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20060750,4 V2 waCD LOAN * 501154530 risk in exchange for a share oftha premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (II) Any such agreements will not affect the amounta that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the 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 agrooments will not affect tho rights Borrowor has - If any - with respoct to the Mortgage Insurancg undgr tha Homaowngrs Protaction 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 unoarned at the time of such cancellation or termination. 11. AS$lgnment of Miscellaneous Proceodsj Forfoiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property Is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the rlghtto hold such Miscellaneous Proceeds until Lender has had an opportunity to Inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or In a series of progress payments as the work is completed. Unless an agreementis made In writing or Applicable Law requires Interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Misoellaneous Proceeds. If the restoration or repair Is not llconomically fllasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for In Sectlon 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, If any, paid to Borrower. In the event cb partial taking, destruction, or loss in value of the Property In which the fair market value of the Property immediately before the partial taking, destruction, or loss In value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss In value, unless Borrower and Lender otherwisll agrlle in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fracticn: (a) the total amount oflhe sums secured Immediately before the partial taking, destruction, or loss In value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall 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 ofthe Property Immediately before the partial taking, destruction, or loss In value Is less than the amount of the sums secured Immediately before the partial taking, destruction, or loss In value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. Ifthe Property Is abandoned by Borrower, or if, after notice by Lenderto Borrowerthatthe Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower falls to respond to Lender within 30 days aftlilrthe date the notice Is given, Lender Is authcrized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due, "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action In regard to Miscellaneous Proceeds. Borrower shall be In defaultlfany action or proceeding, whether civil or criminal, is begun that, In Lender's judgment, could result in forfeiture of the Property or other material Impairment of Lender's Interest in the Property or rights under this Security Instrument. Borrower can cure such a dgfault and, if acceleration has occurred, reinstate as provided In Section 19, by causing the action or proceeding to be dismissed with a ruling that, In Lender's judgment, precludes forfeiture of the Property or other material Impairment of Lender'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 of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied tc restoration or repair of the 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 t1me for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender tc Borrower or any Successor in Interest of Borrower shall not operate to release thll liability of Borrower or any Successors In Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower orto refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Umd9r in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors In Interest of Borroweror In amounts less than the amountthen due, shall notbe a waiver cf or preclude the exercise of any right or remedy. 13. Joint and Several Uability; Co-signers; Succesaors and Assigns Bound. Borrower cOVenants and agrees 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 only to mortgage, grant and convey the co-signer's Interest!n the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrumentj and (c) agraas that Lender and any other 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 oo-slgner's consent. Subject to the prOVisions of Section 1 B, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by I.ender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obllgatlcns and liability under thIs Security Instrument unless Lender agrees to SUch release In writing. The coVenants and agreements of this Security Instrument shall bind (except as provided In Section 20) and benefit the successors and assigns of Lender. "Ie. NEBRASKA-Slngla FlUTllly-Fannla Maa/F....ddla Mac UNIFORM INSTRUMENT Form 30281/01 Ini tiOlls: t.'fI\.~ IJ:) 1999.2004 DnllnB Documents, Inc. Page 6 of 9 NEEDEED 0402 08-18-2006 10.21