|
200300132
<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 are on terms avid conditions
<br />that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. 1 hese agreements may
<br />require the mortgage insurer to make payments using any source of fiends that the mortgage Insurer may have available
<br />(which may include funds obtained from Mortgage Insurance premiums).
<br />As a result of these agreements, lender, any purchaser of the note, another insurer, anyreinsurey any other entity,
<br />or affiliate of any of the foregoing, may receive (directly or Indirectly) amounts that derive from (or might be characterized
<br />—I ., ..,.n:,...,.f u.,. ... a....,.,,.,r 1, fnr Mnrtoaoe. Inanance. in ..chnnec for shame or modifvinrt the morteaee insurer's
<br />for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further:
<br />-(a) Any such agreements will not affect the amnunls that Borrower has agreed to pay for Mortgage
<br />Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for
<br />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 the Mortgage
<br />Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to
<br />receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage
<br />Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were
<br />unearned at the time of such cancellation or termination.
<br />11. Assignment of Miscello neous Proceed s; Forfeiture. All M iscol lancous Proceeds are hereby assigned to and
<br />shall be paid to Lender.
<br />Ifthe Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair ofthe Property, if
<br />the restoration or repair Is economically feasible and Lender's security is not lessened. During such repair and restoration
<br />period, lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such
<br />Property to ensure the work has been completed to Winder's satisfaction, provided that such inspection shall be undertaken
<br />promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the
<br />work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lander shall not be required to pay Borrower any interest or earnings on such Miscellaneous
<br />Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if my,
<br />paid to Borrower. Such 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 shall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, with the 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 value of the
<br />Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount ofthesums
<br />secured by this Security Instrument immediately before the partial taking, destruction, or loss In value, unless Borrower and
<br />Lender otherwise agree In writing, the sums secured by this Security Instrument shall be reduced by the amount of the
<br />Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />partial raking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial
<br />raking, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />In the event of partial taking, destruction, or loss in value of the Property in which the fair market value of the
<br />Property immediately before the Partial taking, destruction, or lass in value is less than the amount of the sums secured
<br />immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing,
<br />the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the suns are then
<br />due.
<br />If the Property is abandoned by Borrower, or o after notice by lender to Borrower that the Opposing Partyder
<br />defined 0 the next sentence) oilers to make given, award to settle a claim far damages, Borrower fails to respond e Lender
<br />withinor days afterthedate the noticeis oto Leader is secured by collect and apnstru Miscellaneous Proceeds either
<br />to restoration or repair of the Property a to the sums secured by this Security Instrument, par whether or not then due.
<br />"Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower
<br />has a right ofaction in regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if my action or proceedingg, whether civil or criminal, is begun that, in Lender's
<br />jud6mom could result in forfeiture of the Property or other man:rial impairment of Lender's interest in the Property or rights
<br />under this Security Instrumcnl. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in
<br />Section 19, by causing the action or proceedin(, to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture
<br />of Property or other material impairment of Lenders interest in the Property or rights under this Seeur y histrun)ent. The
<br />pnxccds of any award or claim for damages that are attributable to die impairment of Lender's interest in the Property are
<br />hereby assiggned and shall be paid to Lender.
<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order
<br />in for in Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any, Successor
<br />in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower.
<br />Lender shall not be required to commence proceedings againstany Successor in Interest ofBorrower or to refuse to extend
<br />time for payment or otherwise modify amortization otthe sums secured by this Security Instrument by reason ofanydemand
<br />made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right
<br />or remedy mcluding, without limitation, Lender's acceptance of payments from third persons, entities or Successors in
<br />Interest of Borrower or in
<br />amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy.
<br />13. Joint and Several Liability; Co- signers; Successors and Assigns Bound. Borrowercovenantsandagrecs
<br />that Borrower's obligations and liability shall be joint and several. however, any Borrower who co -signs this Security
<br />Instrument but does not execute the Note (a "co- signer "): (a) is co- signing this Security Instrument only to mortgage, grant
<br />and convey the co-signer's interest in the Property under the terms ofthis Security Instrument; (b) is not personal yobligated
<br />to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend,
<br />modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-
<br />signer's consent.
<br />Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations
<br />under this Security Instrument in writing, and is approved by Under, shall obtain all of Borrower's rights and benefits under
<br />this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security
<br />Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall
<br />bind (except as provided in Section 20) and benefit the successors and assigns of Lender.
<br />14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's
<br />default, for the purpose of protecting I end,r's interest in the Property and rights under this Security Instrument, including,
<br />but not limited to, attorneys' fees, property inspection and valuation ices. In regard to any other fees, the absence ofexpress
<br />authority in this Security Instrument to chargge a specific fee to Borrower shall not be construed as a prohibition on the
<br />charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable
<br />Law.
<br />If the Wan is subject to ll a law which sets maximum loan charges, and that law is finally interpreted so that the
<br />interest l an c loan charges collected or to be collected in connection the the Loan exceed the permitted limits, them ms
<br />any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums
<br />NEBRASKA — Single Family— Fannie M.OFrishie Mar UNIFORM INSTRUMENT Fonn3028 INt (pnge5 fApnger)
<br />9Ili I v (I102) 1634690
<br />Golo(00o3d253)
<br />
|