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(~---_.. I I.. 1 I I I I 200901720 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insuran(;e in effe(;t. If, for any reason, the Mortg. age Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums rcquired to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effed, from an altemate mortgage insurer seleded by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount onhe 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 reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or eamings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and tor the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insuran(;e. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lendcr's requirement for Mortgage Insurance ends in accordance with any written agreement between BOlTOwer and Lender providing tor such termination or until tennination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower docs not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage Insurers evaluate their total risk on all such 1I1surance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on temlS and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser onhe note, another insurer, any reinsurer, any other entity, or affiliate of any ofthe foregoing, 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 modifying the mortga~e insurer's risk, or reducing losses. If such agreement provided that an atliliate of Lender takes a share ofthe insurer's risk III exchange for a share of the premiums paid to the insurer, the arrangement is often tenned "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mort~a~e 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 agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These ri2htS may include the ri2ht 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 Mortga2e Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assi2nmcnt of Miscellaneous Proceeds; Forfeiture. 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 ofthe Propcrty, if the .restoration or repair is economically feasible l;'nd Lender's security is n~t lessened. During such repa.ir an~ restoration penod, Lender shall have the nght to hold such Miscellaneous Proceeds unl11 Lender has had an opportut1lty to mspect such Property to ensure thc work has been (;ompleted to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay tor the repairs and restoH\tion 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 SUdl Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Mis(;ellaneous Proceeds. Ifthe restoration or repair is not economically feasible 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 Section 2. In the event of a total taking, destruction, or loss in value ofthe 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 of a 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 ofthe sums secured by this .Security l~strUl:n~nt immediately betore the p!lliial taking, destruction, or loss in value, unless Borrowcr.and Lender otherwIse agree 111 wnt111g, the sums secured by tillS Secunty Instrument shall be reduced by the amount of the Mis~ellan~ous Proceeds multiplie~ by the f~ll?wing fraction: .<~) the total amount of the sums s~cured .immediately before t~le parl1al takmg, destructIOn, or loss 111 value dIVIded by(b) the fair market value ofthe Property Immediately before the pat1ial 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 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 Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or notthe sums are then due. If the Property is abandoned by Borrower, or if, after notic.e b~ Lender to Borrower tha~ the Opposing Party (as defined in the next sentence) offers to make an award to settle a c1ann for damages, Borrower falls to respond to Lender 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 of action in regard to Miscellaneous Proceeds.. . . ... . , Borrower shall be in default if any action or proceedlI1g, whether Civil or cnmlllal, IS begun that, 111 Lender s judgment, could result in forfeiture ofthe Property or other material iml?~innent o~Lender' s interest in. the Property o~. rigl~ts under this Security !nstrumen~. Borrower c~n cure suc.h a ~Iefault .and, If ~ccelerat.lOn has o~cl;lrred, remstate as proYI~~d m Section 19, by causmg the actIOn or proceed111~ to be dismissed With a ruhng that, m.Lender s Jud~ment, f?recludes folfelture ofthe Propeliy or other material impainnent of Lender's interest in the ~roperty or nghts undert~ls Security Instrument. 11le pro(;eeds of any award or claim for damages that are attnbutable to the Impamnent of Lender's mterest III the Property are hereby assigned and shall be paid to Lender. . .. . . All Miscellaneous Proceeds that are not applied to restoration or repmr of the Property shall be applied 111 the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time tor payment or modification of amortization onhe sums secured by this Security Instnllnent 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 ?f Borrower. Lender shall not be required to commence proceedings against any Success~r in Inte~est of Borrower or to retuse tocxtend time tor payment or otherwise modify amortizatio~l of the sums secured by thiS Secunty Instrument by ~easonl?r.anydem.and made by the original Borrower or any Successors mlnterest of Borrower. Any forbearance by Lender 111 exerclSlng anynght NEBRASKA--Singlc Fall1ily--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT 9754.CV (1/08) 6898705940 Form 3028 lIOI (page 5 0(8 pages) Creative Thinking, Inc. G010(OO1 de7ae)