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<br />insurance and Borrower was required to make sepazately designated payments toward the premiums for Mortgage
<br />lnsurance, Borrower shall pay the prerniums reyuired to obtain coverage substantially equivalent to the Mortgaga
<br />Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance
<br />previausly in effect, from an alternate mortgage insurer selected by L.ender. If substantially equivalent Mortgage
<br />Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the sepaz'ately designated
<br />payments that were due when the insurance coverage ceased to be in effect. L,ender will accept, use and retain these
<br />payments as a non-refundable loss reserve in lieu of Mortgage Insurance. 5uch loss reserve shall be non-refundable,
<br />notwithstanding the fact that the L,oan is ultimately paid in full, and Lender shall not be required to pay Borrower any
<br />interest or eaz�ings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance
<br />coverage (in the amount and for th� 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 Tnsurance. If Lender required Mortgage Insurance as a condition of making the L.oan and Borrower was
<br />required to make separately designated payznents toward the premiums for Mortgage lnsurance, Borrower sha11 pay
<br />the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until
<br />Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and
<br />L,ender 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 reiznburses Lender (or any entity that purchases the Note) for certain losses it may incur
<br />if Borrower doas noC repay Che I,oan as agreed. Borrower is not a party to the Martgage Insutance.
<br />Mortgage insurers evaluate their total risk on all such insurance in farce from tirne to time, and may enter into
<br />agreements with other parties that share or madify their risk, or reduca losses. These agreernents are on terms and
<br />conditions that are satisfactory to the mortgage insurer and the other party (ar parties) to these agreements. Thesa
<br />agceements may require the mortgage insurer to make payments using any source of funds that the znortgage insurer
<br />may have available (which may include funds obtained itom Mortgage Insurance prerniums).
<br />As a result of these agreements, �,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 fronn (or rnight
<br />be characterized as) a poRxon of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying
<br />the mortgage insurer's risk, or reducing lnsses. lf such agreement provides that an af�liate of Lender takes a share
<br />of Che insurer's risk in exchange for a share af the premiums paid to the insurer, the azxangement is often termed
<br />"captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Barrower has agreed to pay for Mortgage
<br />Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe
<br />for Mortgage lnsurance, 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 ta the Mortgage
<br />Insurance under the Homeowners Protection Act of 199$ or any other law. These rights may include the right
<br />to rece3ve ceit tain disclosures, to request and obtain cancellation pf the Mortgage lnsurance, ta have the
<br />Mortgage Insurance terminated automatically, and/or ta receive a refund of any Mortgage Insurance premiums
<br />that were unearned at the time of such cancellation or termination.
<br />11. Assignment of Miscellaneaus Proceeds; Farfeiture. All Miscellaneous Proceeds are her�by assigned to
<br />and shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Praceeds shall be applied to restoration or repair of the Property,
<br />if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and
<br />restoratian period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an
<br />opportunity to inspect such Property to ensure the work has been completed to I.ender's satisfaction, provided that
<br />such inspection shall be undertaken promptly. Lender rnay 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 Applicable
<br />Law requires interest to be paid on such Miscellaneous Proceeds, Lender sha11 not be r�quired to pay Borrower any
<br />interest oc earniangs on such Miscellaneous Proceeds. If the xestoration or repair is not economically feasible or
<br />Lender's security would be lessened, the Misc�llaneaus Proceeds shall be applied to the sunns secured by this Security
<br />Instrument, whether or not then due, with the excess, if any, paid to Borrawer. Such Miscellaneous 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 the Property, the Miscellaneous Proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to
<br />Borrower.
<br />�n the event of a partial taking, destruction, or loss in value of the Property in which the fair rnarket value of
<br />the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amaunt
<br />af the sums secured by this Security Instrument immediat�ly before the partial taking, destruction, or loss in value,
<br />unless Borrower and L,ender otherwisa agree in writing, the sums secured by this Security Instrument shall be reduced
<br />by the amount of the Miscellaneous Praceeds multiplied by the fallowing fraction: (a) the total amount 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 the fair market value of
<br />the Property immediately before the partial taking, destruction, or loss in value is less than the amounc of the sums
<br />secured imrnediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise
<br />agree in writing, the Miscellaneous Proceeds shall ba applied to the sums secured by this Security Jnstrument whether
<br />or not th� sums are then due.
<br />NEBRASKA--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS DOCM1gIC � 800-649-1362
<br />Form 3028 1/p1 Page 6 of 11 www.docmagic.com
<br />Ne3028.mzd.xml
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