|
2� 17��477
<br /> L�AN#: 19'�525465G
<br /> a�ternate mortgage insur�r sele�ted by Len�er.If subs�antially equivalent Mortga�e Insurance c�v�rage is
<br /> not available,Borrowe�shal��ontinue to pay to Lender#he amount of the se�arate�y designated paym�nts
<br /> that were due when the insurance cov�rage ceased to b� �n efFec#. Lender will a�cept, use and retain
<br /> these paym�nts as a nvn-refunda�le loss reserve in lieu of Morkgage I nsu�an�e. Su�h Ioss res�rve shall
<br /> be non-refun�able, notwithstand�ng the fact that the Loan is ultimately paid in fu�l, and L�nder shall nat
<br /> be r�quired to pay 6arrowe�any interest or earnings an such Ioss reserve. Lender can no Ionger require
<br /> Ioss �eserve paymen#s if Mo�tgage lnsurance coverage �in the amount and for the p�riod that Lender
<br /> �equi�es} �r��ided by an insurer sele�ted by Lender again becom�s available, is obtained, and Lender
<br /> r�qu�res separately designated payments taward the pr�m'rums for Mor�gag�insuran�e.�f Lender required
<br /> Mortgage Insurance as a�ondit�an vf making the Loan and Borrower was requ��ed to mak�separateiy
<br /> designated payments toward the premiums far Nlvrtgage Insurance, Bvrrower shal! pay th� prem�ums
<br /> required ta maintain Mvrtgage lnsuranc� �n effect, or to prov�de a non-�efundabfe Ioss reserve, un�i�
<br /> L�nder's requirement for Morkgage Insurance ends in accordance with any written agreement betwe�n
<br /> Borrower and Lender pr�viding for such terminat�on or unti!termination is required by Applicable Law.
<br /> Na�hing in this Section 1�affects Bor�-ow�r's abligatinn to pay interest at the rate provided in the N�te.
<br /> Mortgage Insurance reEmburses Lender�or any en#ity tha#pur�hases#he N�te}for certain Iosses it may
<br /> incur if Bvrrower does not repay the Loan as agre�d. Bn�rawer is nof a party to the M�rtgag�Insu�-anG�.
<br /> Mortgage insurers e�aivate their total risk on a11 such insuranc� in for�e frpm �ime #o t�m�, and
<br /> may �nter into agr�ements w�th o�her par#�es that share or m�dify th�ir rtsk, or re�uce �osses. These
<br /> agreem�nts are on terms and c�ndi#ions that ar� satisfactary to the mortgage insurer and the other
<br /> party �or parties} ta these agreements. These agreements may require the mortgage insurer to make
<br /> payments using any source af funds tha�the mortgage insurer may have a�ailabie�which may inc�ude
<br /> funds obtained from Mortgage Insurance premiums}.
<br /> As a r�sult of these agr�em�nts, Lender, any purchas�r nf the nvte, another insurer, any�einsurer,
<br /> any other entity, �r affiliate of any �f the foregaing, may receive �directly or indir�ctly} amounts that
<br /> derive from �a�m�ght be character�zed as} a portian of Borrower's �ayments f�r Morkgag� Insurance,
<br /> in exchange for sharrng or madifying the mortgage�nsurer's risk, ar reduc�ng Iosses. If such agreem�nt
<br /> p�ovided that an affiliate of Lender takes a share af the insurer's risk in exchange for a share af th�
<br /> premiums paid t�the insu�er, th�arrangement is�ften termed "�apti�e re�nsurance." Further:
<br /> �a� Any such agreements will not affe�t the amounts that B�rrower has agreed ta pay for
<br /> Mortgage Insurance,orany otherterms of the Loan.Such agreements wi#I nat increasethe amount
<br /> Borrawer will owe for IlAortgage Insurance,and they will nat entitle Borrawer to any refund.
