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200905'780
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<br />risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance."
<br />Further: -
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay far 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 wll[ not entitle Borrower to any refund.
<br />(b) Any such agreements will not affect the Hghts Borrower has - ff any -with respect to the Mortgage
<br />Insurance under the Homeowners Pratectlon Act of 1998 or any other law. These rights may include the right to
<br />receivo aartain disclosures, to request and obtain cancaltation 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 />uneamad at the time of such canoellatlon or termination,
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds era hereby assigned to and
<br />shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property
<br />ff the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and
<br />restaratian period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity
<br />to inspect such Property to ensure the work has bean completed to Lender's satisfaction, provided that such inspection
<br />shall be undertaken promptly, Lender may pay for the repairs and restoration in a single disbursement ar in a series of
<br />progress payments as the work is completed. Unless an agreement is made in writing orAppiicable Law requires interest
<br />to be paid on such Miscellaneous Proceeds, Lender shall net be required to pay Borrower any (nterest or earnings on
<br />such Miscellaneous Proceeds. If the restore#Ion or repair is not aconamically feasible or Lender's secur'It~r would be
<br />lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not
<br />then due, with the excess, if any, paid to Barrawer. Such Miscellaneous Proceeds shall be applied in the order provided
<br />for in Section 2,
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to
<br />Harrower.
<br />In the avant of a partial taking, destruction, or lass in value of the Property in which thefair marketvalue ofthe Property
<br />immediately before the partial taking, destruction, or lose 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
<br />and Lender otherwise agree in writing, the sums secured by this Security instrument shall be reduced by the amount
<br />ofee Miscellaneous Proceeds multiplied bythe following fraction: (a) the total amount ofthe sums secured immediately
<br />before the partaa! taking, destruction, or toss in value divided by (b) the felt market value of the Property immediately
<br />b®fore the partial taking, destruction, or loss to value. Any balance shall ba paid to Han'ower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair marketvalue of the Property
<br />immediately before the partial #aking, destruction, or loss in value Is less than the amount of the sums secured
<br />immediately before the partial taking, destruction, ar loss in value, unless Harrower and Lender othennrise agree in
<br />writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not
<br />the sums are then due.
<br />tithe Property is abandoned by Harrower, or if, after notice by Lenderto Horrawerthatthe Opposing Party (as defined
<br />in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within
<br />3o days after the date the native is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either
<br />to restoration or repair of the Property or to the sums secured by this Security Instrument, whether ar not then due.
<br />"Opposing Party" means the third party that owes Horrawer Miscallaneaus Proceeds or the party against whom
<br />Borrower has a right of action in regard to Miscellaneous Proceeds.
<br />Borrower shall be in default If any action or proceeding, whethercivil or criminal, is begun that, in Lender's judgment,
<br />could result in forfeiture of the Property ar other material impairment of Lender's interest in the Property or rights under
<br />this Security Instrument. Harrower can cure such a default and, if acceleration has occurred, reinstate as provided In
<br />5ectlan 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's Judgment, precludes
<br />forfeiture of the Property or ether material impairment of Lender's interest in the Property or rights under this Security
<br />Instrument, The proceeds of any award ar claim for damages that are attributable to the impairment of Lender's Interest
<br />in the Property are hereby assigned and shall be paid to Lender.
<br />All Miscallaneaus Proceeds that are net applied to restoration or repair of the Property shah ba applied in the order
<br />provided far in Section 2.
<br />12, Harrower Not Released; Forbearance By Lender Nof a Waiver. Extension of the time for payment or
<br />mod'rfication of amortization of the sums secured by this Security Instrument granted by (.,ender to Borrower ar any
<br />Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of
<br />Harrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to
<br />refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by
<br />reason of any demand made by the original Harrower ar any Successors in Interest of Harrower. Any forbearance by
<br />Lender in exorcising any right or remedy including, without limitation, Lender's acceptance of payments from third
<br />persons, entities orSuccassars in Interestof Horroweror in amounts less than the amount then due, shall not be awaiver
<br />of or preclude the exercise of any right or remedy,
<br />13. Jotnt and Several Liability; Co-signers; Successors and Assigns Bound. Hon'ower covenants and agrees
<br />that Harrower's obligations and liability shall be joint and several. However, any Borrower who ca-signs this Security
<br />Instrument but does not execute the Nate (a "ca-signer"): (a) is co-signing this Security Instrument only to mortgage,
<br />grant and convey the co-signer's Interest In the property underthe terms ofthis Security Instnament; (b) la not personally
<br />obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lander and any other Borrower can
<br />agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security instrument or
<br />the Note without the cosigner's consent.
<br />Subject to the provisions of Section 1 t3, any Successor in Interest of Borrower who assumes Borrower's obligations
<br />under this Security Instrument In writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits
<br />under this Security Instrument. Borrower shall not be released from Horrower's obligations and liability under this
<br />Security Instrument unless Lender agrees to such release in writing, The covenants and agreements of this Security
<br />Instrument shall bind (except as provided in Section 2U) and benefit the successors and assigns of Lander.
<br />NEBRASKA-Single Family--Fannlo Mae/Fraddia Mac UNIFgRAII INSTRUMENT Form so28 7/oi In~.tiale r ~"-
<br />O teas-2007 Qnlina Documents, Ina Page 6 Of 9 NEEDEED 0705
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