|
200300484
<br />Mortgage Insurers evaluate their total risk on all such insurance in force from time to time, and may enter into
<br />macernents with other parties that share or niodify their risk, or reduce losses. These agreements arc 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 />requim the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available
<br />(which may include finds obtained from Mortgage Insurance premiums).
<br />As a result of these agreements, Lender, any purchaser of the note, another insurer, any reinsures, 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. It 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 />1 (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 rigghts Borrower has— if any —with respect to the Mortgage
<br />Insurance under the Homeowners Protection Act of AS 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 />ones rued at the time of such cancellation or termination.
<br />11. Assigumcutof Miscellaneous Proceeds; Forfeiture. All M iscel [animus Proceeds are hereby assigned to and
<br />shall he paid to Lender.
<br />If die Properly is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if
<br />the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration
<br />promptly. Lender may pay tot the repairs mm 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, Lender 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, die 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 .vent of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be
<br />applied to the sums secured bythis Security Instrument, whether or notthen due, with the excess, ifany, 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 die
<br />Property immediately before the partial taking, destruction, or loss in value is equal to or gaoler than theamount ofthe sums
<br />secured bythis Security Instrument immediately before the partal 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 seethed immediately before die
<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 partial taking, destruction, or loss in value of die Property in which the Fair market value of the
<br />Property immediately before the partial faking, destruction, or loss in value is less than the amount ofthe 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 bythis Security Instrument whetter or net die sums are then
<br />due.
<br />If the Property is abandoned by Borrower, or it; after notice by Lender to Borrower that the Opposing Party (as
<br />defined in the next sentence) offers to make an award to settle a claim for damairs, Borrower fails to respond to Lender
<br />within 30 days amer the date the notice is given, Lender is authorized to collect anapplythe Miscellaneous Proceeds either
<br />to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due.
<br />"Opposing Party' means the third party that owes Borrower Miscellaneous Proceeds or die party against whom Borrower
<br />has a right of action in regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's
<br />judgment, could result in forfeiture of the Property or other material impairment of ender's interest in the Property or rights
<br />under this Security Instrument. Borrower can cure such a default and, mfacceleration has occurred, reinstate as provided in
<br />Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender'sjud &meat, precludes forfeiture
<br />of the Property or other material impairment of Lender's interest in die Property or rights under this Security Instrument. The
<br />Krc ceeds of any award or claim for darnages that arc attributable to the impairment of Lender's interest in the Property are
<br />ereby 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 />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 bythis Swuriry Instrument granted by lantern Borrower or an Successor
<br />in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest a Borrower.
<br />LendershalI not be required to commence proceed ings against any Smecssor in Interest of Borrower or to refuse to extend
<br />time for payment or otherwise modify amortization of the sums secured bythis Security Instrument by reason of any demand
<br />made bythe original Borrower or any Successors in Interest of Burrower. Any forbearance by Lender in exercising any right
<br />or remedy including without limitation, I ondei'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. Borrowercovenanrsandagrees
<br />that Borrower's obligations and liability shall be joint and several. However, any Borrower who co -signs this Security
<br />Instrument but does notexecute the Note (ii-co-signer") (a)isco- 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 personally obligated
<br />to pay the sums secured by this Security Instrument; and (c) aggrees that Lender and any other Borrower can agree to extend,
<br />modify, forbear or make any accommodations with regard tot he terms ofthis Security Instrument or the Note without the co-
<br />signer's consent.
<br />Subject to the provisions of Section 18, any Successor in Interest ofBorruwer 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 tees tot services performed in connection with Borrower's
<br />defhult, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including,
<br />but not I Imited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express
<br />authority in this Security Instrument to charge a specific fee to Burrower shall not be construed as a prohibition on the
<br />chargingofsuchfee. Lender may not charge fees that are expressly prohibited bythis 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 />interestor other loan charges collected or to be collected in connection with the Ivan exceed the permitted limits, then: (a)
<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— s..,,le Family — Fannie Mae /Freddie Mac UNIFORNIINSTRLIMENT Form3028 1 /01 (,,,,5Oj8yagcs)
<br />0]5411(1/02, 1R380s9
<br />G0TG(0003dR5)
<br />
|