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2010051'75
<br />insurance and Borrower was required tv make separately designated payments tvward the premiums for Mortgage h~surance,
<br />Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously
<br />in et~ect, at a cost substantially equivalent tp the cost to Borrower vfthe Mortgage Insurance previously in effect, from an
<br />alternate mortgage insurer selected by lender. If substantially equivalent Mvrtgage Insurance coverage is oat available,
<br />Borrower shall continue to pay to Lender the amount ofthe separately designated payments that were due when the insurance
<br />coverage ceased to be in efTect. Lender will accept, use and retain these payments as anon-refundable loss reserve in lieu of
<br />Mvrtgage Insurance. Such loss reserve shall benon-retundable, notwithstanding the fact that the Loan is ultimately paid in
<br />full, and lender shall nut be required to pay Borrower any interest or earnings on such loss reserve. Lender can no Ivnger
<br />require loss reserve payments if Mort gage Insurance coverage (in the amount and for the period that Lender requires)
<br />provided by an insurer selected by Len~er again becomes available, is obtained, and Lender requires separately designated
<br />payments tvward the premiums fur Mortgage Insurance. If Lender required Mortgage Insurance as a condition ofmaking the
<br />Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance,
<br />E3orrower shall pay the premiums required to maintain Mortgage Insurance in elect, or to provide anon-refundable loss
<br />reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between
<br />Borrower and Lender providing for such terminative yr until terminative is required by Applicable L.aw. Nvihing in this
<br />Section 10 allecls Borrower's obligation to pay interest at the rate provided in the Note.
<br />Mortgage Insurance reimburses Lender (or any entity that purchases the Nvte) for certain losses it may incur if
<br />Borrvwer dues not repay the Lvan as agreed. Borrower is not a party to the Mortgage Insurance.
<br />Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into
<br />agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions
<br />that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may
<br />require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available
<br />(which may include funds obtained from Mortgage Insurance premiums).
<br />As a result ofthese agreements, Lender, any purchaser vfthe note, another insurer, any reinsurer, any other entity,
<br />or affiliate ofany ol`the foregoing, may receive (directly or indirectly) amvunts that derive from (or might be characterized
<br />as) a portion of Borrower's payments for Mortgage Insurance, in exchange fur sharing or modi Eying the mortgage insurer's
<br />risk, or reducing Ivsses. If such agreement provided that an atl-iliate of Lcndcr takes a share ofthe insurer's risk in exchange
<br />for a share ofthc premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage
<br />Insurance, or any other terms pf the Lpan. Such agreements will not increase the amount Borrower will owe for
<br />Mortgage Insurance, and they will not entitle Borrower to any refund.
<br />(b) Any such agreements will not affect the rights $orrower has - if any -with respect to the Mortgago
<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 obtain cancellation of the Mortgage Insurance, to have the Mortgage
<br />Insurance terminated automatically, and/or to receive a refund ofany Mortgage Insurance premiums that were
<br />unearned at the time of such cancellation or termination.
<br />11. Assignment of Miscellaneous Proceeds;Forfeiture. All MiscellaneousPrviceedsarehercbyassignedtoand
<br />shall be paid tv Lender,
<br />Ifthe Property is damaged, such Miscellaneous Proceeds shall be applied to restoration yr repair vfthe Property, if
<br />the restoration or repair is economically feasible and Lender's security is nut lessened. Uuring such repair and restoration
<br />period, Lcndcr shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity io inspect such
<br />Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
<br />promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the
<br />work is completed. Unless an agreement is made in writing yr Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lender shall nut be required to pay Borrower any interest ar earnings on such Miscellaneous
<br />Proceeds. Ifthe restvrativn yr repair is nut economically feasible or Lender's security would be lessened, the Miscellaneous
<br />Proceeds shall be applied to the sums secured bythis Security Instrument, whether or nut then due, with the excess, itany,
<br />paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided fur in Section 2.
<br />In the event of a total taking, destructive, or loss in value of the Property, the Miscellaneous Proceeds shall be
<br />applied to the sums secured bythis Security Instrument, whether or not then due, with the excess, ifany, paid tv Borrower.
<br />In the event ofa partial taking, destruction, or loss in value of the Property in which the fair market. value of the
<br />Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount ofthe sums
<br />secured bythis Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and
<br />Lender otherwise agree in writing, the stuns secured by this Security Instrument shall be reduced by the amount of the
<br />Miscellaneous Proceeds multiplied by the following tractive: (a) the total amount ofthe sums secured immediately beforethe
<br />partial taking, destruction, or loss in value divided by (b) the fair market value ofthe Property immediately befvrethe partial
<br />taking, destructive, or loss in value. Any balance shall be paid tv Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the
<br />Prvperty 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, destructive, yr loss in value, unless Borrower and Lender otherwise agree in writing,
<br />the Miscellaneous Proceeds shall be applied to the stuns secured bythis Security Instrument whether or notthe Burns are then
<br />due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as
<br />defined in the next sentence) vflers to make an award to settle a claim for damages, Borrower fails tv respond iv Lender
<br />within 30 days after the date the notice 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 or not then due.
<br />"Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whore Borrower
<br />has a right of actron in regard tv Miscellaneous Proceeds.
<br />Borrower shall be in default if any active or proceeding, whether civil yr criminal, is begun that, in Lender's
<br />judgment, could result in forfeiture ofthe Property or other material impairment of Lender's interest in the Prvpertyor rights
<br />under this Security Instrument. Burrower can cure such a default and, ifacceleration 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 [ortciture
<br />of the Prvperty ox other material impairment of Lender's interest in the Property or rights under this Security Instrument. The
<br />proceeds ofany award or claim fur damages that are attributable to the impairment. of Lender's interest in the Property arc
<br />hereby assigned and shall be paid to Lcndcr.
<br />All Miscellaneous Prvcceds that are not applied to restoration yr repair ofthe Prvperty shall be applied in the order
<br />provided fur in Section 2.
<br />12. Borrower Noi Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />mvdilication ofamvrtization vfthe sums secured bythis Security Instrument granted by L.enderto Borrower yr any Successor
<br />in interest of Borrvwer shall not operate to release the liability of Borrower yr any Successors in Interest of Borrower.
<br />Lender shall not be required to commence proceedings against any Successor in Interest of Burrower or to reluse to extend
<br />time for payment or otherwise modi fy amortization ofthe sums secured bythis Security Instrument by reason ofanydernand
<br />made by the original Burrower or any Successors in Interest of Borrvwer. Any forbearance by Lender in exercising any right
<br />or remedy including, wilhvut limitatrvn, Lender's acceptance of payments from third persons, entities or Successors in
<br />Interest of Borrvwer or in
<br />amvunts less than the amount then due, shall not be a waiver of or preclude the exercise ofany right or remedy.
<br />NEIiRASKA--Single Family--Fannie Mac/P'reddie Mac UNIFORM INS'1'RUMF.NT (MGRS) Furm 3(I2R 1/ill (page S nf'8pages)
<br />I24.3v.CV (1 I/07) 904075 Creative Thinking, Inc.
<br />GOTO(001 130e5)
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