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201008584
<br />insurance and Borrower was required to n�ake separately desig�lated pay�.nents toward the prezniums for Mortgage
<br />Insuraz�ce, Borrower shall pay the prezniuuis required to obcain coverage substantially equivalent to the Martgage
<br />Insurance previously in effect, at a cost subskantially equivalent to the cost to Borrower of the Mortgag� Insurance
<br />previously in effect, firoait an alternate mort�age itzsurer selected Uy Lender. If subst�ntially equivalent Mortgage
<br />Insurance coverage is not available, Borrower shall contit�ue to pay to Lender the ainoiuit of the separaCely designated
<br />payments that were due when the insurance coverage ceased to be in effect. Lender w.ill accept, use and retain these
<br />payments as a non-refimdable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be uon-rafimdable,
<br />notwithstanding the fact that the I,oan is ultia�aately paid iti .fi�ll, aud Lanrler shall not ba required to pay I3orrower any
<br />interest or earnings on such loss reserve. Lender can ��o longer requira lass reserve payments if Mortgage lnsurance
<br />coverage (in the �mount and f'or the period that Lender requires) provided by an insurer selected by Lendcr again
<br />becomes available, is obtained, and Lender requires separately desiguated payments toward the premiums for
<br />Mortgage insurance. if Lender required Mortgage Insurazice as a condition of ra�aki�ag the Loan and Sorrower was
<br />required to ���►ake separately desiguated pay�nents toward the premiuz�is for Mortgage Insurance, Borrower shall pay
<br />the prerniums required to maintain Mortgage Insurance ita effect, or to px�ovide a non-refundable loss reserve, until
<br />Lender's require�nent for Mortgage Insurance ends in accordazzce with an.y written agreeinezat betweeiz Borrower and
<br />Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section
<br />l0 affects F3orrower's obligfltioa� to pay interest at tl�e rate provided in tl�e Note.
<br />Mortgage Insurarace reiizlburses Lender (or an.y eiitity Chat purchases the Note) for certain losses it may iucur
<br />if Borrower does not repay the Loan as agreed. Borrower is not a party to the Morlgage Insurauce.
<br />Mortgage insurers evaluate their total risk on all such insurance in force fram time to time, and may enter into
<br />agreaments with ochar parcies that share or modify cheir risk, or reduce losses. '1'hese agreements arc on tarms and
<br />cor►ditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These
<br />agreements may require t.he mortgage insurer to make payments using any source of fi�nds that the mortgage insurer
<br />may have available (which may include fiinds obtained fro�n Mortgage Insurance premiiuns).
<br />As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other
<br />antity, or any affiliate of any of the foregoing, ntay receive (directly or indirectly) amounts that derive from (or miglrt
<br />be characterized as) a port.ion otBorrower's payments for Mort�age lnsurauce, iii 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 insurcr's risk in exchange for a share of the premiums [�aid to the i►isurer, the arran�emeiit is often termed
<br />"captive reinsurance." Further:
<br />(a) Any such agrcements will nat affect the amoaa�ts kl�ak �3orrower has agreed to pay for Mortgage
<br />Insurance, or Any other tern�s of the l.oan. Such a�reente��ts will not increASe the amount Borrower will owe
<br />for Mortgage Insurance, and they will not e�atitle Borrower to any refund.
<br />(b) Any such agree�nents will not affect the ragl�ts Sorrower laas - iT any - with respect to the Mortga�e
<br />Insurance under the Homeowners Protection Act of 1998 or a�a,y otl�er 1aw. Tlaese rights may includc the riglat
<br />to receive certaiaa disclosures, to request and abtain CAILCC��Rt1011 of the Mortga�e Insurance, to have the
<br />Mortgage Insurance terminated auto�nAtically, and/vr to receave a refund of �ny Mortgagc Insurancc premimns
<br />that were unearned at the time oT such eancellation or termxnation.
<br />11. Assignment of Miscellaaxeous Proceeds; Forfeiture. All Miscellanenus Yroceeds are hereby assigned to
<br />and shall be paid to Lender.
<br />If the Properry is da�naged, such Miscellarae�us Proceeds shall be applied to restoration or repair of the 1'roperty,
<br />if the restoratiou or repair is economically feasible and Le�ider's security is not lessened. 1]uring such repair and
<br />restoration period, Lender shall have the right ko hold sucl� Miscellaneous Proceeds until Lender has had an
<br />opportunity to inspect such Property to ensure the work has been coxnpleted tn Lender's satisfaction, provided that
<br />such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a sin�le disbursement
<br />ar in a series of progress payments as the work is coznpleted. Unless an ngreement is made in writing or Applicable
<br />Law requires interest to be paid on such Miscellaneous Proceeds, Lender shal( not be required to pay Eiorrower ariy
<br />interest or earnings on such Miscellaneous Proceeds. if the restoration or r�pair is not econoi�lical.ly feasible or
<br />Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security
<br />Instrumetit whether or not then due, with the excess, if �ny, paid to Borrower. Such lVliscellaneous Proceeds shall
<br />be applied in the order provided for in Section 2.
<br />In the event of a total taking, destruction, or loss in value of tt�e Pro�erty, the Mise�llaneous Proceeds sltall Ue
<br />applied to the suans secured by this Security Instrument, wliether or not then due, with thc excess, if any, paid to
<br />Borrower.
<br />In the event. of a partinl taking, destruction, or loss in value of tlze Property in which the fair market val��e of
<br />the Property immecliately before the partial taking, destruction, or Ioss in value is equal to or greaCer than the an�ourtt
<br />of the sums sacured by this Security Instrument immediately before the p�rtial taking, destruction, or loss in value,
<br />unless Borrow�r �nd Lender otherwise agree in writin�, thc sum5 se�ured by this Security lnstrumeut sliall be reduced
<br />by the atnount of the Miscellaneous Proceeds inultiplied by the following fraction: (a) the total a�nou��t of the sums
<br />secured immediately before the partial takin�, destructiou, or loss in value divided by (b) tlie fair market value of the
<br />Property immediately before the partial taking, destruction, or loss in vali.ie. Aa�y 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 val�ie of
<br />the Property itnmediately before the partial taking, destruction, or loss in value is less than the amount. oF the suans
<br />sacured iinzz�ediately before the partial taking, destruction, or loss in value, uzlless Borrower and Lender otherwise
<br />agrec in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Iiistrument whether
<br />or not the sums are then due.
<br />NEBR/�SKA--Single Family--Fannie Mae/Freddie Mac UNIFORM INS7RUMENT - MERS DOCMBLJIC �r�C_u.YPllint's; 800-649-1362
<br />Form 3028 1/01 Page 6 of 11 www.docmagic.cnm
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