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<br />insurance and Borrower was required to make separately designated payments toward the premiums for IVlortgage lnsurance,
<br />Borrower shall pay the premiums required ta abtain caverage substantially eyuivalent to the Mortgage Insurance previously
<br />in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an
<br />alternate mortgage insurer selected by Lender. If substantially equivalent Mort�;a�;e lnsurance covera�;e is nat available,
<br />Borrower shall continue to pay to L,ender the amaunt ofthe separately designated payments that were due when the insurance
<br />coverage ceased ta be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of
<br />Martgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the l.oan is ultimately paid in
<br />full, and I.�nder shall not be requirad to pay Borrower any interest or earnings on such loss reserve. Lender can no longer
<br />require lass reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires)
<br />provided by an insurer selected by I,ender again becomes available, is obtained, and L.ender requires separately designated
<br />payments toward the premiums for Mortgage Insurance, If Lender required Mortgage insurance as a condition ofmaking the
<br />Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance,
<br />Borrawer shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss
<br />reserve, until Lender's requirement for Mort�age Insurance ends in accordance with any written agreement between
<br />Borrower and Lender providin� for such termination or until termination is required by Applicable I.aw. Nothing in this
<br />Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note.
<br />Mortgage Insurance reimburses Lender (or any entity that purchasas the Note) for certain losses it may incur if
<br />Borrower does not repay the Loan as agraed. Borrower is not 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 their risk, or reduce losses. These agreements are on terms and conditions
<br />that are satisfactory to the mortgage insurer and the other party (or parties) ta these agreements. These agreements may
<br />requira the mort�;a�e insurer to make payments using any source of funds that the mortgage insurer may have available
<br />(which may include funds obtained from Mortgage Insurance premiums).
<br />As a result pfthese agreements, L,ender, any purchaser ofthe note, anather insurer, any reinsurer, any other entity,
<br />or afTiliate ofany ofthe foregoing, may receive (directly or indirectly) amounts that derive from (ar mi�;ht be characterized
<br />as) a portion ofBorrower's payments far Martgage Tnsurance, in axchange for sharing or modifying the mortgage insurer's
<br />risk, or reducing lasses. lf such agreement provided that an affiliate of Lender takes a share oftha insurer's risk in exchange
<br />for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed ta pay for Mortgage
<br />Insurance, or any ather terms of the Loan. Such agreements will not increase the amount Borrower will owe for
<br />Martgagc lnsurance, and they will not entitle Borrower to any refund.
<br />(b) Any such agreements will not affect the rights Borrower has — if any — with r�spect to the Mortgage
<br />Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may indude the right to
<br />receive certain disclosures, to request and obtain cancellation of the Mortgage Insurancc, to have the Mortgage
<br />Insurance terminated automatically, and/or to receive a refund of any Mortgage insurance premiums that were
<br />unearned at the time of such cancellation or termination.
<br />11. AssignmentofMiscellaneousProceeds;Forfeitare. AllMiscellaneousProceedsareherebyassi�nedtoand
<br />shall be paid to I.end�r,
<br />[fthe Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair ofthe Property, if
<br />the restoration or repa�r is ecottomically feasible and Lender's security is not lessened. During such repair and restoration
<br />period, Lender shall have the right to hold such M iscellaneous Procecds until Lender has had an opportunity to inspect such
<br />Property to ensure the work has been completed to l�ender's satisfaction, provided that such inspection shall be undertaken
<br />promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series ofprogress payments as tha
<br />work �s completed. Unless an agreement is made 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 on such Miscellaneous
<br />Proceeds. Ifthe restoration or repair is not econvmically feasible or Lender's security would be lessened, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or nat then due, with the excess, if any,
<br />paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2.
<br />In the event of a total taking, destruction, or lass in value of the Property, the Miscellaneous Proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether pr not then due, with the excess, ifany, paid to Borrower.
<br />In the event of a part�al taking, destruction, or loss in value of the Property in which the fair market value of the
<br />Property immediately before the partial taking, destruction, or loss in value is equal to or graater than the amount ofthe sums
<br />secured by this Secur�ty Instrument immediately before the partial taking, destruction, or loss in value, unless Bprrower and
<br />Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the
<br />Miscellaneaus Aroceeds multiplied by the following fraction: (a) the total amount ofthe sums secured immediately before the
<br />partial taking, destructian, or loss in value divided by (b) the fair market value ofthe Property immediately before the partial
<br />taking, d�struction, or loss in value. Any balance shall be paid ta Borrower.
<br />In the event of a partial taking, destruction, or loss in value ofthe Property in which the fair market value ofthe
<br />Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured
<br />immediately before the partial taking, destruction, or loss in value, unless Bprrower and Lender otherwise a�ree in writing,
<br />the Miscellaneous Praceeds shall be applied ta the sums secured by this Security Instrument whether or not the sums are then
<br />due.
<br />If the Property is abandoned by Borrpwer, or if, after notice by l..ender to Borrower that the Opposing Party (as
<br />defined in the next sentence) offers to make an award to settle a claim for damages, Barrower fails to respond to I.,ender
<br />within 30 days after the date the notice is given, Lender is authorized ta collect and apply the Miscellaneous Proceeds either
<br />to restoration or repair of the Property or to the sums secured by this S�curity Instrument, whethar or not then due.
<br />"Opposin� Party" means the third party that awes Borrower Miscellaneous Proceeds or the party against whom Borrower
<br />has a right of action in regard to Miscellaneous Proceads,
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in L.ender's
<br />judgment, could result in forfeiture ofthe Property or other material impairment ofl,ender's interest in the Propertyor rights
<br />under this Security Instrument. Borrower can cure such a default and, ifacceleration has occurred, reinstate as provided in
<br />Section 19, by causing the action or proceeding to be dismissed with a rulin� that, in Lender's judgment, precludes forf�iture
<br />ofthe Aroperty or other material impairment of Lender's interest in the Aroperty or rights under this Security Instrument. T'he
<br />proceeds of any award or claim for damages that arc attributable to the impairment of Lender's intarest in the Property are
<br />heraby assigned and shall be �aid to Lender.
<br />All Miscellaneous Aroceeds that are not applied to restoration or repair ofthe Praperty shall be applied in the order
<br />provided for in Section 2.
<br />12. Borwower Not Released; Forbearance By Lender Not a Waiver. �xtension ofthe time for payment or
<br />modification of amortization ofthe sums secured by this Security Instrument granted by Lender to Borrower or any Successor
<br />in Interest of Borrower shall nat operate to release the liability of Borrower or any Successors in Interest of Borrower.
<br />I.ender shall not be required to commence praceedings against any Successor in Interest of Borrower or to refuse to extend
<br />time for payment or otherwise modify amortization ofthe sums secured bythis Security Instrument by reason ofanydemand
<br />made by the original Borrower or any Succassors in Interest of Borrower. Any forbearance by Lender in exercisin� any right
<br />or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or 5uccessors in
<br />Interest of Borrower or in
<br />amounts less than the amaunt then due, shall not be a waiver of or preclude the exercise of any right or remedy.
<br />NEBRASKA—Single Family--Fannie Mac/Nreddie Mac UNIFORM INSTRLJMENI' (MF.RS)
<br />12439.CV (1/08) 9U4314
<br />Form 3028 1/Ol (puge S af8�ages)
<br />Creative Thinking, Inc.
<br />G07'O(0012ti6G3)
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