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20iO4�483
<br />As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer,
<br />any other entity, or any affiliate of any of the foregoing, may areceive (directly or indirectly) amouz►ts that
<br />derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in
<br />exchange for sharir�g or modifying the mortgage insurer' s risk, or reducing losses. If such agreement
<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 such agreements will not affect the a�r►ounts that Sorrower has agreed to pay far
<br />Mortgage Insurance, or �ny other terms of the Loan. Such agreernents will not increase the amount
<br />Sorrower will owe far Mort�age Insurance, and they will not entitle Sorrower to �ny refund.
<br />(b) Any sach agreements will not affect the rights Borrower has - if any - with respect to the
<br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights
<br />may include the right to receive certain disclosures, to request and obtain cancellation af the
<br />Mortgage Insurance, to have the Mortgage Insurance terrttinated automatically, and/or to receiv� a
<br />refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or
<br />termin�tion.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
<br />assigned to and shall be paid to I,ender.
<br />lf the Property is damaged, such Miscellaneous Proceeds shall be applied to restaration or repair of
<br />the Property, if the restoration or repair is economically feasible and Lender' s security is nvt lessened.
<br />During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds
<br />until Lender has had an opportunity to inspect such Property to ensure the work has been completed to
<br />Lender' s satisfaction, provided that such inspectian shall be undertaken promptly. Lender may pay for the
<br />repairs and restoration in a single disbursexnent or in a series of progress payments as the wark is
<br />completed. Unless an agreement is rnade in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings an such
<br />Miscellaneous Praceeds. 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 provided for in Section 2.
<br />In Che event of a total taking, destruction, or loss in value of the 1'roperty, the Miscellaneous
<br />Proceeds sha11 be applied to the sums secured by this Security Instrument, whether or not then due, with
<br />the excess, if any, paid to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value of the Property immediately before tha partial taking, destruction, or loss in value is equal to or
<br />greater than the amount of the sums secured by this Security Instrument unmediately before the partial
<br />taking, destruction, or loss in value, unless Borrawer and Lender otherwise agree in writing, the sums
<br />secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds
<br />multiplied by the following fraction: (a) the total amount of the sums sacured immediately before the
<br />partial taking, destruction, or loss in value divided by (b) the fair market value of the Property
<br />immediately before the partial 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 value of the Property in which the fair market
<br />value of the Property imxnediately before the partial taking, destruction, or loss in value is less than the
<br />amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless
<br />Borrower and Lender otherwise agree in writing, the Miscellaneous Praceeds shall be applied to the sums
<br />secured by this Security Instrurnent whether or not the sums are then due.
<br />If the Praperty is abandoned by Borrower, or if, after notice by Lender to Sorrower that the
<br />Opposing Party (as defined in the next sentence) offers to make aia award to settle a claim for damages,
<br />Barrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized
<br />ta 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 whom Borrower has a right of action in
<br />regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
<br />Lender' s judgment, could result in forfeiture of the Property or other material impairment of Lender' s
<br />interest in the Property ar rights under this 5ecurity Instrument. Borrower can cure such a default and, if
<br />10-09-000003
<br />NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
<br />�-B(N�) �oa��) Pege9 of 15 Initials: Form 3028 1101
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