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201008�52
<br />v2 WBCD LOAN # 503036327
<br />risk in exchange for a share of the premiums paid ta the insurer, the arrangement is often termed "captive reinsurance."
<br />Furkher:
<br />(a) Any such agreaments will not affect the amaunts that Borrower has agreed to pay for MorCgage
<br />Insurance, or any ather terms of the Loan. Such agreements wlll not Increase the amount Borrower wlll awe for
<br />Mortgage Insurance, and they wlll not entitle 8orrower to any rafund.
<br />(b) Any suoh agreements wlll not affect the rights Borrower has - If any - wlth raspect to the Mortgage
<br />Insurance under the Homeowners Protection Act of 1998 or any other law. These rlghts may include the right to
<br />recalva certaln disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage
<br />Insurance tarminated automatically, and/or ta receive a refund of any Mortgage Insurance premlums that were
<br />unearned at the time of such cancellation or terminatlon.
<br />11. Assignment of Mtscellaneous Proceeds; ForfelturQ. All Miscellaneous Praceeds are hereby assigned to and
<br />shall be paid ta Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property,
<br />if the restoration or repair is ecanamically feasible and Lender's security is not lessened. During such repair and
<br />restoration period, Lender shall have the rightto hold such Miscellaneous Proceeds until Lender has had an opportunity
<br />to inspect such I'roperty to ensure the work has been completed to Lender's satisfaction, pravided that such inspection
<br />shall be undertaken promptly. Lender may pay far the repairs and restoration in a single disbursement or in a series of
<br />progress payments as the work is completed. Unless an agreement is made in writing orApplicable Law requires interest
<br />to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Barrawer any interest or earnings on
<br />such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be
<br />lessened, the Miscellaneous Proceeds shall be applied t� the sums secured by this Security Instrument, whether or not
<br />then due, with the excess, if any, paid ta Barrower. Such Miscellaneaus Proceeds shall be applied in the order provided
<br />for in Section 2.
<br />In the event af 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 />In the event of a partial taking, destruction, or loss in value ofthe Praperty in which thefair marketvalue ofthe Property
<br />immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums
<br />secured by this Security Instrument immediately before the partial taking, destructian, ar loss in value, unless Borrower
<br />and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount
<br />ofthe Miscellanenus Praceeds multiplied by the fallowing frac#ion: (a) the total am�unt ofthe sums secured immediately
<br />before the partial taking, destructian, or loss in value divided by (b) the fair market value of the Property immediately
<br />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, ar loss in value ofthe Property in which thefair market value ofthe Praperty
<br />immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured
<br />immediately before the partial taking, destruction, or lass in value, unless Borrawer and Lender otherwise agree in
<br />writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not
<br />the sums are then due.
<br />Ifthe Property is abandoned by Borrower, or if, after notice by Lenderto Borrowerthatthe Oppasing Party (as defined
<br />in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within
<br />30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either
<br />to restoration or repair nf the Property or to the sums secured by this Security Instrument, whether or not then due.
<br />"�pposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against wham
<br />Borrower has a right of action in regard to Miscellaneous Pr�ceeds.
<br />Barrnwer shall be in default if any action or proceeding, whether civil ar criminal, is begun that, in Lender's judgment,
<br />cauld result in forfeiture of the Property or other material impairment of Lender's interest in the Praperty ar rights under
<br />this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in
<br />Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes
<br />forfeiture of the Property or other material impairment of Lender's interest in the Property ar rights under this Security
<br />Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest
<br />in the Property are hereby assigned and shall be paid to Lender.
<br />All Misc�llaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order
<br />provided for in Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Not a Walver. �xtension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any
<br />Successor in Interest af Borrower shall not operate to release the liability of Borrower or any Successors in Interest of
<br />Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to
<br />refuse t� extend time far payment or otherwise madify amortization of the sums secured by this Security Instrument by
<br />reason of any demand made by the original Borrawer or any Successors in Interest of Borrower. Any farbearance by
<br />Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third
<br />persons, entities or Successors in Interest of Borroweror in amounts less than the amountthen due, shall not be awaiver
<br />of or preclude the exercise of any right or remedy.
<br />13. Joint and Several Llablll#y; Co-signers; Successors and Asslgns Bound. Borrower covenants and agrees
<br />that Borrower's �bligations and liability shall be joint and several. However, any Borrower wha co-signs this Security
<br />Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument anly to mortgage,
<br />grant and conveythe co-signer's interest in the Praperty underthe terms ofthis Security Instrument; (b) is not personally
<br />obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can
<br />agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument Qr
<br />the Note withaut the co-signer consent.
<br />Subject to the provisions of Section 18, any Successar in Interest of Borrawer who assumes Borrower's abligatians
<br />under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits
<br />under this Security Instrument. Borrower shall not be released from Borrower's obligatians and liability under this
<br />Security Instrument unless Lender agrees to such release in writing. 'T'he covenants and agreements of this Security
<br />Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. �
<br />NEBRASKA--Single Family--Fannie Mae/Freddfe Mac UNIFORM INSTRUMEN7 Form 50281/01 Initials s
<br />Q 1999-2007 Online Documents, Inc. Page 6 Of 9 NEEDEE 07
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