Laserfiche WebLink
201007404 <br />As a result af these agreements, Lender, any purchaser of Che Note, another insurer, any reinsurcr, <br />any other entity, or any affiliate of any of the foregoing may reccive (directly or indirectly) amownCs that <br />derive frozn (or might be characterized as) a portion of Bornower's paymcnts for Mortgage Insurance, in <br />ea�change for sharing or modifying the mortgage i.psurcr's riak, or reducing losses. Yf such agr�ement <br />provides t.�at an affr�iate of I.ender takes a share of the insurer's risk in cxchange for a ahare of the <br />prezniums paid to the insurer, the arrangement is oftcn tera�ed "captive reinsurance." Further: <br />(a) Any such agreement� will not aP[ect the a�uaounta tl�at Box�rower has sgreed to pay for <br />Mortgage Insurance, or any oth� terms af the Loan. Such a�ements will not increase We amaunt <br />Borrower wW owe for Maartgage Inaurance, and wlll not �t�tle B�rrower to any rei'und. <br />(b) Any such agreeme�ts wW not sffect the�i gb,t� Borrower 6as - if any - with res�ect to the <br />Mort�ge Tnsurance under t6e Hom�own� ProtecNon Act of 1998 or any other law. These rlghts <br />may include the t�lght to re�ve oerfain di�cl�u�res, to request and obtain eancclladon of the <br />Mo�rtgage L�sura�ce, to have the Mortgage Ingurance terminated eutomadcally, andJar to �ceivc a <br />rePiwrl of any Mortgage Insurance preminms that w�c unearined st the time of sucl� cancelladon or <br />te�'minatIon. <br />11. A�ignmatt of Misce�laneor�s Prne�lg; Forfetture. All Miscellaneous Proceeds are hereby <br />assigned tv and slaall b� pa�d to Lendcr. <br />I� tb,e Property is damaged, such Misoellaneous Proc�ds shall be applicd to reswration or repair of <br />the Property, if the c�estoration or repair is econoxtucally feasible and I.ender's se�urity is not lessened. <br />Durir�g such z+epair aad restoradon period� Lender shall have the right to hold such Miscellanevtys Procceds <br />until L,ender has had an opportunity to inspeet such Property to ensunt the work has � complet� to <br />I.ende�r's satisfacCion, provided that such inspeotion shall be undeitak;en� pzom�ptly. Lender maY paY for the <br />repair� and resCoration in a single disbursement or in a eeries of pragress payments as the work is <br />completed. LTnless an agreement is made in writing or Applicable Law rre�quires interest to be paid on such <br />Miscellaneous Pmceeds, Lender shall not be required to pay Bormwer any interest or earnings on such <br />Miscellaneous Prncee�s. If the rostnrgtiun or r�pair is not �nomically feasible or Lender'a security wauld <br />be les�ened, the Misaellaneou� Pnoceeds shall be applied to the swnns secured by this 5ecurity Insbrum�et�t, <br />whether or not thcn due, with thc e�c�s. if any, paid to Borrower. Such Miscellancous Praceeds shall be <br />applied in the order provided for in Se�tion 2, <br />In the eveut of a total taking, deshvction, ar loss in value of the Property, the Miscellanr.ous <br />Procceds shall be applie� ta the sums se+cured by this Secutity Instrument, whether or �t then due, with <br />the eacesa, if any. Paid w Bormwer. <br />In the event of a partial tsking, destnwction, or loss in value of the Property in whiGh tt�e fair rnarlaet <br />valu� of the ProperCy im�nediately before the partial taking� destructicra, or loss in value is equal to or <br />gre�ter than the a�unt of the sutns secure� by this SQ,curity Instmm�ent immediately befora th� partial� <br />taldng destn�ction, or lass in value, unless Borrower and Lendcr otherwise agree in writing, the sums <br />secured by thia Security Inabn�ment shall be reduced by the amount of the Miscellaneous Proceeds <br />multiplied by tha following fraction; (a) the Wtal arnount of the sums secured immediately before the <br />P�� �8. destruction, ar loss in valuc divided by (b) the fair marbet valuc of the Pro1��Y <br />imrc�adiately before the parCial r�ng, d�sttuction� or losa in rralue. Any balar�e shall be �aid to Bon�ower. <br />In t1�e event of a partial taking, d�ruction, ar losa in value of the Property in r�rhicli the fair market <br />value of the Property immediately before the partial taking, deatnxtion, or loss in valuc is less than the <br />amount of the sums secur0d immediately before the partial taking, d�rucrion, c►r lnss in value� unless <br />Horrower and Lendcr otherwisse agree in vvriting, the Miscellaneous Proc�ds s1�at1 be applied to the sums <br />secured by this Security Tnstnunant whether ar nut the sums are then due. <br />If the Property is abandoned by Borrower. or if, after �tice by Lea�der W Borrower that the <br />OPFoS�B p�' (as defined iui the neat sentence) of�ers tv malce en award to settle a claim for damages, <br />Borro'�ver fails to respond to �er within 30 d.aya after the date the norice is �iven, I.endcr is authorized <br />to collect and apply the Misoella�aus Proceads either to re�Wration or repair of the Property or to the <br />sums secured by this Security Inatnunent, whether or �t then due. "Opposin8 PartY" means the third P�Y <br />that owes Borrower Miscellaneous Procee�� or the party against wham Borrower has a right of ac�tion in <br />regard w Miscellaneous Proceeds. <br />Borrower s�all be in default if any acrion or proceeding, whether civil or criminal, is begun that, in <br />Lender's judgrnent, could res�ilt iu forfeiture of t}�e Property or ather material impairment of L.ender's <br />interest in khe Prnperl.y or rights under this Securiry Instrument. Bvrc+ower can cure such a default and, if <br />NEBRASKA - 5ingle Family - Fanrd� Mav/Fnddle Mac UNIFORM IN$tRUMENT <br />�-BINE) �oe� �� �. o or �s i�nas: Fvrm 30�8 1/01 <br />� L <br />