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201007574 <br />As a r�sult of these agreements, I,ender, any purchaser of the Note, another insurer, any reinsurer, <br />any other entity, or any affiliate af any of the foregoing, may receive (directly or indirectly) amounts that <br />derive from (or might be characterized as) a portioan of Borrower's payments for Mortgage Insurance, in <br />exchange for sharing or modifying the rnortgage insurer's risk, or re�ucing losses. If such agreernent <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 tezxx�ed "captive reinsurance. " Further: <br />(a) Any such agrcements will not affect the amoants that Borrower has agreed to pay for <br />Mprtgage Insurance, or any other terms of the Loan. Such agreements will not increase the amaunt <br />Borrower witl owe for Mortgage Insurance, and they will not entitle Borrower to any refand. <br />(b) Any such agreements will not affect the rights Borrower has - if any - with respect to the <br />Mortgage Insarance under the Homeowners Protection Act of 1998 or any other law. These rights <br />may include the right to receive certain di�closares, to reqaest and obtain cancellation of the <br />Martgage Insurance, to have the Mortgage Insurance terminateKl automatically, and/or to receive a <br />refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or <br />termination. <br />11. Assignment of Miscellaneous Proceeds; Forfelture. All Miscellaneous Proceeds are hereby <br />assigned to and shall be paid to I.ender. <br />If the Property is damaged, such Miscellaneous Proceeds shall be applie�i to restoration or repair of <br />the Property, if the restpration pr repair is economically feasible and Lender's security is not lessened. <br />During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds <br />until T,ender has had an oppartunity ta 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 disbursement or in a series of progress payments as the work is <br />completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such <br />Miscellaneous Proceeds, L.ender shall not be required to pay Banawer any interest or earnings on such <br />Miscellaneous Proceeds. If tk�e restoration or repair is not econonnically feasible or Lender's security would <br />be lessened, the Miscellaneous Proceeds shall be applied to the surns secured by this Security Instrument, <br />whether or not then due, with the excess, if any, paid to Bonawer. Such Miscellaneous Proceeds shall be <br />applied in the order provided for in Section 2. <br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous <br />Procesds shall be applied to the sums secured by this Security Instnunent, whether or not then due, with <br />the excess, if any, paid to Borrower. <br />In the event qf a partial taking, destruetion, or loss in value of the Property in which the fair nnarket <br />value of the Property immediately before the partial taking, destruction, or loss in value is equal to or <br />greater than the amount of the sums secure�i by this Security Instru�x�ent immediately before the partial <br />taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums <br />secured by this Security Instrurnent shall be reduced by the amount of the Miscellaneous Proceeds <br />multiplied by the following faraction: (a) the total amount of the sums secured irnmediately before the <br />partial taking, destruction, or loss in value divided by (b) the fair market value of the Property <br />irnmediately before the partial taking, destruction, or loss in value. Any balance shall be paid ta Bonower, <br />In the event of a partial taking, destruction, or lass in value of the Property in which the fair market <br />value of the Property immediately before the partial taking, destruction, ar loss in value is less than the <br />amaunt of the sums secured immediately before the partial taking, destruction, or loss in value, unless <br />Barrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applie� to the sums <br />secure.cl by this Security Instrurnent whether or not the sums aze then due. <br />If the Property is abandoned by Borrower, or if, after notice by Lender to Barrower that the <br />Opposing Party (as defined in the next sentence) offers to make an awazd to settle a cladm for damages, <br />Borrower fails ta respand to Lender within 30 days after the date the notice is given, Lender is authorized <br />to colle�t and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the <br />suxns secured by this Security Instrument, whether ar nat then due.. "Opposing Party" means the third party <br />that owes Borrower Miscellaneous Proceeds or the party against whom Banower has a right of action in <br />regazd to Miscellaneous Proceeds. <br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in <br />L.ender's judg�ment, could result in forfeiture of the Property or other material impairment of I.ender's <br />interest in the Property or rights ur�der this Se�urity Instrwzient. Borrower can cure such a default and, if <br />NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM INS7RUMENT <br />�-6�NE) (08111 Page 9 of 15 Initials: FOI'n'1 3028 7lO1 <br />� <br />• q iP '� „�� . � ..` ; <br />� <br />� <br />