risk in exchange for a share af the premiums paid ta the insurer, the arrangemen�is �ften�ermed
<br /> "capti�e reinsurance." Further:
<br /> �a} Any such agreements will not affect the amaunts that Bv�row�r has agr�ed to pay fvr IVI��gage
<br /> Insurance, or any other terms of�he Loan. Such agreements will not increase the am�unt gorrower�II�w�
<br /> far M�rtgage Insurance, and they will nnt ent�t�e Eorrower to any refund.
<br /> �b} Any such agreements will not affect the rights Eorrower bas�xf any-w�th respec�to the IVl�rtga�e
<br /> Insurance under the Homeowners Protection Act of 19gS nr any other law. These r�ghts may include�h�rig�t
<br /> to receive certain di5�losures, to request and flbtain cancellation �f the Mortgage Insurance, tv hav� th�
<br /> Mar�gage Insurance terminated automat�cal�y, andlor to recei�e a refund of any 1Vlartgage Insurance prer�.�ur�s
<br /> that were un�arned at the tim�of�uch�ancellation or termi�nat�on.
<br /> 11. AsSignment af Mis�ellaneous Proceeds;Forfeiture. All M�s�e��aneaus Proceeds are hereby assigned�a
<br /> and shall be paid ta Lender.
<br /> If�he Property is damaged,such M�scellaneous Proceeds sha�1 be app�ied to restoratifln or repair of the Praperty,
<br /> if the restora�ion or repair is�conomically feasible and Lender�s securit�is no� Iessened. Dur�ng such repair and
<br /> restoration period, Lender sha11 have the right to h��d such Miscel�aneous Praceeds unt�� Lender has had an
<br /> oppor�uni�.y�o inspec�suc�i Property to ensure the work has be�n compl.eted to Lender's satisfaction, provided�hat
<br /> such inspection sha��be under�aken promptly. Lender may pay for�he repairs and restorat�on in a sing�e disbursemen�
<br /> or in a series of pr�gress payments as the wark is camp�.eted. Unless an�.greement is made in Wr���ng or Applicable
<br /> Law requires interest to be paid on su�b M�s�el�aneous Praceeds, Lender sha11 no�be required�o pay B�rrower ar�y
<br /> int�rest �r earnings on such Misce��aneous Proceeds. �f�he restorati.on or repa�r is not economically feasible or
<br /> L�nder's security Wou�d l�e�essened,the Misce�Ianeou�Proceeds shall be app��ed to the sums secured by this Security
<br /> �nstrument, whether ar nat then due,with the excess, if any, paid to Barrower. Such Miscellaneaus Pr�ceeds shall
<br /> be ap�lied in the arder provided for in Secti�n�.
<br /> Zn the even�of a total tak�ng, destruction, or loss in va�ue of the Pr�perty, �h�Misce��aneous Proceeds shall be
<br /> app�ied��the sums se�ured by this 5ecurity In�trument, vvhe�her ar nat then due, with the excess, �f any, pa�d ta
<br /> B�rrawer.
<br /> �n the even��f a partial tak�ng, destructian, or Ioss in va�ue af�he Pr�perty in,which the fair market va�ue of
<br /> the Property immediately before the partia�taking, des�ruc�ian, or lass in value is equal to�r greater than th�amnunt
<br /> of the sums secured by th�s Secur��y In�truxnent irnmediately before�he partial�aking, destruction, �r loss in value,
<br /> unless Borr�wer and Lender otherwise agree in writing, the sums secured by this Security Instrumen�sha�l be reduc�d
<br /> lay the amount of th�M�scel�aneous Proceeds mu�t�p�ied by the fo�lowing fra�tzon: �a}the total amoun�of the sums
<br /> se�ured immediately before the part�al tal�ing, destruction, or loss�n value dzvided by(b�the fair market value af�he
<br /> Pr�perty inzmedia�ely befare�he par�ial.ta�ing, des�ruction, or loss in value. Any i�alance sha11 be pa�d to Borrovver.
<br /> �n the event of a partial tal�ing, destruction, or�oss�n value af the Property in tivhich the fair mar�et value af
<br /> the Property immediately before�he partial�aking, destruction, or l�ss in value is less than the amount af th�sums
<br /> secured immedia�ely befare�he partial�aking, des�ruc�ion, ar �oss�n�alu�, unless Borrower and Lender othervvise
<br /> NEBRASKA-5ingle Family--Fannie MaelFreddie Mac UN[F4RNf INSTR�MENT �]ac�$gEC�
<br /> Fvrm 3��8 �10� Page S af �4 v�ww_clocrrragic.eorr�
<br />
|