|
20�OU�382
<br />As a result of these agreements, I.ender, any purchaser af the Note, another insurer, any reinsurer,
<br />any other entity, or any affiliate af any of the foregoing, may receive (directly or indirectly) amounts that
<br />derive from (or rnight be characterized as) a portion of Borrower's payments for Mortgage Insurance, in
<br />exchange for sharing or nnodifying the mortgage insurer's risk, ar reducing losses. If such agreernent
<br />provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the
<br />premiums paid to the insurer, the arrangement is often termed "captive reinsurance. " Further:
<br />(a) Any sach agreements will not affect the amounts that Borrower has agreed to pay for
<br />Mortgage Insurance, or any othear terms of the Loan. Such agreements will not increase the amount
<br />Borrower wi1N owe far Mortgage Insurance, and the� will not entitle Borrower to any refund.
<br />(b) Any such agreements will nat affect the rights Borrower has - 3f any - with respect to the
<br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any ather law. These rights
<br />may inctude the right to receive certain disclosures, to request and obtain cancellation of the
<br />Mortgage lnsarance, ta have the Mortgage Insurance terminated automatically, and/or to receive a
<br />reFund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or
<br />termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
<br />assigned to and sha11 be paid to I,ender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of
<br />the Property, if the restaration or repair is economically feasible and Lender's security is not lessened.
<br />During such repair and r�storation period, Lender shall have the right to hold such Miscellaneous Froceeds
<br />until Lender has had an opportunity to inspect such Property to ensure the work has bcen completed to
<br />Lender's satisfaction, provided that such inspection shall be undertaken promptly. I.ender may pay for the
<br />repairs and restoration in a single disbursement or in a series of progress payments as the work is
<br />completed. Unless an agreement is nnade in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneaus Proceeds, L,ender shall nat be required to pay Borrower any interest or earnings on such
<br />Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would
<br />be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument,
<br />whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be
<br />applied in the order pravided for in Sectian 2.
<br />Tn the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with
<br />the excess, if any, paid ta Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value af the Property immediately before the partial taking, destruction, or loss in value is equal to or
<br />greater than the arnount of the surns secured by this Security Instrument im�mediately before the partial
<br />taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
<br />secured by this Security Instnunent shall be re�uced by the amount of the Miscellaneous Proceeds
<br />multiplied by the following fraction: (a) the total amount af the sums secured immediately before the
<br />partial taking, destruction, or loss in valu� divided by (b) the fair market value of the Property
<br />immediately before the partial taking, destruction, or loss in value. Any balance sha,ll be paid to Bonower.
<br />Tn the event of a partial taking, destruction, or loss in valu� of the Property in whYCh the fair rnarket
<br />value of the Property immediately before the partial taking, destruction, or loss in value is less than the
<br />arnount of the sums secured irnrnediately before the partial taking, destruction, or loss in value, unless
<br />Banawer and L.ender atherwis� agree in writing, the Miscellaneaus Proceeds shall be applie�l to the sums
<br />secured by this Security Instrument whether or not the sums are then due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borcower that the
<br />Opposing Party (as defined in the next sentence) offers to make an award to settle a clairn for darnages,
<br />Borrower fails to respond to I.ender within 3p days after the date the notice is given, Lender is authorized
<br />to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the
<br />sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party
<br />that owes Borrower Miscellaneous Proceeds or the party against whorn Borrower has a right of action in
<br />regard to Miscellaneous Froceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
<br />L.ender's judgment, could result in forfeiture af the Property or ather material impairment of Lender's
<br />interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if
<br />NEBRASKA - Single Family - FBnnie M��/Fr�ddie Mac UNIFORM INSTRUMENT �`�
<br />�-B�NE) �os� i� Page 9 of 15 inisiais: ��,� Form 3028 7/01
<br />�
<br />V ' 1 . d
<br />
|