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202401919 <br />providing for such termination or until termination is required by Applicable Law. Nothing in this Section 11 affects <br />Borrower' s obligation to pay interest at the Note rate. <br />(b) Mortgage Insurance Agreements. Mortgage Insurance reimburses Lender for certain losses Lender may <br />incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance policy or <br />coverage. <br />Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into <br />agreements with other parties that share or modify their risk, or reduce losses. These agreements may require the <br />mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which <br />may include funds obtained from Mortgage Insurance premiums). <br />As a result of these agreements, Lender, another insurer, any reinsurer, any other entity, or any affiliate of any <br />of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion <br />of Borrower' s payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer' s risk, <br />or reducing losses. Any such agreements will not: (i) affect the amounts that Borrower has agreed to pay for Mortgage <br />Insurance, or any other terms of the Loan; (ii) increase the amount Borrower will owe for Mortgage Insurance; (iii) <br />entitle Borrower to any refund; or (iv) affect the rights Borrower has, if any, with respect to the Mortgage Insurance <br />under the Homeowners Protection Act of 1998 (12 U. S.C. § 4901 et seq.), as it may be amended from time to time, <br />or any additional or successor federal legislation or regulation that governs the same subject matter ("HPA"). These <br />rights under the HPA may include the right to receive certain disclosures, to request and obtain cancellation of the <br />Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any <br />Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. <br />12. Assignment and Application of Miscellaneous Proceeds; Forfeiture. <br />(a) Assignment of Miscellaneous Proceeds. Borrower is unconditionally assigning the right to receive all <br />Miscellaneous Proceeds to Lender and agrees that such amounts will be paid to Lender. <br />(b) Application of Miscellaneous Proceeds upon Damage to Property. If the Property is damaged, any <br />Miscellaneous Proceeds will be applied to restoration or repair of the Property, if Lender deems the restoration or <br />repair to be economically feasible and Lender' s security will not be lessened by such restoration or repair. During such <br />repair and restoration period, Lender will have the right to hold such Miscellaneous Proceeds until Lender has had <br />an opportunity to inspect the Property to ensure the work has been completed to Lender' s satisfaction (which may <br />include satisfying Lender's minimum eligibility requirements for persons repairing the Property, including, but not <br />limited to, licensing, bond, and insurance requirements) provided that such inspection must be undertaken promptly. <br />Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work <br />is completed, depending on the size of the repair or restoration, the terms of the repair agreement, and whether <br />Borrower is in Default on the Loan. Lender may make such disbursements directly to Borrower, to the person <br />repairing or restoring the Property, or payable jointly to both. Unless Lender and Borrower agree in writing or <br />Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender will not be required to pay <br />Borrower any interest or earnings on such Miscellaneous Proceeds. If Lender deems the restoration or repair not to <br />be economically feasible or Lender's security would be lessened by such restoration or repair, the Miscellaneous <br />Proceeds will be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, <br />if any, paid to Borrower. Such Miscellaneous Proceeds will be applied in the order that Partial Payments are applied <br />in Section 2(b). <br />(c) Application of Miscellaneous Proceeds upon Condemnation, Destruction, or Loss in Value of the <br />Property. In the event of a total taking, destruction, or loss in value of the Property, all of the Miscellaneous <br />Proceeds will be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, <br />if any, paid to Borrower. <br />In the event of a partial taking, destruction, or loss in value of the Property (each, a "Partial Devaluation") <br />where the fair market value of the Property immediately before the Partial Devaluation is equal to or greater than the <br />amount of the sums secured by this Security Instrument immediately before the Partial Devaluation, a percentage of <br />NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (MERS) r DocMagic <br />Form 3028 07/2021 <br />Page 11 of 19 <br />ne3028.mzd-a.xml <br />