|
200308909
<br />10. Mortgage Insurance, If Lender required Mortgage Insurance as a condition of making the
<br />Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for
<br />any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the
<br />mortgage insurer that previously provided such insurance and Borrower was required to make
<br />separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay
<br />the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance
<br />previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage
<br />Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If
<br />substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay
<br />to lender the amount of the separately designated payments that were due when the insurance
<br />coverage ceased to be in effect. Lender will accept, use and retain these payments as a
<br />nonrefundable loss reserve in lieu of Mortgage Insurance. such loss reserve shall be non- refundable,
<br />notwithstanding the fact that the Loan is ultimately paid in full, and lender shall not be required to
<br />pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve
<br />payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires)
<br />provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires
<br />separately designated payments toward the premiums for Mortgage Insurance. If Lender required
<br />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 shall pay
<br />the premiums required to maintain Mortgage Insurance in effect, or to provide a non- refundable loss
<br />reserve, until the Lender's requirement for Mortgage Insurance ends in accordance with any written
<br />agreement between Borrower and Lender providing for such termination or until termination is
<br />required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at
<br />the rate provided in the Note.
<br />Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain
<br />losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the
<br />Mortgage Insurance.
<br />Mortgage insurers evaluate their total risk on all such insurance in force from time to time,
<br />and may enter into agreements with other parties that share or modify their risk, or reduce losses.
<br />These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the
<br />other party (or parties) to these agreements. These agreements may require the mortgage insurer to
<br />make payments using any source of funds that the mortgage insurer may have available (which may
<br />include funds obtained from Mortgage Insurance premiums).
<br />As a result of these agreements, Lender, any purchaser of the Note, another insurer, any
<br />reinsures, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly)
<br />amounts that derive from (or might be characterized as) a portion of Borrower's payments for
<br />Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing
<br />losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in
<br />exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive
<br />reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for
<br />Mortgage insurance, or any other terms of the Loan. Such agreements will not increase the amount
<br />Borrower will owe for 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
<br />the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights
<br />may include the right to receive certain disclosures, to request and obtain cancellation of the
<br />Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and /or to receive a
<br />refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or
<br />termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
<br />assigned to and shall be paid to Lender. applied to restoration or
<br />If the Property is damaged, such Miscellaneous Proceeds shall be app
<br />repair of the Property, if the restoration or repair is economically feasible and Lender's security is not
<br />lessened. During such repair and restoration period, Lender shall have the right to hold such
<br />Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the
<br />work has been completed to Lender'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
<br />progress payments as the work is completed. Unless an agreement is made in writing or Applicable
<br />Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay
<br />Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not
<br />economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if
<br />any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in
<br />Section 2.
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due,
<br />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
<br />market value of the Property immediately before the partial taking, destruction, or loss in value is
<br />equal to or greater than the amount of the sums secured by this Security Instrument immediately
<br />before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in
<br />NEBRASKA Slog[, Fondly -- Fannl, M— IF -ddie Mac UNR'ORM WrRfMENT MFRS ModheAf'or'm 3028 U1II
<br />R0] -VIE
<br />(pug, 6 of 10 pages)
<br />
|