|
20140�572
<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 receive (directly or indirectly) amaunts that
<br />derive from (or might be characterized as) a pprtion of Borrower's payments for Mortgage Insurance, in
<br />exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreennent
<br />provides that ax� affiliate of Lender takes a shaze 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." �urther:
<br />(a) Any such agreements will nat affect the amounts that Borrower has agrced to pay far
<br />Mortgage Insurance, or any other terms of the Loan. Such agreements will not incre.a.se the amoant
<br />Borrower waill owe far Mnrtgage Insurance and the� will not entitle Borrower to any refund.
<br />(b) Any such agreernents will not aft�ect the nghts Borrawer has - if any - with respect to the
<br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any ather law. These rights
<br />may include the right to receive certain disclosures, to request and obtain cancellation of the
<br />Mortgage Insurance, to hav� the Mortg�ge Insarance terminated automatically, and/or to receive a
<br />refund of any Mortgage Insurance premiums that were unearned at the time af such cancellation or
<br />termination.
<br />11. Assignment of Miscellaneous Prceeeds; Forfeiture. All Miscellaneous Proceeds are hereby
<br />assigned to and shall b� paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of
<br />the Property, if the restoration or repair is economically feasible and I..ender's security is not lessened.
<br />During such repair and restoration periad, Lender shall have the right to hold such Miscellaneous Praceeds
<br />until I.en.der has had an appartunity to inspect such Property to ensure the work has been completed to
<br />Lender's satisfaction, provide� that such inspection shall be undertaken promptly. Lender may pay for the
<br />repairs and restoration in a single disbursement �r in a series of progress payments as the work is
<br />campleted. Unless an agreernent 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 ar earnings on such
<br />Miscellaneous Proceeds. Tf the restoration or repair is not econornically feasible or Lender's security would
<br />be lessened, the Miscellaneous Procceds 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 the event of a total taking, destructian, or loss in value of the Property, the Miscellaneous
<br />Proceeds shall be applied to the suins 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 Praperty in which the fair rnarket
<br />value of the Property immediately befpre the partial taking, destruction, or loss in value is equal to or
<br />greater than the amoucat of the swns secured by this Security Instrument immediately before the partial
<br />taking, destruction, or loss in value, unless Borrower and Lender atherwise agree in writing, the sums
<br />secured by this Security Instrument shall be reduced by the amount of the Miscellaneaus Proreeds
<br />multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />partial taking, destruction, ar loss in value divided by (b) the fair market value of the Property
<br />irnrnediately before the partial taking, destruction, or loss in value. Any balance shall be �aid 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 the partial taking, destruction, or loss in value is less than the
<br />arnount of the sums secure� immediately before the partial taking, destruction, or loss in value, unless
<br />Borrower and Lender otherwise agree in writing, the Miscellaneous Procceds shall be applied to the sums
<br />secured by this Security Instnunent whether or not the sums are then due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the
<br />Opposing Party (as defined in the next senteance) offers to malce an awazd to settle a claim for damages,
<br />Bonower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized
<br />to collect and apply the Miscellaneous Froceeds either to restoration or repair of the Property or to the
<br />swns secured by this Security Instrument, whether or not then due. "Opposing Party" means the third pazty
<br />that owes Borrower Miscellaneous Procceds or the party against whom Borrower has a right of action in
<br />regard to Miscellaneous Froceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or crirninal, is begun that, in
<br />T.,ender's judgment, could result in forfeiture of the Property or other material impairtnent of Lender's
<br />interest in the Property or rights under this Security Instrurnent. Borrower can cure such a default and, if
<br />NEBRASKq - Single Family - Fannie MaelFreddie Mac UNIFORM INSTRUMENT
<br />�-6(NE) �osi i 1 Pege 8 of 16 miciais: Form 3028 1/01
<br />�
<br />� � � E 1: �. r ± �
<br />�,
<br />�
<br />
|