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�O1U07705
<br />insurance and Sorrower was required to make separately designated payrnents toward the premiums for Mortgage
<br />Insurance, Borrower shall pay the premiums required to obtain coverage substantially aquivalent to the Moartgage
<br />Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance
<br />previausly in effect, from an alternate rnortgage insurer selected by Lender. If substantially equivalent Mortgage
<br />Insurance covarage is not available, Borrower shall continue to pay to Lender the amount of the separately designated
<br />payments 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 res�rve shall be non-refundable,
<br />notwithstanding the fact that the Loan is ultimately paid in full, and L,ender shall nat be required to pay Borrower any
<br />interest or earnings on such loss reserve. Lender 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 d�signated payments toward the premiums for
<br />Mortgage Insurance. If Lender arequired Mortgage Insurance as a condition of making the �.oan and Bortower was
<br />required to make separately designated payrnents toward the premiums for Mortgage Insurance, Borrower shall pay
<br />the premiums required to maintain Mortgage Tnsurance in effect, or to provide a non-refundable Ioss reserve, until
<br />Lender's requirernent for Mortgage lnsurance ends in accordance with any written agreernent between Borrower and
<br />Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section
<br />10 affects Bnrrower's obligation to pay interest at the rate provided in the Note.
<br />Martgage Insuranca reimburses Lender (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 time to time, and may enter into
<br />agreements with other parties that share or modify their risk, or reduce losses. These agreemenls are on terms and
<br />condiCions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These
<br />agreements may require 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 premiums).
<br />As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other
<br />entity, or any affiliate of any of the fnregoing, may receiv� (directly or indirectly) amounts that derive from (or might
<br />be characterized as) a portion of Borrower's payments for Moxtgage Insurance, in exchange for sharing or madifying
<br />the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share
<br />of the insurer's risk in exchange for a share of Che premiums paid to the insurer, the arrangement is often termed
<br />"captive reinsurance. " Further:
<br />(a) Any such agreements will not affect the amounts that Borrawer has agreed to pay for Mortgage
<br />Insurance, or any other terms of the Loan. Such �greements 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 respect to the Mortgage
<br />Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the rigk�t
<br />to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the
<br />Martgage lnsurance terminated automatically, and/or to receive a refund of any Mortgage lnsurance �remiums
<br />that were anearned at the time of such cancellation or termination.
<br />1�. Assignment of Miscellaneous Praceeds; Forfeiture. All Miscellaneous Proceeds are herehy assigned to
<br />and shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to rastoration or repair of the Property,
<br />if the restoracion or repair is economically feasible and Lender's sacurity is not lessened. During such repair and
<br />restoration period, Lender shall have the right to hold such Miscellaneous Praceeds until Lender has had an
<br />opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that
<br />such insp�ctian shall be undertaken promptly. Lender znay pay for the repairs and restoration in a single disbursement
<br />or in a series of progress payments as th� work is completed. Unless an agreement is made in writing or Applicable
<br />Law reyuires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any
<br />interest or earnings on such Miscellaneous Proceeds. If the restoratian or repair is not economically feasible or
<br />Lender's security wnuld be lessened, the Miscellaneous Proceeds shall be applied to the surns secured by this Security
<br />Inst�'ument, whethar or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall
<br />be applied in the order provideci for in Section 2.
<br />ln the evenC of a total taking, destruction, or loss in value af the Property, the Miscellatieous Proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to
<br />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 tlae partial taking, destruction, or loss in value is equal to or greater than the amount
<br />of the sums s�cured by this Security Instrument immediately before the partial taking, destruction, or loss in value,
<br />unless Sorrower and L�nder otherwise agxee in writing, the sums secured by this Security Instrument shall be reduced
<br />by the annount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums
<br />secured innmediately befare the partial taking, dastruction, or loss in value divided by (b) the fair 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 af
<br />the Property immediately before the partial taking, destructinn, or loss in value is less than the amount of the sums
<br />secured immediately 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 />NEBRA$KA--Single Family--Fannie Mae/Freddie Mac UNIFORM INS7RUMENT - MERS DocMagic �in� aoo-sas-t3s2
<br />Form 3028 1/01 Page 8 of 11 www.docmagic.com
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<br />Ne3028.mzd.rcml
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