|
2oioo9i4�
<br />As a result of these agreements, Lender, any purchaser of tb.e Note, another insurer, any reinsurer,
<br />any other entity, or any affiliate of any of the foregoing, may receive (direccly or indirectly) amounts that
<br />derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in
<br />exchange far shariwg or modifying the martgage insurer's risk, or reducing losses. If such agreement
<br />provides that an af�liate of Lender takes a share of the insurer's risk in exchange for a share of 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. $uch agreements will not increase the amount
<br />Borrower will owe For Mortgage Iusarance, and the� will not entitle Borrower to any refund.
<br />(b) Any sach agreements wiill not affect the r�ghts Borrower has - if any - with respect to the
<br />Mortgage Insurance under the Homeownexs Protection Act of 1998 or any other law. These rights
<br />may include the right to receive certain disclosures, to request and obtain cancellation of the
<br />Mortgage Insurance, to have the Mortgage Insurance terminated autoraatically, aud/or to �receive a
<br />refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or
<br />termination.
<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 restaration period, X..ender shall have the right to hold such Miscellaneous Proceeds
<br />until �.ender has had an opportunity to inspect such Property to ensure the work has been completed 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 disbursement or in a series of progress payments as the wark 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 npt be required to pay Borrower any interest or earnings an such
<br />Miscellaneous Proceeds. If the restoration or repair 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 Instrurnent,
<br />whether ar nat tt�.en due, with the excess, if any, paid ta Borrower. Such Miscellaneous Praceeds 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 Property, the Miscellaneous
<br />Proceeds shall be applied to the surns secured by this Security Instnunent, whether or not then due, with
<br />the excess, if any, paid 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 of the Property immediately before the partial taking, destruction, or loss in value is equal to or
<br />greater than the amount of the sums secured by this Security Instrument irnmediately 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 Instrument shall be reduced by the arnount of the Miscellaneous Proceeds
<br />multiplied by the following fraction: (a) the total ampunt af the sums secured imrnediately before the
<br />partial taking, destruction, or loss in value divided by (b) the fair mazket value of the Property
<br />iYnmediately before the partial taking, destruction, or lass 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
<br />value of the Praperty irnrnediately befare the partial taking, destruction, or loss in value is less than the
<br />amount of tt�e sums secured immediately before the pactial caking, destruction, or loss in value, unless
<br />Borrower and L,�nder otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />secured by this Security Instrument whether or not the sums are then due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Bonrower that the
<br />Opposing Party (as de�ned in the next sentence) offers to make an award to settle a claim for damages,
<br />Borrawer fails to respond to Lender within 30 days after the date the notice is given, I.�nder is authorized
<br />to collect and apply the Miscellaneons Proceeds either to restoration or repair of the Property or to the
<br />sums secured by this Security Instrument, whether or nat then due. "Opposing Party" means the third party
<br />that owes Borrower Miscellaneous Froceeds or the party against whom Borrower has a right of action in
<br />regazd to Miscellaneous Proceeds.
<br />$orrower shall be in default if any actian or prpceeding, whether civil or criminal, is begun that, in
<br />Lender's judgment, could result in forfeiture of tt�e Property or other matcrial impairment of Lender's
<br />interest in the Property or rights under this Security Instnunent. Borrower can cure such a default and, if
<br />NEBRASKA - Single Family - Fannie MaelFreddte Mac UNIFORM INSTRUMENT � 1
<br />�-6�N�) �oai i � Paqe a ot i 5 inieiais: /� � Porm 3�2$ 1/0'I
<br />� ! `r i � � �,� t,� # �
<br />
|