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201502651
<br /> LOAN#: 1503EM098059
<br /> altemate mortgage insurer selected by Lender.If substantially equivalent Mortgage Insurance coverage is
<br /> not available,Borrower shall continue to pay to Lender the amount of the separately designated payments
<br /> that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain
<br /> these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall
<br /> be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not
<br /> be required to pay Borrower any interest or eamings on such loss reserve. Lender can no longer require
<br /> loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender
<br /> requires)provided by an insurer selected by Lender again becomes available, is obtained, and Lender
<br /> requires separately designated payments toward the premiumsfor Mortgage Insurance.If Lender required
<br /> Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately
<br /> designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums
<br /> required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until
<br /> Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between
<br /> Borrower and Lender providing for such termination or until termination is required by Applicable Law.
<br /> Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note.
<br /> Mortgage Insurance reimburses Lender(or any entity that purchases the Note)for certain losses it may
<br /> incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.
<br /> Mortgage Insurers evaluate their total risk on all such insurance in force from time to time, and
<br /> may enter into agreements with other parties that share or modify their risk, or reduce losses. These
<br /> agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other
<br /> party (or parties)to these agreements. These agreements may require the mortgage insurer to make
<br /> payments using any source of funds that the mortgage insurer may have available (which may include
<br /> funds obtained from Mortgage Insurance premiums).
<br /> As a result of these agreements, Lender, any purchaser of the note, another insurer, any reinsurer,
<br /> any other entity, or a�liate of any of the foregoing, may receive (directly or indirectly) amounts that
<br /> derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance,
<br /> in exchange for sharing ar modifying the mortgage insurer's risk,or reducing losses. If such agreement
<br /> provided that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the
<br /> premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further:
<br /> (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for
<br /> Mortgage Insurance,oranyothertermsofthe Loan.Such agreementswill not increasethe amount
<br /> Borrower will owe 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
<br /> the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These
<br /> rights may include the right to receive certain disclosures, to request and obtain cancellation
<br /> of the Mortgage Insurance,to have the Mortgage Insurance terminated automatically, and/or to
<br /> receive a refund of any Mortgage Insurance premiums that were unearned at the time of such
<br /> 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
<br /> the Property, if the restoration or repair is economically feasible and Lender's security is not lessened.
<br /> During such repair and restoration period, Lender shall have the right to hold such Miscellaneous
<br /> Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been
<br /> completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender
<br /> may pay for the repairs and restoration in a single disbursement or in a series of progress payments
<br /> as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest
<br /> to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest
<br /> or eamings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or
<br /> Lender's security would be lessened,the Miscellaneous Proceeds shall be applied to the sums secured
<br /> by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such
<br /> Miscellaneous 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
<br /> shall be applied to the sums secured by this Security Instrument, whether or not then due, with the
<br /> excess, if any, paid to Borrower.
<br /> In the event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br /> value of the Property immediately before the partial taking, destruction, or loss in value is equal to or
<br /> greater than the amount of the sums secured by this Security Instrument immediately before the partial
<br /> taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
<br /> secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds
<br /> multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br /> partial taking,destruction,or loss in value divided by(b)the fair market value of the Property immediately
<br /> before the partial taking, destruction, or loss in value.Any balance shall be paid to Borrower.
<br /> In the event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br /> value of the Property immediately before the partial taking, destruction, or loss in value i ss than t
<br /> Initials: ' •
<br /> NEBRASKA--Single Family--Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form 3028 1101
<br /> Ellie Mae,inc. Page 7 of 12 NEEDEED 0315
<br /> NEEDEED
<br /> 04/17/2015 10:21 AM PST
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