|
<br />200704286
<br />
<br />insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward
<br />the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and
<br />Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower
<br />shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until
<br />Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender
<br />providing for such termination or until termination is rcquired by Applicable Law. Nothing in this Section 10 affects
<br />Borrower's obligation to pay interest at the rate provided in the Note.
<br />Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if
<br />Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.
<br />Mortgage insurers evaluate their total risk on all such insurance in force 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 parties) to these agreements. These agreements may
<br />require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available
<br />(which may include funds obtained from Mortgage Insurance premiums).
<br />As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity,
<br />or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be
<br />characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the
<br />mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the
<br />insurer's risk in 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 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 - if 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 are hereby assigned to and
<br />shall be paid to Lender.
<br />Ifthe Property is damaged, such Miscellaneous Proceeds shall be applicd to restoration or repair ofthe Property, if
<br />the restoration or repair is economically feasible and Lender'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 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 progress payment., 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. Ifthe restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any,
<br />paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2.
<br />In the event of a total taking, destruction, or loss in value of the Property, thc Miscellaneous Proceeds shall bc
<br />applied to the sums secured by this Security Instrument, whether or not then due, with the cxcess, 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 market value of the
<br />Property immediately before the partial taking, dcstruetion, or loss in value is equal to or greater than the amount of the sums
<br />secured by this Security Instrument immediately before the partial 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 thc
<br />Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before
<br />
<br />Nebraska Deed ofTrllst-Single Family-Fannie Mae/Freddie Mac lJNU'ORM INSTRUMENT
<br />-TilE COMPLIANCE SOURCE, INC.~ Page 8 of 13
<br />www.compJianccsourcc.com
<br />
<br />M.ERS MOdifiedS~
<br />14301Nl, 011100
<br />(>2000, The Compliance Soutce. jnc.
<br />
<br />1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111
<br />+ 0 2 0 5 5 6 8 744 + 0 0 A D + 8 + 1 3
<br />
|