|
2osoo7sss
<br />As a result of these agreements, I.ender, any purchaser of the Note, another insurer, any reinsurer,
<br />any other entity, or any affiliate of any of the faregoing, may receive (directly or indirectly) amounts that
<br />derive from (or 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 agreennent
<br />provides that an affiliate of Lender takes a shaze of the insurer's risk in exchange for a shaze of the
<br />premiuiris paid to the insurer, the arrangement is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agrced to pay far
<br />Mortgage L�surance, ar any other te� af the Loan. Such agreements will not increase the amount
<br />Borrower will owe for Mortgage Insurance and they will not entitle Sarrower to any refund.
<br />(b) Any such agreements will not aft the rights Sorrower has - if any - with respect to the
<br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any ather law. These rights
<br />may fnclude the night to receive certain disclosures, to request and obtain cancellation of the
<br />Mortgage Insurance, to Ixave the Mortgage Insarance terminated automatically, and/or ta receive a
<br />refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or
<br />termination.
<br />11. Assignment of Miscellaneous Pcoceeds; Forfeitare. All Miscellaneous Praceeds are hereby
<br />assigned to and shall be paid to Lender.
<br />If the Property is darnaged, such Miscellaneous Proceeds shall be applied tu restoration or repair of
<br />the Praperty, if the restoration or repair is econamically feasible and Lender's security is not lessened.
<br />During such repair and restoration 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 cornpleted to
<br />Lender's satisfaction, provide�i that such inspection shall be undertaken promptly. Lender may pay for the
<br />repairs and restoration in a single. disbursernent or in a series of progress payments as the work is
<br />completed. Unless an agreernent is made in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, I.ender shall 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 Proc�s shall be applied to the sums secured by this Security lnstrument,
<br />whether or not then due, with the excess, if any, paid to Bonower. Such Miscellaneous Proceeds shall be
<br />applied in the order provided far in Section 2.
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Se�urity Instnunent, 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 Property iznmediately before the partial taking, destructian, or loss in value is equal to or
<br />greater than the amount of the sums secured by this Security Instrunnent imrnediately befare the partial
<br />taking, destzuctiqn, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
<br />secured by this Security Instnunent shall be reduced by the amount of the Miscellaneous Proceeds
<br />multiplied by the fallowing fraction: (a) the total amount of the sums secured imrnediately before the
<br />partial taking, destruction, or loss in value divided by (b) the fair mazket 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 wtuch the fair market
<br />value of the Property immediately befare 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 />Bonower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the suzns
<br />secured by this Security Instrument whether or not the sums are then due.
<br />If the Property is abandoned 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 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 to restoration or repair of the Property or to the
<br />sums secured by this Security Instrurnent, whett�er or not then due. "Opposing Party" means the third party
<br />that owes Borrower Miscellaneous Proceeds or the party against whom Banower 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 />NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
<br />�-6(NE) (asttl Paqe9of 16 �nrc�a�s: Fwm 302$ 7Ip1
<br />�
<br />']{ 4 �. �
<br />f� � r ■ .� � � r d� � .
<br />
|