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<br />insurance and Sorrower was required to make separately designated payments toward the premiums foc Mortgage insurance,
<br />Borrower shall pay the premiums required to obtain coverage substant�ally equivalent to the Mortgage Insurance previously
<br />in effect, at a cost substantially equivalent to the cost to Borrower ofthe Moctgage insurance previously in effect, from an
<br />alternate mortgage insurcr selected by Lender. lf substantially equivalent Mortgage Insurance coverage �s not available,
<br />Borrower sha4 continue to pay to Lender the amount ofthe separately designated payments that were due wheu the insura��ce
<br />coveraga ceasad to be in effect, l.ander will accapt, use and retain these payments as a non-refundable loss reserve in lieu of
<br />Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstand�ng the fact that the Laan is ultimately paid in
<br />fitll, and Lender shaq not be rec�uired to pay Borrower any i►�terest or earnings on such loss reserve. T..,ender can no longer
<br />require loss reserve payments �F Mart gage Insurance coverage(in the amount and for the period that Lender requires)
<br />provided 6y a�i insurer selected by Lender again becomes available, is obtained, and L.ender requires separately desi$nated
<br />payments toward the premiums far Mortgage Insuranca. 1fLender required Mortgage Insurance as aconditton ofmalangthe
<br />Loan and Borrower was required to make separately designated paynnents toward the premiurns for Mortgage Insurance,
<br />Borrower shall pay the premiums required to maintam Mortgage Insurance �n ei�'ect, or to provide a non-refundable loss
<br />reserve, until Lender's rec�uireme��t for Mortgage Insurance ends in accordauce with a�ry written agreemei�t between
<br />Borrower and I.ender providing for such termmat�on ar until termiaaation is required by Applicable Law. Nothing in tliis
<br />Section 10 affects Borrower's obligatinn ta pay interest at tha rate provided in the Note.
<br />Mortgage lnsurance reimburses Lender (or aaiy entity that purchases the Note) for certain losses it may incur if
<br />Borrower does not repay the Loan as agreed. Borrower is not a�arty to the Mortga Insurance.
<br />Mortgage Insurers evaluate t heir total risk on all such xnsurance in fprce fiom timc to time, and may enter into
<br />agreements with other parties that share vr nnodify their risk, or reduce losses. These agreements are an terms and conditions
<br />that aze satisfactory to the mortgage insurer and the other parry (or paRies) to these agreements. These agreements may
<br />require the mortgage insurer to make payments usia�g any source of funds tliat the mortgaga insurer may have available
<br />(which may include funds obtained fram Mortgage lnsura�ice premiums).
<br />As a result ofthese apreements, Lender, any purchaser ofthe note, anather insurer, any rcinsurer, a�iy other entity,
<br />ar af�iliate oF any of the forego�ng, may receiva (directly or indirectly) amou�its that derive from (ar might be characterized
<br />as) a portion ofBorrower's payments for Mortgage Insurance, in exchange for sharing or modify�ng the mortgage insurer's
<br />risk, or reducing losses. If such agreement prov�ded that an affiliate ofLender takes a share ofthe insurer's risk m exchange
<br />for a share of the premiums paid to the insurer, the arrangem�nt is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage
<br />Insurance, or any ather terms of the Loan. Such agreements will not increase the amount Borrower will owe for
<br />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 — witn respect to the Mortgage
<br />lnsurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to
<br />receive certain disclosures, to request and obtain cancellation oithe Mortgage Insurance, to have the Mortgage
<br />Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were
<br />unearned at the time of such cancellation or termination.
<br />11. Assignment ot'Miscellaneous Proceeds; Forfeiture. All Miscellaneous Aroceeds are hereby assigned to and
<br />shall be paid to L.ender.
