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200901250 insurance and Borrower was .required t.o make seP!lrately designated payments toward the premiums for Mortgage Insurance. !=lorrower shall pay the pre!TIlUms r~qUlred to obtain coverage substantially equivalent to the Mortgage Insurance previously m effect, at a cost s':lbstantmlly equtvalent to the eost to Bo;rower of the Mortgage Insurance previously in effect, from an alternate mortgage t.nsurer selected by Lender. If substannally equivalent Mortgage Insurance coverage is not available, Borrower shall contm~e to. pay to Lender ~e amount of the separately designated payments that were due when the insurance coverage ceased to be In effect. Lender wIll accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss n:serve shall be non-refun~ble. notwithstanding the fact that the Loan is ultUnatelypaid in ful~ ~nd Lender shall not be reCJ.um:d to pay Borrower any Interest. or earnings on such loss reserye. Lender can no longer requ~re loss res.erve payments If Mortgage ~urance cove~ge (In.the,a,,!,ount and for the penod that Lender requires) prOVIded by an II1surer sel~cted by Lender agam becomes aVailable, IS obt8lned. and Lender requires separately designated payments toward the prenuu~s for Mortgage Insurance. I.fl.ender required Mortgage Insurance as a condition ofmaking the Loan and Borrower was req~lred to m~ke separa~ely.deslgnated payments toward the premiums for Mortgage Insurance, Borrower sl~all pay the prem!ums reqUired to mamtam Mortgage Insurance in effect, or to provide a non-refundable loss reserve, untt! Lender's requ!rement for Mort~ag~ Insuran~e enci;l in. ac~ordan~c with any ~tten agreement between Borrower and Lender provldmg for such ternunatton or until temunatlon IS reqUIred by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the NOle. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mo~gage Insurer;; evaluate their total risk ?n ~II such insurance in force from time to time, and may enter into agreements With other parttes that share or modi fy their nsk, or reduce losses. These agreemenl~ are on terms and conditions that ~re satisfactory to. the mortgage insurer and th~ other party (or parties) to thcse agreements. These agreements may requIre the mortgage Insurer to make payments usmg any source of funds that the mortgagc insurer may have available (whieh may include funds obtained from Mortgage Insurance premiums), As a result of these a~reements. Lender, any purchaser of the note. another in....urer, any reinsurer, any other entity, or affiliate ofany of the foregolOg, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower' s payments for Mortgage Insurance, in exchange for sharing or modi lYing tile mortgalle insurer' s risk, or reducing losses. Ifsuch agreement provided that an affiliate of Lender takes a share of the insurer's risk In exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance," Further: (n) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms ohhe Loan. Such agreements ~illnot increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeownen Protection Act of 1998 or any other law, These rights may include the right to recein certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automaticllUy, IIndlor to receive a refund of any Mortgllge Insnrllnce premiums that were unearned at tbe time of such cancelllltion or termination. 11. Assignment of Miscellaueous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby ass igned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair ofthe Property. if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender sball have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lendcr'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 agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Procec.. ds, Len. d. e... r. .shall not be required to pay Borro. wer an. y interest or earnings on such Miscellaneous Proceeds. If the restorlltion or repair is not economicallyfetiSib1e or Lcnder!$ sccuritywould-be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Seeurity Instrument, whether or not then due. with the excess, ifany, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event ofa 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, ifany, paid to Borrower. In the event ofa 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 otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the 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 ofa partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial takin~, 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 Lendcr otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sunts are then due. If the Property is abandoned by Borrower, or if, after notic.e by Lender to Borrower that, the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower falls to respond to Le~der within 30 days after the date the notice is given, Lender is authorized 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 ofaction in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal. is begun that, in Lender's judgment, could result in forfeiture of the Property or other malerial im~airment o~Lender's interest j~ the PropertyorriWt,ts under this Security Instrument. Borrower can cure such a default and, Ifaceeleratlon has occurred, remstate as prOVIded III Section 19. by causing the action or proceeding to be dismissed with a ruling that, in Lender's jud~ment, {>recludes forfeiture of the Property or other material impairment of Lender' s interest in the Property or rights under this Sccunty 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 to restoration or reparr of the Property shall be applied tn the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modi fication of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings againsl any Successor in Interest of Borrower or to refuse 10 extend time for payment or otherwise modifY amortization of the sums secured by this Security Instrument by !"Cason ~r.anyde~nd made by the original Borrower or any Suece.ssors in Interest of Borrower. Any forbe!!rance by Le. nde~ ~n exerclsmg anyn~t or remedy including. without limitation, Lender's acceptance of payments from third persons. entities or Successors In Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. NEBRASKA-Single Family-fannie "'al!l'Freddie MDt UNIFORM INSTRUMENT 12439.CV (11/07) 4200244 (l\IERS) fornlJ028 I/Ot (pageS of8pages) Creallvc Thinking, Inc. 001O(00Ia6a89) cY