|
2� 1 ��8158
<br /> LOAN#:�'!1"��889fi"t
<br /> a�ternat�mortgage insurer se���tPd by L���der.��s�bsiantially equivalent Mortgage In�urance c�verage is
<br /> not a�ailabl�,�3orrower sh�ll coE�tinue t❑p�y ta�.er�der fhe amount af th�se�ara�ely designated paymer�ts
<br /> �hat were due when the insurance caver-ac�e ceas�d t4 be in e�feGt,Lender will accept,use�nd retain
<br /> �he�e p�yments as a non-refundahle[ass reserve in iieu of Mort�age In�uranc�.Such los�reserve shall
<br /> be non�re�unda�le,notwithstanding the fact that th�Loan�s ul#imat�iy paid in fu11,and Lender shal�not
<br /> be required to pay Barrvwer any interest ar earnings on�u�h lvss res�rve.Lende�can nQ langer r�quire
<br /> lass reser��payments if Morkgage insurance ca�erar���in the amvunt and for the period that Lend�r
<br /> requir�s}pro�id�d�y an insurer selecfed by L�nd�r again be�omes ava�lab�e,�s oht�ine�,and Lende�
<br /> requires separat�ly desi�nated payments t�ward the pr�miums for Mortgage In��trance,ifL�nder r�:quired
<br /> Mor�gag��nsurance a�a condi�ion of ma�ing the Laan and gorrower was required to n�ake separately
<br /> d�signated p��rm�nts taward the p�ert��ums fo�Niar�gage Insu�ance,Barrovver shal�p�y the pr�m�ums
<br /> requir�d to maintain Martq��e insu�an�e in ��fect, or t� prc�vide a non-refund��fe�oss reserv�, unti�
<br /> L�nder's requirement for Martgage Insurance�nds in accQrdan�e with any wr�tten agreern�nt betw��n
<br /> Borrower and Ler�dQr p�aviding for such terminat�on�r until terminati�n l�required by AppliGable Law.
<br /> Nothing in this S�ctivn�D a�ect��or�ow�r's obligatian tQ pay interest a�the rate prov�ded in the No�e.
<br /> M4rtg�ge�nsu�-ance relmburses Ler�de��ar a��y entity that purchases the Nofie7 for cert�in 1os�es it may �
<br /> incu��f Borraw��'does r�ot rep�y th�Loan as agreed.BorrovWer is not a party to tlie M��tgage�nsurar�ce.
<br /> Mo�tgage 1nsu�-�r� �Wa�uate th�ir total risk on all su�h insur-ance in fo�ce from time to time, �nd
<br /> may enter�ntv agreements with ather parties that share or madify their risk,or r���uce losses.Th��e
<br /> agreemen#s ar�on��rms and conditians tha�are satisfactary ta the mar�gage inSurer and the oth�r
<br /> party�ar pa�.ies}to thes�agreernen�s.Yhese ac�reements rnay require the mor�t�ag�Ef�su�-er to make
<br /> paym�n��using any sourGe of funds that the mo�tgag�insurer may have a�ai�able�which may inc�ude
<br /> funds❑�tained�rorn Mort��ge lnsur�nce pre��iums}.
<br /> As�resuli a�these agre�mer��s,Lender,any purchaser vf the note,another ir�su�er,any r�insurer,
<br /> any oti�e�entity, nr aifili�te o��ny af the faregoing, ��nay receive �direC�ly or indirect[�r� amounts tha�
<br /> deri�e�rom�or might b�charact�riz�d as}a portion of�orrov►�e�''s payments far Mor�ga�e insurance,
<br /> in exchange for sharing or madifyin�the martgage insurer`s risk,ar reducing lo�ses,If such agreement
<br /> pravided that an affiliat�❑f Lender takes a shar�of th� insurer's risl�in exchange for a share of the
<br /> . p�-erniums paid to�he in�urer,the arrangement is oft�n t�rmed°c�ptiv�reinsurance."Fur#h�r:
<br /> �a} Any su�h ag�'�ements wi�l not affec# t�e:amounts that Bor�'awer has ag��ed to pay�Qr
<br /> Mort�age Insurance,❑rany oth��-t�rms ofthc�van.�uch ag�eemen�s wi11 nvt inct�eas�the amaunt
<br /> Bo�-row�r w�ll owe�vr Mortgagc�1t�surar�ce,�nd th�:y will nat entitle Borrower to any refund,
<br /> �b) Any su�h agr��ments w�l� not a��ect #he rfgh�s Borrower has-��any-w�th respect t�
<br /> the Martgage�nsurance under the Momeowners Pr�tec�ion Act of`�998 or any ather law.Thes�
<br /> rights may inGlude th�riqht tv rece�ve c�rtain disGlasu�es,t�reque�t and o�tain cancella�ian
<br /> a�the Mortgage lnsurance,to have the Mortgage fnsurance term[nated aut�matiGally,andlor to
<br /> re�eiWe a refund a�any Ma�tgage lnsurance premiums that were unearned at the t�rne af�uch
<br /> cancellation or termina�lon.
