|
2 oloo7s��
<br />As a result af these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer,
<br />any other entity, or any affiliate of any of the foregoin�, rnay receive (directly or indirectly) amounts that
<br />derive from (or might be characterized as) a portion of Borrower' s payxnents for Mort�age Insurance, in
<br />exchange for sharing or modifying the mortgage insurer' s risk, or reducing losses. If such agreement
<br />provides that an affiliate af Lender takes a share of the insurer's risk in exchange for a share of the
<br />premiums paid to the insurer, the arrangement is often terxned "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts th$t Borrower h�s agreed to pay for
<br />Mortgage Insurance, or any other terms of the Loan. Such agreements will nat increase the amount
<br />Borrower will owe t'or Mortgage insurance, and they will not entitle Borrower to any refund.
<br />(b) Any such agreements will not affect the rights Sorrower has - if any - with respect to the
<br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. �hese rights
<br />may include the right to receive certain disclosures, to request and obtain cancellation of the
<br />Mortgage Insurance, to have the Martgage Insurance terminated sutomatically, and/or to receive a
<br />refand of any Mortgage Insurance premiums that were unearned at the time of such cancellation or
<br />termination.
<br />11. Assignrnent of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
<br />assigned to and shall be paid to Lender.
<br />If the Froperty is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of
<br />the Praperty, if the restoratipn or repair i5 economically feasible and Lender's security is not lessened.
<br />Durin� such repair and restoration period, Lender shall have the ri�ht to hold such Miscellaneous Prncceds
<br />until Lender has had an opportunaty to inspect such Property to ensure the work has been completed to
<br />T�ender' s satisfaction, provided that such inspection shall be undertaken proxnptly. Lender may pay for the
<br />repairs and restaration in a single disbursement ar in a series of progress paym�nts as the work is
<br />cornpleted. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such.
<br />Miscellaneous Proceeda, Lender shall not be required to pay Sorrower any interest or earnings on such
<br />Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender' s securaty would
<br />be lessened, the Miscellaneous Proceads shall be applied to the sums secured by this Security Instrument,
<br />whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Prpceeds shall be
<br />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
<br />Froceeds 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 pF a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value of the Property imrnediately 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 reduced by the amount of the Miscellaneaus Proceeds
<br />multiplied by the following fraction: (a) the total amount of the sums secured immediately b�fore the
<br />partial taking, destruction, or loss in value divided by (b) the fair markat value of the Praperty
<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, destructipn, or loss in value of the Property in which the fair market
<br />value of the Property immediately before the partial taking, destruction, or loss in value is less than the
<br />amount of the suzns secured immediataly bet'ore the partial taking, destruction, or �OSS in value, unless
<br />$orrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />secured by this Security Instrument whether or not the sums are then dua.
<br />If the Praperty is abandoned by Borrower, or if, after notice by Lender to Borrower that the
<br />Opposing Party (as de�ned in the next sentence) offers to rnake an award to settle a claim for damages,
<br />Bprrower 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, whether or not then due. "Opposin� Party" means the third party
<br />that owes Barrawer 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 actian or proceeding, whether civil or criminal, is begun that, in
<br />Lender' s judgrnent, could result in forfeiture of tha 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 />2309�4
<br />NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
<br />�^B'NE) (OB11) Page9 af 15 ininais: � Form 3028 1/01
<br />�
<br />
|