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<br />insurance and Borrower was required to rnake separately designated payments toward the premiums for Mortgage
<br />Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage
<br />Insurance previously in effect, at a cost substantially equival�nt to the cost to Borrawer of [he Mortgage Insuranca
<br />previously in effect, from an alternate martgage insurer select�d by Lender. If substantially equivalent Mortgage
<br />Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated
<br />payments that were due when the insurance coverage ceased ta be in effect. L,ender will accept, use and retain these
<br />payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable,
<br />notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be teyuired to pay Borrower any
<br />interest or earnings on such loss reserve. Lender can no lottger require loss reserve payments if Mortgage Insurance
<br />coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again
<br />becomes available, is obtained, and Lender requires separately designated payments toward the premiums for
<br />Mortgage Insurance. If Lender required Mortgage Insurance as a conditian of making the I_.oan and Borrower was
<br />required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay
<br />the premiums requireci to maintain Mortgage Insurance in effect, or to provide a non�refundable loss reserve, until
<br />Lender's requirernent for Mortgage Insurance ends in accordance with any written agreernent between Borrower and
<br />Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section
<br />10 affects Borrower's obligation to pay interest at the rate provided in the Note.
<br />Mortgage Insurance reimburses Lender (or any enfity that purchases the Note) for certain losses it may incur
<br />if $orrower does not repay the Loan as agreed. Borrower is not a patty to the Mortgaga Insurance.
<br />Mortgage insurers evaluata their total risk on all such insurance in force from time to time, azad may entet into
<br />agreernents with other parties that share or modify their risk, or xeduce losses. 'I"hese agreements are on terms and
<br />conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These
<br />agreements may require the mortgage insurer to make paynnents using any source of funds that the mortgage insurer
<br />rnay have available (which may include funds obtained from Mortgage lnsurance premiums).
<br />As a result af these agreements, I.ender, any purchaser of the Note, another insurer, any reinsurer, any other
<br />entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might
<br />be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying
<br />the mortgage insurer's risk, or reducing losses. lf such agreement provides that an affiliate of Lender takes a share
<br />of the insurer's risk in exchange for a share af the premiums paid to the insurer, the arrangement is often termed
<br />"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 other terms of the Loan. Such agreements will not increase the arnount Borrower will owe
<br />for Mortgage Insurance, and they will not entitle Borrower to any �refund.
<br />(b) Any such agreements will not affect the rights Borrower has - If any - with respect to the 1Vlortgage
<br />Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may inclnde the right
<br />ta receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the
<br />Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums
<br />that were unearned at the time of such cancellation or termination.
<br />].1. Assignment of Miscellaneaus Proceeds; Forfeiture. All Miscellaneous Praceeds are hereby assigned to
<br />and shall be paid to L.ender.
<br />If the Pxoperty is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property,
<br />if the restoration ar repair is economically feasible and Lender's security is not lessened. During such repair and
<br />restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lendar has had an
<br />opportunity to inspect sucla Property to ensure the work has been completed to Lender's satisfaction, provided that
<br />such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement
<br />or in a series of progress payments as the work is completed. Unless an agreement is made in writing or ApplicaUle
<br />Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required ta pay Borrower any
<br />interest or eannings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or
<br />Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or nat then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall
<br />be applied in the order provided for in Section 2.
<br />ln the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Praceeds shall be
<br />applied to the surns 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 of the Property in which the fair z�narket value of
<br />the Property immediately before the partial taking, destruction, or loss in value is equal to ar greater than the amount
<br />of the sums secured by this Security Instrument irnmediately before the partial taking, destructian, or loss in value,
<br />unless �orrower and Lender otherwise agree in writing, the sums secured by this 5ecurity Instntment shall be reduced
<br />by the annount of the Miscellaneous Froceeds multiplied by the following fraction: (a) the total amaunt of the sums
<br />secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the
<br />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 tha fair market value of
<br />the Property immediately before the partial taking, destruction, or loss in value is less tk►an the amount of the surns
<br />secured imunr►ediately before the partial taking, destruction, or loss in value, unless Borrower and L,ender otherwise
<br />agree in writing, the Miscellaneous Froceeds shall be applied fo the sums secured by this Security Instrument whether
<br />or not the surns are thcn due.
<br />NEBRASKA--Single Family--Fannie MaelFreddie Mac UNIFORM INSTRUMENT - MERS DocMagic �, aoo-sas-�3s2
<br />Form 3028 1/01 Page 6 of 1 1 www.doemagic.com
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<br />Ne3028.mzd.xml
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