<br /> `��. Ass�gnment a�Mis�e��an�ous Prr�ceeds;Forfe�tu�-�.A11 Miscei�aneous Proceeds are hereby
<br /> ass�gned�o ar�d sha�I�e pai�i to Lender,
<br /> 1�the Praperty is damaged,such Miscel�an�nus Proceeds s�ia!!be appii�d#v restoratian or repair o�
<br /> the Propert�,if the resforatian ar re�air is ec4norr�ica��y feasihle and Lend�r's�ecurity is n�t lessened.
<br /> During �u�:h �`��air ��id c�e�tor�t�nr� ��rio�i, �e��d�r sh�l� hav� th� righ# t❑ hald such Miscell�neous
<br /> pra��eds until L�nder hes h�d an❑ppor�unity t❑insp�ct such Pra�erty t❑�nsure the work has been
<br /> ��mpleted lo Lender's sati�f�ction,p��n�ideei t1��t s��ch�nspPctian�i�ali�e ut�der�aken p�-amptly.L�nder
<br /> may pay�or the repa�rs and re�taration�n a single disbursement ar in a s�r�es of pragr�ss paymer�ts
<br /> as thQ wor�is�omp�eted.Unie�s an agreen�ent is made in writin�ar App�icable Law requires ir�terest
<br /> tc�b�pa�d on such Mi��etlaneoias Praceeds,Lend�r�hal!nat b�requi�ed to pay Borrawer any interest
<br /> ar�:�rnings on such Misc�llaneQus Prac�ed�,lf the�estoration or r�pair i�nat ectinom�ca�ly fe�sible or
<br /> Lender's security would be lessened,the Miscellane�us prace�ds shali be appiied ta�he sums secur�d
<br /> by this Secur�ty instrum�nt,whether or nat ihen du�,wi�h th�exce�s,i�any, paid ta g�rraw��.Su�h
<br /> Miscelian�ous Prr�c�eds sh�19 b�applied in tfi�e ord�r prQvid�d fic�r in S�Gti�n�.
<br /> r ln the�v�r�t qf a totai ta�Cing,destruction,or lo�s in W�lue�f the�rope�ty,thc Misc�ilaneous f�roceeds
<br /> shai! be a�pli�c� to the�ums s�cured �y thi5�e�uri�y Instrument,whPther or not then du�,with the
<br /> excess,if any,paid to Barrower.
<br /> fn th��ven�of a partia�taking,d�structioE�,or lass in�alue a�th�Property iri whicf�the f�ir market
<br /> ►r�lue o�th�Pr�perty�mmediat�ly before th�partia�taking,d�structian,ar los�in value i�equa�#o�r
<br /> gre�ter than the amaun�af th�sum�s�cured by this�ecu�ity lnstrument immediately bsfare#he parti�l
<br /> t�king,destructian,ar��ss in va�ue,unCess�orrower and Lender otherw�se agr�e in writing,th�sums
<br /> secured by th�s S�curity Instrument shal��� reduced by t��e amount af t��� Misc�llaneou� Proceeds
<br /> muit�pli�d by th�f�ilowing fraction: �a}#he total amoun#Qf the sums secured irnm�diat�ly���fore the
<br /> partia�taking,destructir�n,or lo�s in Walu�divided by�b}the f�ir market value af th�P�c�pe�ty immediateiy
<br /> befa�e th��a�tial t��ing,destructian,or loss in��lue.A����b�lance shall be pa�d to Borra►nrer.
<br /> � {n th��vent of a partiaf taking,d�stru�t�an,ar io�s in value of the Prope�ty in which the�a� mar- et
<br /> v�lue of the Prope�ty immediately be��re#�7e p��ti�I taking,dPstruction,or loss in vaiu��s 1es� �� the,��r� .
<br /> ln�tials: ' �f �'
<br /> NEBRASKA--Sir�gle Family--Fan��i�Mael�'��edr�ie Mac UNI�DRII+I INSTRU�ENT Farm 3�28 11��
<br /> NE�L�EED Q315
<br /> Elli�Mae,�nc. Page 7 of�1 NEEDEED��f.57
<br /> 11l1$12�'ff��O:Q�AM PST
<br /> ,.�a�V�a �i■ . `
<br /> ■r
<br /> �
<br /> � ��r
<br /> ��' �r a
<br /> �� ■
<br /> r i ■
<br />
|