Laserfiche WebLink
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
<br /> ~RECCRDb <br /> <br /> 201008260 201007985 <br /> due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve <br /> in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, <br /> and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve <br /> payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender <br /> again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If <br /> Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments <br /> toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to <br /> provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement <br /> between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 <br /> affects Borrower's obligation to pay interest at the rate provided in the Note. <br /> Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not <br /> repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. <br /> Mortgage Insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with <br /> other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the <br /> mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments <br /> using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance <br /> premiums). <br /> As a result of these agreements, Lender, any purchaser of the note, another insurer, any reinsurer, any other entity, or affiliate of <br /> any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's <br /> payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement <br /> provided that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the <br /> arrangement is often termed "captive reinsurance." Further: <br /> (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other <br /> terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not <br /> entitle Borrower to any refund. <br /> (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under <br /> the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to <br /> request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to <br /> receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. <br /> 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to <br /> Lender. <br /> If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration <br /> or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the <br /> right to bold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been <br /> completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and <br /> restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or <br /> Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or <br /> earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, <br /> the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if <br /> any, paid to Borrower. Such Miscellaneous Proceeds shall be 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 Proceeds shall be applied to the sums <br /> secured by this Security Instrument, whether or not then due, with 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 value of the Property <br /> immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security <br /> instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the <br /> sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following <br /> fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair <br /> market value of the Property 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 loss in value of the Property in which the fair market value of the Property <br /> immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial <br /> taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to <br /> the sums 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 Opposing Party (as defined in the next <br /> sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice <br /> is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums <br /> secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous <br /> Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. <br /> Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result <br /> in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. <br /> Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding <br /> to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's <br /> interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the <br /> impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. <br /> All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in <br /> Section 2. <br /> 12. Borrower Not Released; Forbearance By Fender Not a Waiver. Extension of the time for payment or modification of <br /> amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall <br /> not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence <br /> proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the <br /> sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of <br /> Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments <br /> from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or <br /> preclude the exercise of any right or remedy. <br /> 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's <br /> obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the <br /> NEBRASKA -Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT with MERS rm 30 8 IIQ06 <br /> Page 5 of 8 ~ I <br /> ips, Inc, Borrower(s) Initials <br />