|
202405103
<br />and will not perform, any act that could prevent Lender from exercising its rights under this Security Instrument.
<br />(f) Control and Maintenance of the Property. Unless required by Applicable Law, Lender, or a receiver appointed
<br />under Applicable Law, is not obligated to enter upon, take control of, or maintain the Property before or after giving
<br />notice of Default to Borrower. However, Lender, or a receiver appointed under Applicable Law, may do so at any time
<br />when Borrower is in Default, subject to Applicable Law.
<br />(g) Additional Provisions. Any application of the Rents will not cure or waive any Default or invalidate any other
<br />right or remedy of Lender. This Section 10 does not relieve Borrower of Borrower's obligations under Section 6.
<br />This Section 10 will terminate when all the sums secured by this Security Instrument are paid in full.
<br />11. Mortgage Insurance.
<br />(a) Payment of Premiums; Substitution of Policy; Loss Reserve; Protection of Lender. If Lender required Mortgage
<br />Insurance as a condition of making the Loan, Borrower will pay the premiums required to maintain the Mortgage
<br />Insurance in effect. If Borrower was required to make separately designated payments toward the premiums for
<br />Mortgage Insurance, and (i) the Mortgage Insurance coverage required by Lender ceases for any reason to be available
<br />from the mortgage insurer that previously provided such insurance, or (ii) Lender determines in its sole discretion that
<br />such mortgage insurer is no longer eligible to provide the Mortgage Insurance coverage required by Lender, Borrower
<br />will pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in
<br />effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an
<br />alternate mortgage insurer selected by Lender.
<br />If substantially equivalent Mortgage Insurance coverage is not available, Borrower will continue to pay to Lender
<br />the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect.
<br />Lender will accept, use, and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance.
<br />Such loss reserve will be non-refundable, even when the Loan is paid in full, and Lender will not be required to pay
<br />Borrower any interest or earnings on such Toss reserve.
<br />Lender will no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the
<br />period that Lender 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.
<br />If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make
<br />separately designated payments toward the premiums for Mortgage Insurance, Borrower will pay the premiums required
<br />to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for
<br />Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such
<br />termination or until termination is required by Applicable Law. Nothing in this Section 11 affects Borrower's obligation
<br />to pay interest at the Note rate.
<br />(b) Mortgage Insurance Agreements. Mortgage Insurance reimburses Lender for certain losses Lender may incur if
<br />Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance policy or 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 of
<br />the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of
<br />Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or
<br />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; liii)
<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, or
<br />any additional or successor federal legislation or regulation that governs the same subject matter ("HPA"). These rights
<br />under the HPA may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage
<br />Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage
<br />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 repair
<br />to be economically feasible and Lender's security will not be lessened by such restoration or repair. During such repair
<br />and restoration period, Lender will have the right to hold such Miscellaneous Proceeds until Lender has had an
<br />opportunity to inspect the Property to ensure the work has been completed to Lender's satisfaction (which may include
<br />satisfying Lender's minimum eligibility requirements for persons repairing the Property, including, but not limited to,
<br />licensing, bond, and insurance requirements) provided that such inspection must be undertaken promptly. Lender may
<br />pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is
<br />completed, depending on the size of the repair or restoration, the terms of the repair agreement, and whether Borrower
<br />is in Default on the Loan. Lender may make such disbursements directly to Borrower, to the person repairing or
<br />restoring the Property, or payable jointly to both. Unless Lender and Borrower agree in writing or Applicable Law
<br />requires interest to be paid on such Miscellaneous Proceeds, Lender will not be required to pay Borrower any interest or
<br />earnings on such Miscellaneous Proceeds. If Lender deems the restoration or repair not to be economically feasible or
<br />Lender's security would be lessened by such restoration or repair, the Miscellaneous Proceeds will be applied to the
<br />sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such
<br />Miscellaneous Proceeds will be applied in the order that Partial Payments are applied in Section 2(b).
<br />NEBRASKA-Single Family -Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 07/2021
<br />Page 7 of 12
<br />
|