<br />Ifthc Property is damaged, such Miscellaneaus Praceeds shall be applied to restoration or repair ofthe Froperty, if
<br />the restoration or repair ts economically feasible and Lender's security is not lessened. During such repair and restoratton
<br />period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such
<br />Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
<br />prpmptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the
<br />work is completed. Unless an agreement is mad� in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lender shall not be reyuired to pay Borrower any interest or earnings on such Miscellanevus
<br />Proceeds. Ifthe restoration or repair is not econom�cally feasible or Lender's security would be lessened, the Miscellaneous
<br />Proceeds shall be appliad to the suuis secured by this Security Instrument, wliether or not then due, with the excess, if any,
<br />paid to Borrower. Such Miscellaneous Proceeds shall be a�plied in the order provided for in Section 2.
<br />In the event of a total taking, destruction, or lass m value of the Praperty, the Miscellaneous Proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, with the excess, ifany, paid to Borrawer.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the
<br />Property �mmediately before the partial taking, destruction, or loss in value is equal to ar greater than thc amount ofthe sums
<br />secured by this Security Instrument immediately before the partial taking, destructinn, or loss in value, unless Borrower and
<br />Lender otherwise agree ui writing, the sums secured by this Security Instrument shall be reduced by the amount of thc
<br />Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount ofthe sums secured'unmediately before the
<br />partial takii�g, destruction, or loss in value divided by(h) the fair market value ofthe Property immedialely before the partial
<br />taking, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />In the event af a partial taking, dastruction, or loss in value of the Properry in whicl� the fair market value of the
<br />Property imniediately before the partial takin�; destruction, or loss in value is less than the amount of the sums secured
<br />immediately before the partial takmg, destruction, ar lass in value, unless Borrowar and Lender otherwise �gree in writing,
<br />the Miscellancous Proceeds shall be applied to the sums secured by this Security lnstrument whether ar not the sums are then
<br />due.
<br />If the Property is abandoned by Borrower, or if, after notiee by Lender to Borrower that the Opposing Party (as
<br />defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender
<br />within 30 days after the date the notice is given, Lea�der is authorized to collect and apply the Miscella�ieous Proceeds either
<br />to restoration or repair of the Property or to the sums secured by this Security lnstrument, whether or not then due.
<br />"Oppasing Party" mea�is the third party that owes Borrower Miscellaneous Proceeds or the party against whan Borrower
<br />has a right of action in regard to Miscellaneous Proceeds.
<br />Borrawer shall 6e in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's
<br />judgment, could result in forfeiture ofthe Property or other material im�airment ofi..ender's interest in thc Properry or rights
<br />under this Security lnstrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided m
<br />Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's jud�ment, precludes forfeiture
<br />ofthe Property or other material impairment ofLender's interest in the Property or rights under tlus Secunty Instrume�it. Tl�e
<br />proceeds of any award or claim for damages that are attributable to the impairment ofLender's interest in the Property are
<br />here6y assigned aiid shall be paid to Lender.
<br />All Miscellaneous Proceeds that are not applicd ta restoration ar repair of the Property shall 6e applied in the order
<br />provided for in Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. �xtension ofthe time for payment or
<br />modification of amortization of the sums secured by this Security lnstrument granted by Lender to Borrower or any Successor
<br />iai Interest of Borrower shall not operate to release the liability of Borrower or a�iy Successors in Interest of Borrower.
<br />Lender shall not be required. to commence proceedings agai»st aany Successor in Ii�terest ofBarrnwer ar to refuse ta extend
<br />time for payment or otherwise modify amorhzation ofthe sums secured by this Security Instrument by reason ofany dema��d
<br />made by the original Borrower or any Successors in interest of Borrower. Any forbearance by Lender in exercising any right
<br />or remedy includmg, without limitat�on, Lender's acceptance of payments from third persons, entities or Successors m
<br />Interest of Borrower or in
<br />amounts less than the amount then due, shall nnt be a waiver of or preclude the exercise of any right or remedy.
<br />NEBRASKA--Single Family—Fannie Mae/Freddie Mae UNIFORM 1NSTRUINENT (MERS) Form 3028 1/Ol (E�age 5 of 8 pages)
<br />12439.Cv (1lO8) 03-1127 Creative Thinking, Inc.
<br />GOTp(OU231 c47)
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