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2� 17��41 �
<br /> ' ' L�AN#: 'IfiD'I17�73
<br /> atte�nate martgage insurer seEected by Lender.If substantially equ��alent Mortgage Insurance co�erage is
<br /> nat a�ailable,Bvrrower shall continue#a pay to Lenderthe amount of the separate�y desi�nated paym�nts
<br /> that w�re due when the insurance cv�erage ceased to be En effect. Lender will accept, use and retain
<br /> these payments as a non-refundable Ioss reserve in iieu of Mortgag�lnsurance. Such loss reserve shail
<br /> be nan-r�fundab�e, notwithstanding the fa�t that the Loan is ultimately paid �n full, and Lender shalf not
<br /> be required to pay Borrower any interest or�arnings❑n such lvss reserve. Lender can no langer require
<br /> Ioss re�erv� payments if Mortgage �nsuranc� co�erag� �in the amoun� and for the period that Lender
<br /> requires} pro�ided by an insurer selected by Lender again becomes a�ailabie, is obta�ned, and Lender
<br /> requires separately des�gnated payments tvward the premiums for Mortgage Insurance.It L�nder required
<br /> Mortgage lnsurance as a c�ndition of maktng the Loan and Borrower vrras requ��ed to make separa#ely
<br /> des�gnated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums
<br /> required to maintain Martgage Insurance in effect, ar to pro�ide a non-refundable Ivss reserve, until
<br /> Lender's requirement for Mortgage Insurance ends in accordance with any writ�en agreement�etween
<br /> Borrower and Lender pra�iding far such termination or until termination is required by Applicable Law.
<br /> Nothing in this 5e�tivn ��aff�cts Borrawer's obliga#Ean t�pay int�rest at the rate pra�ided in the Note.
<br /> Mortgage Insurance reimburses Lender�or any entity that purchases the Not�}for ce�tain losses it may
<br /> incur if Borrower does not repay the Loan as agreed. Barrawer is not a party to the Mortgage Insurance.
<br /> Mortgag� Insurers e�aluate their total risk on all such insurance �n force from time tv time, and
<br /> may enter into agreements with ather parties �hat share or modify their risk, or reduce losses. These
<br /> agreements are on terms and conditions that are satisfac#�ry to the mortgag� insurer and the other
<br /> party �ar parties}to these agreements. These agreements may require the mortgage insurer to make
<br /> payments using any source af funds that the martgage insurer may ha�e a�ai[able�which may include
<br /> funds abtained from Mortgage Insurance premiums}.
<br /> As a result of these agreements, L�nder, any purchas�r of the note, anather insu�er, any reinsure�,
<br /> any other entity, or affiiiate of any of the foregoing, may recei�e �dire�tly ar indirectly} amvunts that
<br /> deri�e fram �or might be chara�terized as} a portion of Borrower's payments for Mortgage Insurance,
<br /> in exchange for sharing�r modifying the mortgage insurer's risk,or reducing Iosses. If such agreement
<br /> provided that an affiliate of Lender takes a share of the �nsurer's risk in exchange for a share �f the
<br /> premiums paid to the insurer,the arrangement�s often termed "capti�e reinsuranc�." Further:
<br /> (a� Any such agreements will not affect th� amounts that Borrower has agreed to pay for
<br /> Martgage Insurance,ar any other terms of the Loan.Such agreements wili not increase the am�unt
<br /> Borrower wi�l owe for Mortgage �nsurance.and they wi�l not entitle Borrower to any refund.
<br /> (b� Any such agreements will not affect th� rights Borrower has - if any - with respect to
<br /> the Mortgage�nsurance under the Hameowners Prot�ction Act�f'1998 or any other iaw. These
<br /> rights may in�lude the right to recei�e certain disclosur�s� to request and obtain cancellation
<br /> af the Mortgage Insurance,to ha�e the Mortgage�nsurance terminated automatically� andlor to
<br /> recei�e a refund af any Mortgage Insurance premiums that were unearned at the time of such
<br /> cancellatian or termination.
<br /> 11. Assignment of IlAiscellaneous Proceeds; Forfeiture.A�I Miscellaneous Pro�eeds are hereby
<br /> assigned to and shall be paid to Lender.
<br /> If the Property is damaged, such Miscellaneous Proceeds shall be app�ied to restoration ar repair af
<br /> th� Property, if the restoration or repair is e��nomically t�asible and Lend�r's security is not�essened.
<br /> During such repair and restoration period, L�nder shall ha�e the right to hnld such Miscellaneous
<br /> P�oceeds until Lender has had an opportunity to inspect such Property to ensure the work has been
<br /> campleted ta Lender's satisfaction, pro�ided that such inspecfion sha��be undertaken prompfly. Lender
<br /> may pay fo�the r�pairs and restoration in a single disbursement�r in a series of progress payments
<br /> as the work is c�mpleted. Unless an agreemen#is made in writing or Applicabie Law requires interest
<br /> #�be paid on such M'rscellaneous Proceeds, Lender shall not be required ta pay Borrawer any interest
<br /> vr earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or
<br /> Lender's securi#y would be lessened,the Miscellane�us Proce�ds shall be applied to the sums secured
<br /> by this Se�urity �nstrument, whexher or not then due, w�#h the excess, if any, paid to Borrovr►er. Such
<br /> M�scellaneaus Prvice�ds shall be app�ied in the order pro�id�d for in Section 2.
<br /> tn the��ent vf a tota!taking,destructian,or loss in�alue af the Property,the Miscellaneous Proceeds
<br /> shall be appiied t� the sums secured by this 5ecurity Instrument, whether or not then due, with the
<br /> excess, if any, paid to Borrower.
<br /> In the e�ent of a partial tak�ng, destruction, or Ivss in�a[ue of the Praperty in which the fair market
<br /> �alu� vf the Property immediately before the partial taking, destruction, or I�ss in �alue is equal to or
<br /> greater than the amounf of the sums secured by this 5ecu�i�y�nstrument immediately before the partial
<br /> taking, destruction, or Ivss in �alue, unless Barrower and Lender otherwise agree in writing, the sums
<br /> secured by this Security Instrument shall be reduced by the amount nf the Miscellaneous Pra�eeds
<br /> multiplied by the following fraction: �a} the tvtal amoun# of the sums secured immediately before the
<br /> partial taking,destruction,or Ioss in�alue di�ided by�h}fhe fair market�alue of the Praperty immediately
<br /> before the partiai taking, destruction, or Ioss in�alue.Any balance shafi be paid to B�rrower.
<br /> In the e�ent of a partia�taking, destru�tion, or loss in�a�ue of the Property in which the fair market
<br /> �alue of the P�ope�ty immediately before the part�al taking,destruction, or loss in�alue is s th n the
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<br /> Initials:
<br /> NEBRASKA--Stngle Famxly--Fann�e MaelFreddie Nla�UNiF�R11A INSTRUMENT Form 3�28'lID1
<br /> Ellie Mae,In�. Page 7 of�� NEEDEE❑ 0315
<br /> N EE�EED{CLS}
<br /> 121�81��'�fi 08:38 AM PST
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