200303743 - Laserfiche WebLink

Browse

200303743 Mortgage Insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modifytheir risk, or reduce losses. These agreements are on terms and conditions [hat are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using airy source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). Asa result of these agreements, Lender, any purch a:r ofthe note, another insurer, any reinsurer, any other entity, or affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provided that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms ofthe Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - ifany - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and /or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment ofMiseellancous Proceeds; Forfeiture. All Miscellaneous Proceeds areherebyassignedmand shall be paid to Lender. lfthe Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair ofthe Property, if the restoration or repair 1s economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunrtyto inspect such Property to ensure the work has been completed to Lender's satisfactioq provided that such inspection shall) be undertaken promptly. Lender may pay for the reports and restoration in a single disbursement or in a series of progress payments as the work 1s completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Iender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If [he restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellan eous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, ifany, paid lm Burrower. uch Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied lu the sums secured by this Security InstuUment, whether or not then due, with the excess, ifany, paid to Borrower. In the event of a partial taking, destruction, ur lass in value ofthe Property in which the fair market value ofthe Prnnerly immediatnly before the partial taking. destruction. or loss in value is canal to or weater than the amountofthe sums I ender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied bythe following fraction: (a) the total amount of the sums seemed immediately before the partial taking, destruction, or loss in value divided byy(b) the fair market value of the Property immediately beforethe partial taking, destruction, or loss in value. Any balance shat ft be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediatelyy m before the Partial taking, destruction, or loss 1n value is less than the amount of the sums secured immediately before the par tial taking, destruction, or loss in value, unless Borrower and lender otherwise agree in writing, the Miscellaneous Proceeds shall be aoolied to the sums secured bvthis Securitv Instrument whether or not the sums are then If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for dews es, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and applythe Miscellaneous Proceeds either to restoration or repair of the Property or to the sums seemed by this Security Instrument, whether or not then due. "Opposing Party" means the third parry that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regol to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is began that, in Lender's judggment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Propertyor rights under this Securitylnstrument. Borrower can cure such a default and, if acceleration has occurred, reinstate es pprovided m Section 19, by causing the action or proceedingg to be dismissed with a ruling t hat, in Lender's judgment, precludes forfeiture of the Property or other material impairment offender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment offender's interest in the Property are hereby assiggned and shall be paid to Lender. All Miscellaneous Proceeds that arc not applied to restoration or repair ofthe Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or mmdifi.mum of amortization of the sums secured by this Security Instrument granted by Leader to Borrower or any Successor in Interest of Borrower shall not operate m release the liability of Borrower or any Successors in Interest of Borrower. I ender shall not be required to commence proceedinggs against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization ofthe sums secured by this Security instrument by reason ofanydemand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co- signers; Successors and Assigns Bound. Borrowercovenanisandagrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument onlyto mortgage, grant and convey the co-signer's interest in the Property under the terns of this Security Instrument; (b) is not personally obligated to pay, the sums secured bythis Security Instrument; and (c) ayrecs that Lender and anywher Borrower can agree to extend modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co- signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless lender agrees to such release in writing. The covenants and agreements of this Security Instromant shall bind (except as provided in Section 20) and benefit the successors and assigns of lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose ofproleeting Lender's interest in the Properly and rights under this Security Instrument, including, but not limited to, attorneys' tees, property inspection and valuation fees. In regard to any other lees, the absence of express authority in this Security Instrument to char gge a specific tee to Borrower shall not be construed as a prohibition on the changing of such fee. Lender may not charge flees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced bythe amount necessaryto reduce the charge to the permitted limit; and (b) any sums NEBRASKA -- Single kmuly- Fannie. Mee /Freddie Mar UNIFORM INSTRUMENT F'arm3028 INr (pnge5o/8pnges) 9951 CV (1102) 16]510] (,0 K)(.049a5e)