|
�oiou�7o�
<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) arnounts that
<br />derive from (or might be characterized as) a portion of Borrower's payrnents For Mortgage Insurance, in
<br />exchange for sharing or modifying the mortgage insurer' s risk, or reducing lpsses. If such a�reement
<br />provides that an af�liate of Lender takes a share of the insurer's risk in exchange for a share of the
<br />premiums paid to the insurer, the arran�ernent is aften termed "captive reinsurance." Further:
<br />(a) Any such agreemnents will not affect the amounts that Borrower has agreed to pay for
<br />Mortgage Insurance, or any other terms af the Loan. Such agreernents will not increase the amount
<br />Sorrower will owe for Mortgage lnsurance, and they will not entitle Barrower ta any refund.
<br />(b) An,y such agreements wiNl not affect the rights Barrower has - if any - with respect to the
<br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights
<br />may include the right to receive certain disclosures, to request and obtain cancellatioi� of the
<br />Mortgage Insurance, to have the Mortga�e Insurance terminated sutomatically, and/or to receive a
<br />refund of any Mortgage lnsurance premiums that were unearned at the time of such cancellation or
<br />terrnination.
<br />11. Assignment of Miscellaneous PxbC�edS; Forfeiture. Ai] Miscellaneoua Proceeds are hereby
<br />assigned t� and shall be 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 restaration or repair is ecpnomically feasible and Lender' s security is not lessened.
<br />During such repair and restoration period, Lender shall have the right to hpld such Miscellaneaus Proceeds
<br />until Lender has had an opportunity to inspect such Property to ensure the work has been compl�ted to
<br />Lender' s satisfacCion, provided that such inspection shall be undertaken promptly. Lender rnay 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, Lender shall not be required to pay Borrower any interest or earnings on such
<br />Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would.
<br />be lessened, the Miscellaneous Proceeds shal] be applied to the surns secured by this Security Instrument,
<br />whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Pxoceeds shall be
<br />applied in the order provided for in Section 2.
<br />In the event of a tatal taking, destruction, or loss in value of the Property, the Miscellaneous
<br />Proceeds shall be applied to the sums 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 Property in which the fair market
<br />value of the Property immediately before the partial Caking, destruction, or loss in value is equal to or
<br />greater than the amount of the �ums secured by this Security Instrument 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 Instrument shall be reduced by the amount of the Miscellaneous Proceeds
<br />multiplied by the fallowing Fractian: (a) the total arnaunt of the sums secured immediately before the
<br />partial talcing, destruction, or loss in value divided by (b) the fair market value of the Property
<br />immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />In the event of a partial takin�, destruction, or loss in value of the Property in which the fair market
<br />value of the Property ixnmediately befare the partial taking, destruction, or loss in value is less than the
<br />amount of the sums secured immediately before the partial taking, destruction, or �OSS in value, unless
<br />Borrower and Lender otherwise agree in writing, the Miscellaneous Froceeds shall be applied to the sums
<br />secured by this Security Instrument whether or not the sums are then due.
<br />Tf the Property is abandoned by Borrower, or i£, after notice by Lender to Borrower thaC the
<br />Opposing Party (as defined in the next sentence) offers to make an award to settle a clairn for darnages,
<br />Borrower 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 Proceeds either to restoration or repair of the Property or to the
<br />sums secured by this Security Instrument, whath�r or not then due. "Opposing Party" means the third party
<br />that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in
<br />regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun thaC, in
<br />Lender' s judgzx�ent, could result in forfeiture of the Property or other material impairment of Lender' s
<br />interest in the Property ar rights under this Security lnstrument. Bqrrower can cure such a default and, if
<br />230925
<br />NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ��
<br />�-B(NE) �oe� �> Paqe 9 of 15 Initi Fofm 3D28 1/01
<br />0
<br />
|