|
200213662
<br />Mortgage'motor' evaluate their total risk on all such insurance in farce 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 ties) to these agreements. These agreements may
<br />require the mortgage insurer to make pa ents axing any source o par funds that the mortgage insurer may have available
<br />(which may include funds obtained hour Mortgage Insurance premiums).
<br />As a result of these agreements. I ender, any purchaser of the note. another insurer, any reinsurer, any other entity,
<br />or affiliate ofanyofthe 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 m exchange
<br />for a share of the premiums paid to the insurer, the arrangement is often teemed "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 — it 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 Proceeds arc herc eyassigned to and
<br />shall he paid to Lender. ,
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if
<br />the restoration or repau is economically feasible and Igrder'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 Iznder's satisfaction, provided that such inspection shall be undertaken
<br />promptly. Lender may pay for the repairsrs and festomtion in a single disbursement or in rosettes 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, Lcndcr shall not be required m pay Borrower any interest or earnings on such Miscellaneous
<br />Proceed, Iffire restoration or repair is noteconomically feasible or Lender's security would be lessened, the Miscellaneous
<br />Proceeds shall be applied m the sums secured by this Security Instrument, whether or not then due, with the excess, if any,
<br />paid to Burrower. Such Miscellaneous Proceeds shall he applied in the order provided for in Section 2.
<br />In the event of it 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, ifany, 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 theamountofthesums
<br />secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and
<br />Tcndcr otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the
<br />Miscellaneous Proceeds multiplied by die following It action' (a) the total amount of the sums secured inetediatelybefore 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 Toss in value. Any balance shall be paid to Borrower
<br />In the event of a partial taking, destruction, or loss in value of the Properly 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 whetheror not lhesums arc then
<br />due.
<br />If the Property is abandoned by Borrower; or it, after notice by Lender to Borrower [list die Opposing Party (as
<br />defined in tire next sentence) offers to make an awanl m scale a claim for damages, Borrower flails to respond to Lender
<br />within 30 days after the date the notice is given, Lender is authorized to collect and apply the 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 the 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 mahriaT impainnen[ of Lender's interest in the Property or rights
<br />under this Security Instrument Borrower can cure such a default and, ifacceleration has occurred. reinstate as provided in
<br />Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, frost tides forfeiture
<br />of the Property or other material impair ment e Lender's interest in the Property or rights under Iles Secutyy Instrument. The
<br />proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property arc
<br />hereby assiggned and shall be paid to Lender.
<br />All Miscellaneous Proceeds that are nor applied to restoration or repair of the Property shall be applied in throttler
<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 ofthe sums secured by this Security Instrument granted byl ender ar Burrower or any Successor
<br />in Interest of Boruwcr shall not operate to release the liability of Reuower or any Successors in Interest of Borrower.
<br />Lender shall not he required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend
<br />time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand
<br />made by the original Borrower or any Successors in Interest of Borrower. Anyforbearance bylender 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- signets; Successors and Assigns Bound. Borrower eawenants and agrees
<br />that Borrower's obligations and liability shall he joint and several. However, any But 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 of this Security been umenp (b) is not personally obligated
<br />to pay the sums secured by this Security Instrument; and (c) routes that Lender and any other Borrower can agree to extend,
<br />modify. forbear nr make any accommodations with regard to the terms of this Security Instrument or the Now without the co-
<br />xigneris consent.
<br />Subject to the provisions of Section 18, any Successor in Interest of Bumtwcr who assures 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 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 Burrower fees for services performed in connection with Borrower's
<br />default, for the purpose of protecting Lender's interest in the Pmpert and rights under this Securitylnstmment, including,
<br />but not limited to, attorneys' fees, property inspectiun and valuation tees. In regard to any other fees, the absence of express
<br />authority in this Security Instrument to charge it 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 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 he reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums
<br />NEBRASKA Slnel, Fumlly —Fronk Mae/tredilm Mae UNIFORM INSI'RLMENT Form3028 1/01 (page S a,Bpagee)
<br />981C1 (Ii0Y'j 162'1Is
<br />"01"1011
<br />
|