|
2 oiov7s��
<br />As a result of these agreements, Lender, any purchatier of the Note, anather 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 (pr might be characterized as) a portion of Borrower'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 share of the insurer' s risk in exchange for a share of the
<br />premiums paid to the insurer, the arrangement is often terrned "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the �mounts that Borrower has agreed to pay for
<br />Mortgage Insurance, or any ather terms of the Loan. Such agreements will not increase the axnount
<br />Borrower will owe for Mortgage Insur�nce, and they will not entitle Borrower ta 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 �Iomeawners Protection Act of 1998 or any other law. These rights
<br />may include the right to receive certain disclosures, to request and obtain cancellation of the
<br />Mortgage Insurance, to have tk►e Mortgage Insurance terminated automatically, and/or to receive a
<br />refund of any Mortgage Insurance premiums that were unearned at the time of such c�ncellation or
<br />termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
<br />assigned to 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 restoration or repair is econornically feasible and Lender' s security is not lessened.
<br />During such repair and restoration period, Lender shal] have the right to hold such Miscellaneous Proceeds
<br />until Lender has had an apportunity to inspect such Property to ensure the work has been completed ta
<br />Lender's satisfaction, provided that such inspection shall be undertalcen promptly. Lender may pay for the
<br />repairs and restoration in a single disbursement or in a series of pragress 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 Borrow�r any interest or earnings on such
<br />Miscallaneous Proceeds. Tf the restoration or repair is not ecanamically feasible or Lender's security would
<br />be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this S�curity Instrument,
<br />whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous �'roceeds sha11 be
<br />applied in the order provided for in 5ection 2.
<br />In the event of a total taking, destruction, ar lass in value of the Property, the Miscellaneaus
<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 af the Property in which the fair market
<br />value of the Property irnmediately 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 iznmediately before the partial
<br />taking, destruction, or loss in value, unless Borrower and Lender atherwise 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 following fraction: (a) the total amount of the sums secured imrnediately before the
<br />partial taking, destructian, 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 taking, destruction, or lass 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 less than the
<br />amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless
<br />Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds sha11 be applied to the sums
<br />secured by this Security Instrument whether or not the sums are then due.
<br />If the Praperty is abandoned by Sorrower, or if, after notice by Lender to Borrower that the
<br />Opposing Party (as defined in the next sentence) offers to malce an award to settle a clairn for damages,
<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 ta restoration or repair of the Property or to the
<br />suz�as secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party
<br />that owes Sorrower Miscellaneous Proceeds ar 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 that, in
<br />Lender's judgment, could result in farfeiture of the Property or other material impairment of Lender's
<br />interest in the Property or rights under this Security Instrument. Sorrower can cure such a fault and, if
<br />230935
<br />NE6RASKA - Single Family - Fannie MaelFreddle Mac UNIFORM INS7RUMENT
<br />�-6(N���os��� Page9oi15 mifiais: orm3D28 1/01
<br />�
<br />
|