|
2oioos5i�
<br />As a result of these agreements, I,ender, any purchaser of the Note, another insurer, any rsinsurer,
<br />any other entity, pr any affiliatc af any of the foregoing, m�ty receive (directly or indirectly) amounts that
<br />derive from (or might be characteriz�d as) a portion of I3orrower's payments for Martgag� Insurance, in
<br />exchange fcir sharing or madifying the mortgage insur�r's risk, vr reducing l�sses. Tf such agreernent
<br />provides thak an affiliate of I..c:nder takes a share of the insurer's risk in �xchange for a share of the
<br />premiums paid tc� the insur�r, lhe arrangement is often terrned "captive reinsuranc�." Purther:
<br />(a) Any sueh agreernent,s will not affect the amounts khak Barrawer has agr�ed to pay for
<br />Mortgage Insurance, or any other terms af #h� Lc►an. Such agreements will not increass th� amount
<br />Borrower will owe for Mortgage Insurance, and they will not entitle Borrower ta any refund.
<br />(b) Any such agreements Will nat s�ffect the rights Borrower has - if any - with respect to the
<br />Mortgage Tnsurance ander the Homeowners Frotection Act of 199$ or any other law. These rights
<br />may include the ri�ht to receive certain disclosures, to r�quest and obtain cancellation of the
<br />Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to r�ceive a
<br />refund of any Mortgage �nsnrape� premiums that were unearned at the tim� of such cancellation or
<br />termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds ar� hereby
<br />assigned to and shall be paid to T..ender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied ta restoration or repair of
<br />thc: Properiy, if the restoration or repair is econamically feasible and I.ender's security is not lessened.
<br />During such repair and restoration period, Lcnder shall have the right to hold such Mise�llan�UUS Proceeds
<br />until I,ender has had an opportunity to inspect such Property ta ensure the work has been completed tt�
<br />L�ndcr's satisfaction, provided that such inspection sha11 be undertaken promptly. Lender may pay for lhe
<br />repairs and r�storation in a single disbursement or in a a�ries of progress payments as the wnrk is
<br />completed. Unless an aereement is rnadc in writing or Applicable Law reyuires inle:rest to be paid on such
<br />Miscellaneous Proceeds, Lender shall not be r�quircd to pay Borrower any interest ar �amings on such
<br />Miscellaneous Procceds. If th� restoration or repair is not ecpnpmically feasible or I,ender's security wc�uld
<br />be lessened, the Miscellaneous Proce�ds shall be applied to the sums s�cured by this Security Instrument,
<br />whethear Ur not then due, with the excess, if any, paid to Borrower. Such Miscellaneaixs Proceeds shall be
<br />applied in th� order provided for in Section 2.
<br />In the �vent of a total takin,g, destruction, or loss in value of the Property, the Miscellaneous
<br />Proceeds shail be applied to the sums secured by this Security Instrument, whether or not then duc, with
<br />the excess, if any, paid to Barrower.
<br />In the �v�nt of a partial taking, destruction, ar loss in valu� of the Property in which the fair market
<br />value of the Property immediately bal'are the partial taking, destructian, ar loss in value is equal to or
<br />greater than the amount of the sums secur�d by this Security Instrument immediately hefore the partial
<br />taking, destruc;tion, ar loss in value, unless Borrawer and Le:nder otherwise agree in writing, the sums
<br />secured by this S�curity Instrument shall be reduced by tlxe amount of the Miscellaneous Prc�ceeds
<br />multiplied by the following fraction: (a) th� total amount of the sums secur�d immediately before thc:
<br />partial kaking, destruction, or loss in value divided by (b) the fair market value of the Property
<br />immcdiately before the partial taking, destzvction, or loss in value. Any balance shall be paid to Borrower.
<br />In the event of a partial taking, destruction, or loss 'vn value af the Property in which the fair za:iarket
<br />value of the Property immediately before the partial taking, destruction, or lass in value is less than the
<br />ampunt of the sums secured imrnediately befor� the partial taking, destruction, ar loss in value, unless
<br />Borrower and L.ender otherwis� agrce in writing, the Miscellaneuus Proceeds shall be applied to th� sums
<br />secured by this Security Instrumenk whether or not the sums are then due.
<br />Tf the Property is abandpp�d by Borrower, or if, after natice by Lender to Borrower thaC lhc
<br />Opposing Party (as defined in ths next sentence) offers to make an award to settle a claim for damag�s,
<br />Borrower fails fo respond to Lender within 30 days afCcr the date the notice is given, L�nd�r is authorized
<br />to collect and apply the Miscellaneous Proceeds either tu restoration or repair of the Prap�rty or to the
<br />suzr�s secursd by this Security Tnstrument, whether or not then due. "Uppasing Party" means the third paarty
<br />that awt;s Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of actic�n in
<br />regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any actian ar proceeding, whether civil ar criminal, is begun that, in
<br />Lender's judgrncnt, c�uld result in forfeiturs qf the Property or other material impairment of Lender's
<br />interest in the Property or rights under this Security Instrurn�:nt. Borrower can c re such a d�fault and, if
<br />NEBRASKA - 5ingle Family - Fannie Maa/Fraddie Mac UNIFORM INSTRl1MENT
<br />�-6(NE) losi i 1 Paqe 8 nf 16 in�siais: Form 3028 1I01
<br />
|