|
241007796
<br />As a result of Chese 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) amounts that
<br />derive from (or might be characterized as) a portian af Barrower's payments for Mortgage Insurance, in
<br />exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement
<br />provides that an affiliate of Lender takes a shaze of the insurer's risk in exchange fox a share of Che
<br />premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amonnts that Borrower has agreed to pay for
<br />Mortgage Insurance, ar any pther terms of the Laan. Such agreements will not increase the arnount
<br />Borrower will owe for Mortgage Insurance, and the� 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 Hameowners Protection Act of 1998 or any other law. These rights
<br />may include the right to receive certain disclosares, to request and abtain cancellation af the
<br />Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a
<br />refund af any Mortgage Insurance premiums that were unearned at the time of such cancellation or
<br />terrnination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
<br />assigned to and shall be paid to Lender.
<br />If the Praperty is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of
<br />the Property, if the restoration or repair is economically feasible and L,�nder's security is not lessened.
<br />During such repair and resCoration period, Lender shall have the right to hold such Miscellaneous Proceeds
<br />until Lender has had an opportunity to inspect such Property to ensure the work has been completed to
<br />Lender's satisfaction, provided that such inspectian shall be undertaken pramptly. 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, I.ender sha11 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 shall be applied to the sums secured by this Security Instrument,
<br />whether or not then due, with the excess, if a�ay, paid to Borrower. Such Miscellaneous Praceeds shall be
<br />applied in the arder provided for in Section 2.
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous
<br />Proceeds sha11 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 Praperty immediately before the partial taking, destruction, or loss in value is equal to or
<br />greater than the amount of the sums 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 reducsd by the amount of the Miscellaneous Proceeds
<br />multiplied by the following fraction; (a) the total amount of the sunns secured immediately before the
<br />partial taking, 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 �aid to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in whrch the fair rnarket
<br />value of the Property immediately before the partial taking, destruction, or lass in value is less than the
<br />arnount of the sums secured irnmediately before the partial taking, destruction, or loss in value, unless
<br />Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />secured by this Secu�ity Instzvment whether or not the sums are then due.
<br />If the Property is abandaned by Borrower, or if, after notice by Lender to Borrower that the
<br />Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages,
<br />Borrower fails to respond to Lender within 30 days after the date the notice is given, L.ender 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, whether or not then due. "Opposing Party" means the third party
<br />that owes Borrower Miscellaneous Proceeds or thc 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 that, in
<br />Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's
<br />interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if
<br />� J? �
<br />NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM INS7RUMEN7 c' 1� ��
<br />�-6(NE) loet t1 Page 9 of 15 Initials: �� Form 3028 7/07
<br />� � a � � , ,
<br />
|