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202100722
<br />LOAN #: 175180
<br />alternate 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 earnings 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 premiums for 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 affiliate 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 or 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, or any other terms of the Loan. Such agreements will not increase the 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 earnings 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 is less than the
<br />NEBRASKA --Single Family --Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01
<br />Ellie Mae, Inc. Page 7 of 12
<br />NEEDEED 0315
<br />NEEDEED (CLS)
<br />01/27/2021 08:33 AM PST
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