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RE-R�CORD�D"���
<br />2010a7G61
<br />2oiuu�4i2
<br />'insurance and Borrower was required to make separately dasignated payments toward the premium.s for Mortgage
<br />Tnsurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage
<br />Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage lnsurance
<br />previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage
<br />Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated
<br />paynnents that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these
<br />payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve sha11 be non-refundable,
<br />notwiChstanding the Fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any
<br />interest or earnings on such loss reserve. Lerader can no longer require loss reserve payments if Mortgage Insurance
<br />coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again
<br />becomes available, is obtained, and Lender requires separately designated payments toward the prezniums far
<br />Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was
<br />required to make separately designated payments toward the premiums for Mortgage insurance, Borrower shall pay
<br />the premiurns required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss resetve, until
<br />Lender's requirement for Mortgage Insurance ends in accordance wiCh any written agreernent between Borrower and
<br />Lender providing for such ternunation or until termination is required by Applicable Law. Nothing in this Section
<br />10 affects Borrow�r's obligation to pay interest at the rate provided in the Note.
<br />Martgage Insurance reimburses L.ender (or any entity that purchases the Note) for certain losses it may incur
<br />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 tirne to time, and may �nter into
<br />agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and
<br />conditions that are satisfactory to the mortgage insurer and the other party (or partias) to these agreeznents. These
<br />agreem�nts may reyuire the mortgage insurer to make payments using any source of funds that the mortgage insurer
<br />may have available (which may include funds obtained from Mortgage Insurance pxe;tniums).
<br />As a result of these agreements, L.ender, any purchaser of the Note, another insucer, any reinsurer, any other
<br />entity, or any affiliate of any of the foregoing, may receive (directly or indixectly) amounts that derive from (or might
<br />be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or rnodifying
<br />the mortgage insurer's risk, or reducing losses. If such agreernent provides that an affiliate of Lender takes a share
<br />of the insurer's risk in exchange for a share of the premiums paid ta the insurer, the arrangement is often termed
<br />"captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay far Mortgage
<br />insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe
<br />for Mortgage 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 r�pect to the Martgage
<br />Insurance under the Homeowners �rotection Act o�" ].998 or any other law. These rights may include the right
<br />to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the
<br />Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums
<br />that were unearned at the time of sach cancellation or termination.
<br />11. Assignment o�' Miscellaneous Proceeds; Forfeiture. All Misc�llaneous Proceeds are hereby assigned to
<br />and shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied ta restoration or repair of the Property,
<br />if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and
<br />restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an
<br />opportunity to inspect such Property to ensuxe the work has been completed to Lender's satisfaction, provided that
<br />such inspection sha11 be undertaken promptly. I.,ender may pay for the repairs and restoration in a single disbursement
<br />or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable
<br />Law requires interest to be paid on such Miscellaneous Praceeds, Lender shall not be required to pay Borrower any
<br />interest or earnings on such Miscellaneaus Proceeds. If the restoration or repaiz' is not economically feasible or
<br />Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or not then due, with the excess, if any, paid to Barrower. Such Miscellaneous Proceeds shall
<br />be 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 Froceeds shall be
<br />applied to the sums secured by this Security lnstrument, whetk►er or not then due, with the excess, if any, paid to
<br />Borrower.
<br />In the event of a partial taking, destruction, ar loss in value of the Property in which the fair market value of
<br />the Property immediately before the partial taking, destruction, or loss in value is equal to or greater chan the amount
<br />of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value,
<br />untess Borrower and Lendec otherwis� agree in writing, the sums secured by this Security Instrument shall be reduced
<br />by the amount of the Miscellaneous Proceeds multiplied by tkte following fraction: (a) the tot'al amount �f the sums
<br />secured immediately before the partial taking, destruction, or loss in value divided by (b) the faix market value of the
<br />Property immediately before the partial taking, destruction, or loss 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 of
<br />the Property immediately before the partial taking, destructian, or loss in value is less than the amount of the sums
<br />secured irnmediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise
<br />agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security lnstrument whether
<br />or not the sums are then due.
<br />NEBRASKA--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS
<br />Form 3028 1/01 Page fi of 1 1
<br />DOC�l7QIC r� 800-649-1362
<br />� ww .docmegic.cum
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<br />Ne3028.mzd.�unl
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