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2010U�38�
<br />451D13759
<br />Mortgage Insurance coverag� (in the amount and for the period that Lender requir�s) provided by an insur�r selected by Lendc;r
<br />again becomr;s available, is obtained, and Lender requires separat�ly designated payments toward the premiums for Mortgage
<br />insurance. lf Lender required Mortgage Insurance as a condition of inaking the Loan and Borrower was required to make
<br />separately designated payments toward the premiums for Mortgage Insurance, Borrawer shall pay the premiums required to
<br />maintain Mortgage insurauce in effect, or co provide a non-refundable loss reserve, until Lender's requirement for Mortgage
<br />Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until
<br />terniination is required Uy Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interesf at thc rate
<br />provided in the Note.
<br />Mortgage insuxance rcimburses Lender (or any entity that purchasas the Note) for certain losses it may incur if
<br />Borrowar does not repay th� Loan as agread. Borrower is npt 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 th�ir risk, or reduca 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. 1'hese agreements may require
<br />the mortgage insurer to ��iake payments using any source of funds that the mortgage insurer may have available (which may
<br />include funds obtained from Mortgage lnsur�nce premiums).
<br />As a result of these agreemants, Lender, any purchaser of the Note, another insurer, any reinsurer, any oth�r �ntity, or
<br />any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive froin (or might be characterized
<br />as) a portion of [3orrower's payments for Mortgage Insurance, in exchange for sh�ring or modifying the mortgage insurc�r's risk,
<br />or reducing losses. If such agreement provides that an af�liate of Lender takes a share of the insurer's risk iu exchange for a
<br />shar� of the premiums paid ta the insurer, the arrangement is often termed "captive reinsurance." Further:
<br />(a) Any such agreemcnts will not affect thc amounts that Borrower has agreed to pay for Mortgage Insurance,
<br />or any other terms of the Loan. Such agreements will nat incrcasc the amount 13orrowcr will owe for Mortga�ge
<br />Insurance, and they will not entitle 13orrawer to any refund.
<br />(b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage
<br />Insurance under thc Horocowners Protection Act of 1998 or any othcr law. These rights ms►y include the right to reccivc
<br />certain disclasures, to request anci obtain cancellation of the Mortgage Insurance, to have khe Mortgage Insuranee
<br />tcrminated automatically, and/or ta receive a refund of any Mort�;ugc insurance premiums that were unearned At thc
<br />time of such canccllution or termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiturc. All Miscellaneous I'roceeds are hereby assigned to and
<br />shall be paid to [,ender.
<br />Tf the Property is damaged, such Miscellanaous Proceeds shall be applied to restoration or repair of tha Property, if the
<br />restoration or repair is �canomically feasible and Lendar's security is not lessened. During such repair and restoration �eriod,
<br />C.ender shall have the ri�;ht tc� hold such Miscellaneaus Proceeds until Lender has had an opportunity to inspect such Property
<br />to ensure the work has been completed to Ler►dcr's satisfaction, provided that such inspection shall be und�rtaken pramptly.
<br />Lender may pay for the repairs and restoration in a single disbursem�nt or in a series of progress payments as the work is
<br />completed. Unless an agreement is mad� in writing or Applicable Law requires interest to be paid on such Miscellaneous
<br />Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the
<br />restoration or repair is not economically feasible ar Lender's security would be lessened, the Miscellaneous Proceeds shall be
<br />applied to the sums secured by this S�curity Instrument, wheth�r or not then due, with the excess, if any, paid to Borrower.
<br />Such Miscellaneous Aroceeds shall be applicd in the order provided for in Section 2.
<br />In the event of a total taking, destniction, or loss in valuc of the Property, the Miscel(aneous Proceeds shall be applied
<br />to the sums secured by Chis Security Instrument, whether or not then due, with the excess, if any, paid to Dorrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which tha fair market value of the
<br />Property immediately before the partial taking, d�struction, or loss in value is equal to or greater than the amount of the sums
<br />secured by this Security lnstrument immediately before th� partial takin�, destruction, or loss in value, unless Borrower nnd
<br />Lender otherwise agree in writing, the sums securad by this Security Instrum�nt shall be reduced by the amount of the
<br />Miscellaneous Proceeds multiplied by the followin� fraction: (a) the total amount of the sums secured immediately before the
<br />partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial
<br />taking, destruction, or loss in value, Any balance shall be paid to Borrower.
<br />In the event of a partial taking, destruction, or loss in val�,ie of the Property in which the fair market value of the
<br />NEBRASICA—Single Family—Nannie Mae/Freddic Mac UNIFORNi INSTRUMEN't'
<br />M� 338.2 Page 7 of' l2 Form 302R 1/01
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