<br /> �b} Any such agreements wil� not affect the rights Borrower has - if any - with respect to
<br /> the Martgage [nsurance under the Homeowners Pratection Act af 1998 or any other law.These
<br /> rights may incfude the right t� re�ei�e certain disclosures, ta request and abtain cancellation
<br /> af the Mortgage insuranc�,to ha��the Mortgage Insurance terminated automatically, and�or to
<br /> recei�e a refund of any M�rtgage lnsurance premiums that wer� unearn�d at the time nf such
<br /> cancellation nr terminati�n.
<br /> '11. Assignment of Miscel[aneous Pro�eeds; Forfeiture.All Misc�llaneous Proceeds are hereby
<br /> assigned to and shall be paid#o Lends�.
<br /> �f the Pr�perty is damaged,such Mis�ellaneous Proceeds shall be applie���res#oration or repair a�
<br /> the Property, if the restnration or r�pair is econvmically feasible and Lender's seGu�ity is nat lessened.
<br /> Durin� such repair and restoration period, Lender shafl ha�e the right to hold such Misce�laneous
<br /> Proceeds until Lender has had an opportun�ty to Enspect such Property to ensure the work has been
<br /> comp��ted tv Lend��'s satisfaction, provided that such insp��tion shall be undertaken prompfly. Lender
<br /> may pay far#he repairs and restora#��n in a single dis�ursement ar in a series af pragr�ss payments
<br /> as th�work is complete�. Unless an agreement is made in writing or Applicabfe Law requires �nferest
<br /> to be paid on such Misc�llaneous Proceeds, L�nder shall not be required to pay Barrower any interest
<br /> or earnings on such Nfisceilanevus Pr�ceeds. If th�restaration or re�air is n�t e�onomicaliy feasible vr
<br /> Lend�r's security would be lessened,the Miscellan�ous Proce�ds shall be applied ta th�sums secured
<br /> by this 5ecurity Instrument, whethe� or not then due, with the �xcess, if any, paid to Sorrower. Such
<br /> Miscellaneaus Pro�eeds shall be a�plied in the order provided fvr in Section �.
<br /> In the e��n�of a total taking,destru�tion,or loss in value of the Proper#y,th�Miscelianeous Pr�ceeds
<br /> shal! be appiied to the sums secured by this Securi�y lnstrument, wh�ther or not then due, with the
<br /> �X�@55, �f any, paid to B��r�wer.
<br /> �n the event of a par�ial taking, des�ruction, ar loss in value o�the Praperty in which the fair market
<br /> value af the Property 'rmmediately befare the partiai taking, d�struction, �r lass in value is equal ta or
<br /> grea�e�fhan the amount af the sums secured by this 5ecurity lnstrument immediately before the partia!
<br /> taking, destruct�on, or Ioss in value, un�ess Borrower and Lender othenNise agree in writing, the sums
<br /> secured by this Security lnstrument shall b� redu��d by �he amount of the Miscellaneous Pra�eeds
<br /> multipiied I�y the following fra�tion: �a} �he tnta! amount of the sums secu red immediately before the
<br /> �artiai taking,destruction,ar Ioss in value di�ided by�b}the fair market�alue of the Property immediately
<br /> �e�ore the partial taking, des#ruc#ion, or loss in�alue.Any balance shall be paid to Bflrrower.
<br /> In th�ev�nt of a partial taking, destruc#ion, �r Ioss in vafue of the Property in which the fair market
<br /> �alue of#he Property immediate�y b�fore the pa�ial taking, destruction, or Ioss in value is� th n th� �; --.
<br /> . . �
<br /> Init�als:
<br /> NEBRASKA--Single Family--Fannie MaelFreddie IIAac UNIF�RM INSTRUMENT Form 3�ZS 1101
<br /> Ellie Mae,Inc. Page 7 af'�1 NEEDEED Q3�5
<br /> NEEDEED�CLS}
<br /> .....
<br /> .
<br />
|