|
2� 15�7974
<br /> 713�13Z775 944853
<br /> As a r�su��df�hese agreements,Lender,any purchaser of the NQte,another insurer,any reinsurer,
<br /> any other entity, or any affiiiate of any of the foregoing, may r�e�tve�d�r�ct�y ar�nd�rect�y}amsa�nts that
<br /> der�ve from �or might be characterized as} a portian af Barrawer's payments far Mortgage �nsurance, in
<br /> exchange for shar�ng or madifying the mortgage�nsurer's risk,or redu�ing losses.If such agreement provides
<br /> that an aff�iliate of Lender takes a share of the insurer's risk in exchange far a shar�af the premiums pa�d to
<br /> the �nsurer,the arrangement is aften termed"captive reinsurance." Further:
<br /> �a) Any su�h agreemen�s wi�I naf affect the amounfs that Borrawer has agreed �u,pay fur
<br /> M�r�gage Insurance, or any other terrns of the Luan. Such agreements will nuf increase the �muunt
<br /> Borruw�r wi��uwe for Marfgage Insurance, an� they wi�� nat en�itle �orrower to any refuad.
<br /> �b}An�such agreements will not affect the rights Burrow�r has-if any-wifh respect tu the
<br /> Murtgage Insurance under the Homeawners pru��chan Act uf 1998 or any ather law.These rights may
<br /> ; include the right to recei�e certain disciosures, �u request and ohta�n caace��at�on af�he Mar�gage
<br /> � Insuran�e,�o hawe�he Mur�gag�Insurance terminated�utumatic�lly,andJur tu recei�e a refund of any
<br /> Murtgage Insurance premiums�hat were une�rned a��he��me af such cancel�ation or termination.
<br /> 11. Ass�gnment uf Misce�laneous Proceeds; Furfeiture. Al1 Miscellaneous Proceeds are hereby
<br /> assigned to and shal� be paid to Lender.
<br /> �f the Propert}��s damaged,such Miscellaneous Proceeds shall be applied ta restoration ar repair af
<br /> the Property, if the restoratian ar repair is econamica��y feasible and Lender's secur�ty�s nat les�ened. During
<br /> such repair and restaration periad, Lender shall have the right to hald such Miscettaneous Proceeds unti�
<br /> Lender has had an appdrtunit�to 2nspect such PrQperty to ensure the work has been completed to Lender's
<br /> �3 satisfactian,pravided that such inspectian shall be underta,ken prompt�y. Lender may pay for�he repaus and
<br /> restoration in a single disbursement or in a series of progress payments as�he work is compteted. Untess�n
<br /> agreement is ma.de in writing ar Appl�cab�e Law requires interest to be paid�n such Miscellaneous Proceeds,
<br /> Y Lender shall not be required to pay Borrower any interest or earnings vn suCh Misce�lan�aus Proceeds. If the
<br /> restorat�on or repa�r is not ec�nomically feasible or Lender's security wauld be Iessened,the Misceltaneaus
<br /> Pro�eeds shatt be apptied to the sums seeured by th�s Security Instrument,whether or n�t then due,with the
<br />: excess, if any,paid ta Borrower. Such Miscelianeous Proceeds shat�be app�ied �n the ord�r pra�id�d for in
<br /> Section�.
<br /> In the event of a tatal taking, destru�tian, or ioss in vatue of the Property, th� Mis�e��aneaus
<br /> Proeeeds sha��be app�ied to the sums secured b�this Securit�Instrument,whether or nat then due,wi�h t.he
<br /> excess, if any,paid�o Borrawer.
<br /> In the event af a part�al ta�ing,destructian,or loss in value of the Properiy in which the fair market
<br /> value of the Praperty immediatety befare the partial taking,destru�t2on,ar�ass in value is equal to or greater
<br /> than the am�unt of the sums secured by this Security Instrument immediatety before the partiat �aking,
<br /> destruction,ar Zoss in�a..�ue,un}.ess B�rrower and Lender atherwise agree in writing,the sums secured by this
<br /> Security Instrument shall be reduced by the amount of�he M�se���aneous Proceeds mu�t�pl�ed by the
<br /> fo��owing fract�on: �a} the tatal amaunt af the sums secured immediateiy bef�re the partia� taking,
<br /> destructian, or toss in vatue divided by (b}the fa�r market ualue of the Propert� immediately befare the
<br />: partial taking, destruction, �r Iass in vaiue. Any ba�ance shat� be paid t� Borro�er.
<br /> In the e�ent of a part�a��ing,r�estruct2on,�r�oss in value�f the Praperty in which the fair market
<br /> value of the Property immediateiy befare the partiat takrng, destru�tion, or �oss in va�ue �s �ess than the
<br /> amaunt af the sums secured immediatel� before the partial taking, destructian, or iass in varue, untess
<br /> Borrower and Lender otherwise agr�e tn writing,th�M�sce��anevus Proceed�shall be applied to the sums
<br /> secured by this Security Instrument whether or not the sums are then due.
<br /> If the Property is abandoned by Barra�er, ar �f, after notice t�y Lender to B�rrawer that the
<br />. �]ppasing Party �as defined in the next sentence} o#'fers ta make an award to settte a c�aim for damag�s,
<br /> Borrow�r fai�5�a respand to Lender w�th�n 3�days after the date the natice is given,Lender is authorized�o
<br /> NESRA5KA--Single Family--Fannic MaelFrcddic Mac UNTF�RM iN5TRiTMENT
<br /> � 33$.2G Pa�e 9 of I 5 Farm 3428�la�
<br /> Modific�far VA
<br />
|