|
244'90$138 ~Q~ ~= a9ax17~3
<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 for Mortgage
<br />Insurance, ar any other terms of the Laan. Such agreements will not increase the amount Harrower will aw® for
<br />Mortgage Insurance, and they will not entitle Borrower to any refund.
<br />(b) Any such agreements will not affect the rights Harrower 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 abtaln 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 />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration ar repair of the Property,
<br />if the restoration ar repair is economically feasible and Lender's security is not lessened. During such repair and
<br />restoration period, Lender shall have the rightto hold such Miscellaneous Proceeds until Lender has had an opportunity
<br />to inspect such Property to ensure the work has been 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 or in a series of
<br />progress payments as thework is completed. Unless an agreement is made in writing orApplicable Law requires interest
<br />to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on
<br />such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be
<br />lessened, the Misce[[aneaus 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 Borrower. Such Miscellaneous Proceeds shall be applied in the order provided
<br />far in Section 2.
<br />In the event of a total taking, destructinn, or loss in value of the Property, the Miscellaneous Proceeds shall be
<br />applied to the sums secured by this Seaurity Instrument, whether ar not then due, with the excess, if any, paid to
<br />Borrower.
<br />In the event of a partial taking, destruction, or loss in value nfthe Property in which the fair market value of the Property
<br />Immediately before the partial taking, destruction, or Inns in value is equal to nr greater than the amount of the sums
<br />secured by this Security Instrument immediately before the partial taking, destruction, or ions in value, unless Harrower
<br />and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount
<br />ofthe Miscellaneous Proceeds multiplied by thefnllawing fraction: (a) the total amountafthe sums secured immediately
<br />before the partial taking, destruction, or lass in value divided by (b) the fair market value of the Property immediately
<br />before the partial taking, destruction, or Ives in value. Any balance shall be paid to Borrower.
<br />In the event ofa partial taking, destruction, or lass in value ofthe Property in which thefair marketvalue ofthe Property
<br />immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured
<br />immediately before the partial taking, destructinn, yr lass in value, unless Borrower and Lender otherwise 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 />If the Property is abandoned by Bnrrawer, or if, after notice by Lenderto Barrawerthatthe Opposing Parry (as defined
<br />in the next sentence) offers to make an award to settle a claim for damages, Borrcwer faits to respond to Lender within
<br />30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either
<br />to restoration ar repair of the Property or to the sums secured by this Security Instrument, whether or oat then due.
<br />"Apposing Party" means the third parley that owes Harrower Miscellaneous Proceeds or the party against wham
<br />Borrower has a right of action in regard to Miscellaneous Proceeds.
<br />Bnrrnwershall be in defaultifany action or proceeding, whethercivil arcriminal, is begun that, in Lender's judgment,
<br />could result in forfeiture of the Property or ether material impairment of Lender's interest in the Property or rights under
<br />this Security instrument. Horrawer can cure such a default and, if acceleration has occurred, reinstate as provided in
<br />Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes
<br />forfeiture of the Property ar other material impairment of Lender's interest in the Property or rights under this Security
<br />Instrument. The proceeds of any award or 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 Miscellaneous Proceeds chat are not applied to restoration or repair of the Property shall be applied in the order
<br />provided for in Section 2.
<br />12. Harrower Nat Released; Forbearance By !..ender Nat a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to Bnrrawer or any
<br />Successor in Interest of Hnrrnwer shat) not operate to release the liability of Bnrrawer nr any Successors in Interest of
<br />Bvrrawer. 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 Borrower or any Successors in Interest of Borrower. Any forbearance by
<br />Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third
<br />persons, entities arSuccessars in Interestaf Borroweror in amounts less than the amnuntthen due, shall not be awaiver
<br />of or preclude the exercise of any right nr remedy.
<br />13. Joint and Several Liability; Cosigners; Successors and Assigns Bound. Borrower covenants and agrees
<br />that Borrower's obligations and liability shall be joint and several. However, any Borrower who cn-signs this Security
<br />Instrument but dues oat execute the Nnte (a "co-signer"): (a) is cn-signing this Security Instrument only to mortgage,
<br />grantand conveythe co-signer's interest in the Property underthe terms ofthis Security Instrument; (b) is not personally
<br />obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can
<br />agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument nr
<br />the Nvte withvutthe ca-signer's consent.
<br />Subjectto the provisions of Sentinn 18, any Successor in Interest of Borrower why assumes Sorrawer's obligations
<br />under this Seaurity Instrument in writing, and is approved by Lender, shall obtain all of Horrower's rights and benefits
<br />under this Security Instrument. Harrower shall not be released from Borrower'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 ~~) and benefit the successors and assigns of Lender.
<br />NEBRASKA--Singre Family-Fannie Mae/Freddte Mao UNIFORM INSTFiUMEN1" Form 30281 J01 Initials s
<br />~ 1999-207 pollee I]acumenls, inc. Page 6 of 9 NEEDEED a7p5
<br />
|