|
200300142
<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 and conditions
<br />that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may
<br />require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available
<br />(which may include funds obtained from Mortgage Insurance premiums).
<br />As a result oftlhese agreements, Lender, any purchaser ofthe note, another insurer, any reinsurer, 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 />as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's
<br />risk, or reducing losses. If such agreement provided that an affiliate of Lender takes a share of the insurer's risk in exchange
<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 amounts 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 Miscellaneous Proceeds; Forfeiture. All Miscellaneous Promedsareherebymsignedmmd
<br />shall be paid to Lender.
<br />the
<br />work is completed. Unless an agreement is
<br />Miscellaneous Proceeds, Lender shall not be
<br />Proceeds. Ifthe restoration or repair is not ace
<br />Proceeds shall be applied to the sums secured
<br />paid to Borrower. Such Miscellaneous Proce
<br />In the event of a total taking, destru
<br />applied to the sums secured by this Security In
<br />In the event of a partial taking, destr
<br />restoration or repair ofthe Property, if
<br />xL During such repair and restoration
<br />has had an opportunity to inspect such
<br />at such inspection shall be undertaken
<br />'ess payments as the
<br />to be paid on such
<br />hired to pa Borrower any interest or earnings on such Miscellaneous
<br />hically feasible or Lender's security would be lessened, the Miscellaneous
<br />his Security Instrument, whether or not then due, with the excess, if any,
<br />shall be applied in the order provided for in Section 2.
<br />h, or loss in value ofthe Property, the Miscellaneous Proceeds shall be
<br />ment, whether or not then due, with the excess, ifany, paid to Borrower.
<br />on, or loss in value ofthe Property in which the fair market value ofthe
<br />truction, or loss in value is equal to or greater than the amountofthe sums
<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 bythe 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 before the partial
<br />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 value of the
<br />Property immediately before the Partial taking, destruction, or loss 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 sums are then
<br />due.
<br />If the
<br />defined in the
<br />within 30 days
<br />is abandoned by Borrower, or if, after notice byy Lender to Borrower that the Opposing Parry (as
<br />nce) offers m make an award to settle a claim for damages, Borrower fails to respond to Lender
<br />are the notice is given, Lender is authorized to collect am apply the Miscellaneous Proceeds either
<br />of the Property or to the sums secured by this Security Instrument, whether or not then due.
<br />the third party that owes Borrower Miscellaneous Proceeds or the party against wham Borrower
<br />1 and to Miscellaneous Proceeds.
<br />be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's
<br />judgment, could result in forfeiture -
<br />underthisSecurity lnstrument. Boi
<br />Section 19, bycausing the action or
<br />of the Property or other material iml
<br />proceeds of any award or claim for
<br />hereby assigned and shall be paid I
<br />afUnder's interest in the I
<br />that are attributable to the
<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order
<br />provided 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 Lenderto Borroweror 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 against any Successor in Interest of Borrower or to refuse to extend
<br />time for payment or otherwise modify amortization ofgthe sums secured by this Security Instrument by reason ofanydemared
<br />made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right
<br />or remedy including, 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. Borrowercovenantsandagrees
<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 Now (a "co-signer"): (a) is co- signing this Securitv Instrument onlv to mortgage. grant
<br />to pay the sums secured by this Security Instrument; and (e) agrees that Lender and any other Borrower can agree to extend,
<br />modify, forbear or make any accommodations with regard to the terms ofthhis Security Instrument or the Now 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 lender, 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 ofthis 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 ofprotecting Lender's interest in the Property and rights under this Security Instrument, including,
<br />but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence ofexpress
<br />authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the
<br />chwgingofsuchfee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable
<br />Law.
<br />If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the
<br />interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a)
<br />any such loan charge shall be reduced bythe amount necessary to reduce the charge to the permitted limit; and (b) any sums
<br />NEBRASKA - Single Farmly- Fannie Ma&Freddie Mae UNIFORM INSTRUMENT Foren30211 I/01 (pnge5of8pages)
<br />9754 CV (1/02) 16]4]24
<br />
|