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201007818
<br />Nc3U28.mzd.xml
<br />insurance and Borrower was required to rnake separately designated payments toward the premiums for Mortgage
<br />Insurance, Borrower shall pay the prerniums required to obtain caverage 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 I.,ender. If substantially equivalent Mortgage
<br />Insurance coverage is not availabla, Barrawer shall continue to pay to Lender the amount of the separately designated
<br />payments that were dne 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 lnsurance. Such loss reserve shall be non-refundable,
<br />notwithstanding 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. Lender can no longer require loss reserve payments if Mortgage lnsurance
<br />coverage (in the arnount and for the period that L.ender requires) provided by an insurer selected by L.ender again
<br />becomes available, is obtained, and Lender requires separately designated payments toward the premiums for
<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 prerniums required ta maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until
<br />Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and
<br />Lender providing for such ternunation or until termination is required by Applicable Law. Nothing in this Section
<br />10 affects Borrower's obligatian ta pay interest at the rate provided in the Note.
<br />Martgage Insurance reimburses Lendec (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 fronn iime to time, and may enter 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 parties) to these agreements. These
<br />agreements rnay require the mortgage insurer to make payments using any saurce 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 foregoing, may receive (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 modifying
<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 �xchange for a share of the premiums paid to the insurer, the arrangement is often termed
<br />"captive reinsurance. " FuRher:
<br />(a) Any such agreements will not affect the amnunts that Borrawer has agreed to pay for 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 Barrower to any refund.
<br />(b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage
<br />Insura�nce under the Homeowners Protection Act of 1998 or any other law. These rights rnay inelude the right
<br />to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the
<br />Mortgage Insurance terminated autonraatically, and/or to receive a refund af any Mortgage Insurance premiums
<br />that were unearned at the time of such cancellation or termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to
<br />and shall be paid tv L.ender.
<br />If the Property is damaged, such Miscellaneous Proceeds sha11 be applied to restoration or repair of the Property,
<br />if the restoration or repair is economically feasible ar�d Lender's security is not lessened. During such repair and
<br />restoration period, Lender shall have the right to hold such Miscellaneaus Proceeds until Lender has had an
<br />opportunity ta inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that
<br />such inspection shall be undertaken promptly. Lender 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 Proceeds, Lender shall not be required to pay Borrower any
<br />interest or earnings on such Miscellaneous Proceeds. If the restoration or repair 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 />Instrurnent, whether or not then due, with the excess, if any, paid to Borrower. 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 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 />ln 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, destruction, or loss in value is equal to or greater than the amount
<br />af the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value,
<br />unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrum�nt sha11 be reduced
<br />by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums
<br />secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the
<br />Property immediately before the partial taking, destructian, 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, destruction, 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 $arrower and Lender otherwise
<br />agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether
<br />or not the sums are then due.
<br />NEBRASKA--Single Famiiy--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS
<br />Form 3028 1/p1 Page 6 af 11
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