|
<br />"
<br />
<br />10'0710089
<br />
<br />the insurer's risk in exchangc for a share of the premiums paid to thc insurer, the arrangement is often tcrmed "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 Borrower
<br />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 the
<br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may
<br />include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance,
<br />to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage
<br />Insurance premiums that were unearned at the time of such cancellation or termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds arc hcreby
<br />assigned to and shall bc paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair ofthe Property, if
<br />the restoration or repair is cconomically feasible and Lender's sccurity is not lessened. During such repair and
<br />restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an
<br />opportunity to inspect such Propcrty to ensure the work has been complcted to Lender's satisfaction, providcd that
<br />such inspection shall be undertaken promptly. Lcnder may pay for the repairs and restoration in a single disbursement
<br />or in a series of 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 Misccllaneous Proceeds, Lender shall not bc required to pay Borrower any
<br />interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or
<br />Lender's security would be lessencd, thc Miscellaneous Proceeds shall be applied to the sums secured by this Sceurity
<br />Instrument, whcthcr or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Procceds shall bc
<br />applied in the order provided for in Section 2.
<br />In thc event ofa total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall
<br />be applied to the sums secured by this Sccurity Instrument, whether or not thcn duc, with the excess, if any, paid to
<br />Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Propcrty in which the fair market value of
<br />the Propcrty immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount
<br />of the sums secured by this Sccurity Instmment immediately beforc thc partial taking, destruction, or loss in value,
<br />unless Borrower and Lender otherwise agrec in writing, the sums secured by this Security Instrument shall be reduced
<br />by the amount ofthc Miscellancous Proceeds multiplied by the following fraction: (a) the total amount of the sums
<br />securcd immediately before the partial taking, destruction, or loss in value divided by (b) the fair markct value of the
<br />Property immediately before the partial taking, destruction, or loss in value. Any balance shall be 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
<br />the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums
<br />secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise
<br />agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether
<br />or not the sums are then due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that thc Opposing Party
<br />(as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to
<br />Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous
<br />Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or
<br />not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party
<br />against whom Borrower 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 material impairment of Lender's interest in the Property
<br />or rights undcr this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate
<br />as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's
<br />judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or
<br />
<br />Nebraska Deed of Trust-Single Family-Fannie Mae/Freddie Mac llniform
<br />Instrument
<br />
<br />II
<br />
<br />Form 3028 01/01
<br />14001 NE 08/00
<br />
<br /><<nooo, The Compliance Source, Inc.
<br />
<br />[Doc Id 6646 Rev. 01.15.071
<br />
<br />:;r;y
<br />
<br />~
<br />
|