|
201007491
<br />As a result of these agreemeuts, Lender, any purchaser of the Note, another insurer, any reinstirer,
<br />any othcr entity, or any afCliate of any of the faregoing, may receive (directly or indirectly) amounts that
<br />derive from (�r might be characterized as) a portion of Sorrower's payments for Martgage Insurance, in
<br />exchange for sharing or modifyirig the marigage insurer's risk, nr reducing loss�s. If such agreement
<br />provides that an affiliate of Lender takes a share of the insurer's rtisk in exchange for � share of thc
<br />premiums paid to the insurer, the arrangament is often termed "captive rein�urance." Further:
<br />(a) Any such agreement� will not affect the amounts that Borrower has agreed to pay for
<br />Martga�e Insurance, ar any other terra� of the Loan. Such agreements will not increaae the amount
<br />Borrower will owe t"or Mortgage Ingurance, and they will not entitle Borrower to aay refund.
<br />(b) Any such agreementa will not affect the ri�hta Sorrower has - if Any - with reepect to the
<br />Martgage Insurance under the Homeuwnera Protection Act of 1998 or any ather law. These righta
<br />m�ay include the ri�ht to receive certain dfsclo�ure�, to request and obtain caneeAation of thc
<br />Mortgage Inaurance, ta have the Mortgage Insuraace terminated automatirally, and/or to receive a
<br />refund of any Mortgage Inaurance premiuma that were unearned at the time of auch cancellation or
<br />termination.
<br />11. Aeaignment of Miacellaneou� Proeeed�; Forl'eiture. All Miscellaneous Proceeds are hcreby
<br />assigned to and shall bc paid to Lender.
<br />If the Froperty is damaged, such Miscellaneous Proceeds shall be applied tu restoratian or repair of
<br />the Property, if thc restoration or repair is economically feasible and Lender's sccurity is not lessened.
<br />During such repair and restoratian pertiod, Lender shall havo the right to hold such Miscellanenus Proceeds
<br />until Lender has had an opportunity to inspect such Property to ensure the wark has becn completed to
<br />Lender's satisfaction, pmvided that such inspection shall be undertaken promptly. Lcndcr tnay pay for the
<br />repairs and restoration in a single disburscment or in a series of progress payments as the work is
<br />eompleted. U�less an agrocment is rnade in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Pmcseda, Lender shall not be required to pay Borrower any interest ar eamings on such
<br />Miscellaneou� Ptoceeds_ If the restotation or repair is not economically feasible or Lender's security would
<br />be lessened, the Miecellaneous Proceeds shall be appliod to the sums securui by this Security Instrument,
<br />whether or not then due, with the excess, if any, paid to Sarrnwer. Such Miscellaneous Proceeds shall be
<br />applied in the order p�vided far in Section 2.
<br />Tn the event af a total taking, destruction, ar lpss in value of the Property, the Miscellaneous
<br />Praceeds shall be applied to the swns secure� by this Security Instnrrnent, whether or not then due, with
<br />the excess, if any, paid to Borrower.
<br />In the event af a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value of the Properiy immediately before the partial taking, destruction, or loss in value is �qual to or
<br />greater than the amount of the sums secured by this Security Instrument immediately before the partial
<br />taking, dcstruction, or loss in value, unless Sorrower and Lender otherwise agrec in writing, the sums
<br />se�ured by thie Security Iustrument shall be reduced by the amount of the Miscellaneous Proceeds
<br />multiplied by the fallowing fraction: (a) the total amount nf the sumg secured immediat�ly befare the
<br />partial taking, destruction, or lass in value divided by (b) thc fair market value of the I'roperty
<br />immediately before the partial taking, destruction, or lass in value. Auny balance shall b� paid to Borrower.
<br />In the cvent of a partial taking, destruction, ar loss in value of the Properiy in which the fair market
<br />value of thc Property irnmcdiately before the partial taking, destruction, or loss in valu� is less than. the
<br />amount of the sums secuured immediately before the partial taking, destruction, or loss in value, unless
<br />Borrower and Lender otherwise agroo in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />secured by this Security Instru�tnent whether or not khe sums are thean due.
<br />If the Property ia abandoned by Borrawcr, ur if, aftcr notice by Lendcr to Borrowcr that the
<br />Opposing Party (as defined in the ncxt sentencc) offers to make an award. to settle a claim far damages,
<br />Sarrawer fails to reapond to Lender within 30 days after the date the notice is given, Lender is authorized
<br />to collect and apply the Miscellancous Proceeds oither to restoration or repair of the Property or to the
<br />sums sccuted by this Security Tnstrutn�nt, whether or not then due_ "Opposing Party" means the third party
<br />that owea Bortower Miscellanaous Prnceeds or the party against whom Borrower has a right of action in
<br />regard ta Miscellaneous Proceeds.
<br />Borrower ahall be in default if any action or proceeding, whether civil or criminal, is begun that, in
<br />Lender's juclgment, could result in forfaitute oF the Property or other material impairment of Lender's
<br />interest in the Property or righis under this Security Instrument. Borrowec can cure such a default and, if
<br />NEBRASKA- Single Famtly - F�nnl� MaslFrsddir M�c UNIFORM INSTRUMENT
<br />��(NE)�os��� Paps9o116 �mr.n: Farm3028 1/01
<br />
|