|
201oos723
<br />As a result of these agreements, Lender, any purchaser of the Note, another inaurer, any reinsurer,
<br />any oihet entity, or any affiliate of any af the foregoing, t�aay receiva (directly or indirectly) ainounts that
<br />derive &om (or might be characterized as) a portion of I3orrower's payments for Mortgage Insurance, in
<br />exchange for sharing or modifying the mortgage insuter's risk, ot reducing losses. Tf such agreement
<br />provides that an affiliate o£ Lender takes a share oF the insurer's risk in exchange for a share of the
<br />premiums paid to the insurcr, the arrangement is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Sorrower has agreed to pay for
<br />Mortgage �nsurance, or any other terms of the Loan. Such agreements wi11 not increase the amount
<br />Borrawer will owe for Martgage �nsurance, and they will not entitle Borrower to any refund.
<br />(h) Any such agreements will not aTfect the rights Burrower has - if any - with respect tu 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 disclosures, to request and obtain cancellati��n of the
<br />Martgage Insurance, to have the Mortgage Insurance terminated automaHcally, and/or to receive a
<br />refund of any Mort�age Insurance premiums that were unearned at the time of such cancellation or
<br />termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miacellaneous Proceeds are hereby
<br />assigned to and shall be paid to Lender.
<br />If the Propetty is damaged, such Miscellaneous Proceeds shall be applied to restaration or repair of
<br />the Properiy, if the restoration or repair is economically feasible and Lender's security is not lessened.
<br />During such rcpair and restoration petiod, Lender shall have the right to hold such Miscellaneous Proceeds
<br />until Lender has had an opportunity to inspect such Praperty to ensure the work has been complated to
<br />Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the
<br />repairs and restoration in a single disburse�nent or rn 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 nat be required ta pay Barrower any interest or earnings on such
<br />Miscellaneons Proceeds. If the restot or repair is not economically feasible or Lender's security would
<br />he lessened, the Miscellaneous �'rocceds shall be applied to the sums secured by thiG Security Instrument,
<br />whether or not then due, with the excess, if any, paid to Borrower. Snch Miscellaneous Proceeds shall bc
<br />applied in the order provided for in 5ection 2.
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Insttument, whether or not then due, with
<br />the excess, if any, paid to Bortower.
<br />In the event of a partial taking, destruction, or loss in value of the Praperty in which the fair market
<br />value of the Property immediately before the partial taking, destruction, or loss in value is equal to or
<br />greater than the arnaunt o£ the swns secuted by this Security Instnunent immediately bcfore the partial
<br />taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the si�zns
<br />eecured by this Security Instrument shall be reduced by the arnount of the Miscellaneous Proceeds
<br />multiplied hy the following fraction: (a) the total amount of the swns secured itnmediatcly before the
<br />partial taking, destruction, or loss in value divided by (b) the fait market value of the Propetty
<br />imtnediately 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 £air market
<br />value of the Property immediately befare the partial taking, destruction, or loss in value is less than the
<br />amount of the sums secured immediately before thc partial taking, destruction, or loss in value, unless
<br />Bottower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the surus
<br />secured by this Security Instturnent whether ot not the sums are then due.
<br />If the Praperty is abandoned by Bortower, or if, afler uotice by Lend�r to Bonower that the
<br />Opposing Party (as defined in the next sentence) offets to make an award to setfle a claim far damages,
<br />Borrower fails to respond to L�nder within 3� days after the date the notice is given, Lender is authorized
<br />ta collect and apply the Miscellaneous ProceedG eifher to restoratian or repair of the Property or ta thc
<br />sums secured by this Secutity Instnunent, whethet or not then due. "Opposing Party" means the third party
<br />that owes Bortowet Miscellaneous Proceeds or the party against whom Bottower has a right of action in
<br />regard to Miscellaneous Prncceds.
<br />13oxxower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
<br />T,ender's judgment, could result in forfeiture of the Property or other inaterial impairment oF Lender's
<br />interest in the Pruperty or rights under this Security Instrument. Borrower can cure such a default and, if
<br />NEBRASKA- Single Family - Fannie Mae/Freddia Mac UNIFORM INSTRUMENT
<br />(�-6(NE)(OS��) Paga9of15 �nitia� Fpl'm3028 1/01
<br />0
<br />
|