|
2o�oo�s13
<br />pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss
<br />reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement
<br />between Borrower and Lender providing for such termination or until termination is required by Applicable
<br />Law. Nothing in this 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 purchases the Note) for certain losses it may
<br />incur if Borrower does not repay the Loan as agreed. 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
<br />into agceements with other parties that share or modify their risk, or reduce losses. These agreements are on
<br />terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these
<br />agreernents. These agreements may require the mortgage insurer to make payments using any source of funds
<br />that the mortgage insurer may have available (which may includ� funds obtained from Mortgage Insurance
<br />premiums).
<br />As a result of these agreements, Lender, any purchaser of the Nate, another insurer, any reinsurer, any
<br />other entity, or any af�liate of any of the foregoing, may receive (directly or indirectly) amounts that derive
<br />from (or might be characterized as) a portian of Borrower's payments for Mortgage Insurance, in exchange for
<br />sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an
<br />affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the
<br />insurer, the arrangemant is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will not $ffect the amounts that Borrower has $greed to pay for Mortgage
<br />Insurance, or any other terms of the Loan. Such agreements will not increase the $mount Borrower will
<br />owe for Mortg�ge Insurance, and they will not entitle Borrower to any refund.
<br />(b) Any such agreements will not affect the rights Borrower has - if any - with respect to the
<br />Mortgage Insurance under the Homeowners Frotection Act of 1998 or any other law. These rights may
<br />include the right to receive certain disclosures, to request $nd obtain cancellation of the Mortgage
<br />Insurance, to have the Mortg$ge Insurance terminated automatically, and/or to receive a refund of any
<br />Mortgage Insurance premiums that were unearned at the time of such cancellation or termination.
<br />11. Assignment ot Miscellaneous Proceeds; Farfeiture. All Miscellaneous Proceeds are hereby assigned
<br />to and shall be paid to Lender.
<br />If the Property is damaged, such Miscella.neous Proceeds shall be applied to restoration or repair of the
<br />Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During
<br />such repair and restoratipn period, Lender shall have the right to hold such Miscellaneous Proceeds until
<br />Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's
<br />satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and
<br />restoration in a single disbursement or in a series of pragress payments as the work is campleted. llnless an
<br />agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds,
<br />Lender shall not be requiced to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the
<br />restoration or repair is not economically 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 not then due, with the
<br />excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in
<br />Section 2.
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds
<br />shall be applied to the sums secur�d by this Security Instrurnent, whether or not then due, with the excess, if
<br />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 value
<br />of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than
<br />the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction,
<br />or loss in value, unless $orrower and Lender otherwise agree in writing, the sums secured by this Security
<br />Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction:
<br />(a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value
<br />divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss
<br />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 value
<br />of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of
<br />the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and
<br />Lender oth�rwise agree in writing, the Miscellaneous Praceeds shall be applied to the sums secured by this
<br />NEBRASKA- Single Family - FannleMae/FreddleMac UNIFORM INSTRUMENT
<br />Form 3028 1 /01 � �
<br />Laser Forms Inc. (800) 448-3555
<br />LFI #FNMA3028 4l02 I'age 8 of 13 II11t181S:
<br />
|