|
2oioos4oi
<br />As a result of these agreernents, Lender, any purchaser of the Note, another insurer, any reinsurer,
<br />any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that
<br />derive frorn (or might be characterized as) a portion of Borrower's payrnents for Mortgage Insurance, in
<br />exchange for shazing or rnodifying the mortgage insurer's risk, or reducing losses. If such agreernent
<br />provides that an affiliate af I,ender tak�s a shaze of the insurer's risk in exchange for a share af the
<br />premiums 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 agreed to pay for
<br />Mortgage Insurance, or any other terms of the Loan. Sach agreemeuts will not increase the amount
<br />Borrower will owe for Mortgage Insurance, and the� will not entitle Borrower to any refund.
<br />(b) Any such agreements will not affect the r�ghts Borrower has - if any - with respect to the
<br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights
<br />may inClude the right to receive certain disclosares, to request and obtain cancellation of the
<br />Mortgage Inisurance, to have ttxe Mortgage Insurance terminated automat�cally, and/or to receive a
<br />refund of any Mortgage Insurance premiums that were unearned at the tirne of such cancellation or
<br />termittation.
<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 economically 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 L,�nder has had an opportunity to inspect such Property to ensure the work has been cornpleted to
<br />Lender's satisfaction, pravided that such inspection sha11 be undertaken promptly. L.ender may pay for the
<br />repaiars and restoration in a single disbursement or in a series of progress 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 Borrower any interest or earnings on such
<br />Miscellaneous Proceeds. If the restoration or repaar is not economically feasible or Lender's security would
<br />be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument,
<br />whether or not then due, with the excess, if any, paid to Bonowcr. Such Miscellaneaus Proceeds shall be
<br />applied in the order provided for in Section 2.
<br />In the event of a total. taking, destruction, or loss in value of the Froperty, the Miscellaneous
<br />Proceeds shall be applied to the sums secnred by this Security Instrurnent, whether or not then due, with
<br />the excess, if any, paid to Barrower.
<br />In the event of a paRial taking, destruction, or loss in value of the Property in which the fair market
<br />value af the Property immediately before the partial taking, destruction, or lass in value is equal ta or
<br />greater than the amount of the sums secured by this Security InstrumenC immediately before the partial
<br />taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
<br />secured by this Security Instrurnent shall be reduced by the amount of the Miscellaneous Proceeds
<br />multiplied by the fpllowing fraction; (a) the total amount of the sums secured immediately before the
<br />partial taking, destruction, ox loss in value divided by (b) the fair maxket value of the Property
<br />imrnediately 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 which the fair market
<br />value af the Property immediately before the partial taking, destructian, or loss in value is less than the
<br />amount of the surns secured immediately before the partial taking, destruction, or loss in value, unless
<br />Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />secured by tb.is Security Instrument whett�er or not the sunns are then due.
<br />If the Property is abandoned by Borrower, or if, after notice by L,Qnder to Borrower that the
<br />Opposing Party (as defined in the next sentence) affers ta make an award to settle a claim for damages,
<br />Borrawer fails to respond to Lender within 3p 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 Praperty ar to the
<br />sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party
<br />that owes Borrower Miscellaneous Proceeds or 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, whecher civil or criminal, is begun that, in
<br />�.ender'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 />�-B�NE) loat i1 Pege 9 of 15 initiais: �'��(�j Form 3028 1I01
<br />� �`
<br />,I� � !rt�/ �' �
<br />,,
<br />
|