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<br />201U09559
<br />insuranca and Borrower was required ta make separately designated payments toward the premiums for Mortgage Insurance,
<br />Borrower shall pay the prcmiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously
<br />in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage lnsurance previously in effect, from an
<br />alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available,
<br />Borrower shall cantinue to pay to Lender the amount ofthe separately designated payments that were due when the insurance
<br />coverage ceased to be in effect. L.ender will accept, use and retain these payments as a non-refundable loss reserve in lieu of
<br />Mottgage Insurance. Such loss reserve shall be non-refundable, notwithstandmg ths fact that the L,oan is ultimately paid in
<br />full, and Lender shall not be raquired to pay Borrpwer any interest ar earnings on such loss reserve. l.,ender can no longer
<br />require loss reserve paymencs if Martgage Insurance coverage(in the amount and for the periad that Lender requires)
<br />provided by an insurer selected by I..ender again becomes available, is obtained, and Lender requires separately desi�nated
<br />payments toward the premiums for Mortgage Insurance. If L.ender required Mortgage Insurance as a cand�hon oFinakmg the
<br />Loan and Borrower was reyuired to make separately designated payments toward the premiums for Mortgage Insurance,
<br />Borrawer shall pay the prem�ums required to maintam Mortgage Insurance in effect, ar ta provide a non-refundable loss
<br />reserve, until T...ender's requirement for Mort�age lnsurance ends in accordance with any written agreement between
<br />Borrower and Lender provzd�ng for such termmat►on or until termination is required by Applicable Law. Nothing in this
<br />Section 10 affects Borrower's obligatiott to pay interest at the rate provided in the Note.
<br />Mortgage Insurance reimburses L.ender (or any entity that purchases the Note) for certain losses it may incur if
<br />Borrower does not repay the I.nan as agreed. Borrawer �s not a party to the Mortgage Insurance.
<br />Martgage Insurers evaluate their tatal risk on all such insurance in force from time to time, and may enter into
<br />agreements with ather parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions
<br />that are satisfactory ta tha mortgage insurer and the other party (or parties) to these agreements. These agreements may
<br />require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available
<br />(which may include funds obtained fram Mortgage Insurance premiums).
<br />As a result afthese apreements, Lender, any purchaser of the note, another insurer, any reinsurer any other antity,
<br />oc affiliate of any of tha foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized
<br />as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's
<br />risk, or reducing losses. If such agreement provided that an affiliate of I.ender takes a share ofthe insurer's risk m exchange
<br />for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further:
<br />(a) Aay sueh agreements wilt not affeet the amounts that Borrower has agreed to pay for Mort�age
<br />Insurance, or any other terms of the Loan. Such agreements will not increase the amount Barrawer will owe for
<br />Mortgage Insurance, and they will not entitle Barrower to any refund.
<br />(b) Any such agreements will not aYfect the rights Borrawer has — iF any � with res�ect to the Mortgage
<br />Insuranee under the Homeowners Proteetion Act of 1998 or any other law. These rights may inclade the right to
<br />receive certain disclosares, to request and obtain cancellation of the Mortgage Insurance, ta h�ve the Mortgage
<br />Insuranee terminated automatically, and/ar to receive a refund of any Martgage Insurance premiums that were
<br />unearned at the time of such cancellation or termination.
<br />11. Assignment af Miscellaneous Proceeds; ForCeiturc. All Miscellaneous Proceeds are herebyassigrted to and
<br />shall be paid to I.,ender.
<br />Ifthe Property is damaged, such Miscellaneous Proceeds shall be applied to restaratian or repair ofthe Property, if
<br />the restoration or repaar �s economically feasible and Lender's security is not lessened. During such repair and restoration
<br />period, L,ender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportun�ty to inspect such
<br />Property to ensure the wark has been completed to Lender's satisfaction, provided that such inspection shajl be undertaken
<br />promptIy. I.ender may pay for the repairs and restoration in a sin�le disbursement or in a series of progress payrr►ents as the
<br />work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Aroceeds, I..ender shall not be required to pay �orrower any interest or earnings on such Miscellanaous
<br />Proceeds. Ifthr restoration or repair is not econom�cally feasible or Lender's security would be lessened, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Seourity Instrument, whether or not then due, with the excess, if any,
<br />paid to Borrow�r. Such Miscellaneous Proceeds ahall be applied in the order provided for in Section 2.
<br />In the event of a total taking, destruction, or Ioss in value of the Property, the Miscellaneous Aroceeds shall be
<br />applied to the sums secured by this 5ecurity Instrument, whether or not then due, with the excess, ifany, paid to Barrower.
<br />In tha event of a partial taking, destruction, ar loss in value of the Property in which the fair market value of the
<br />Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amot,tnt ofthe sums
<br />secured by this 5ecurity Instrument immediately before the partial taking, destruction, ar loss in value, unless Borrower and
<br />Lender otherwi�ae agree m writing, the sums secured by this Security Instrument shall be reduced by the amount of the
<br />Miscellaneous I'roceads multiplied by the following fraction: (a) the total amount ofthe sums secured 'unmediatelybefore the
<br />partial taking, destruction, or loss in value divided by(b) the fair market value ofthe Property immediately before the partial
<br />taking, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />In thr; event of a partial taking, destruction, ar loss in value of the Property in which the fair market value of the
<br />Property imm�diately beFore the �artial takinp, destruction, or loss in value is less than the amount of the sums secured
<br />immediately hufore the partial tak�ng, destruction, or loss in value, unless Borrower and I.ender atherwise agree in writing,
<br />the Miscellaneaus Proceeds shall be applied to the sums secured by this Securiry Instrument whether or notthe sums are than
<br />due.
<br />If the �'roperty is abandoned by Borrower, ar if, after notice by Lender ta Borrawer that the Opposing Pariy as
<br />defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to I.en er
<br />within 30 days �fter the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either
<br />to restoration �r repair of the Praperty or to the sums secured by this Security Instrument, whether or not then due.
<br />"Oppasing Part}� riieans the third party that owes Barrawar Miscellaneous Proceeds or the party against whom Borrower
<br />has a right of �ctiorl in regard to M�scellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in I.ender's
<br />judgment, couad result in forfeiture ofthe Property or other material im�airment of Lender's interest in the Property or rights
<br />under this Security lnstrument. Borrower can cure such a default and, ifacceleration has occurred, reittstate as provided m
<br />5ection 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's jud�ment, precludes forfeiture
<br />of the Propert or other matetial impairment of I,ender's interest in the Property or rights under th�s Security Instrurnent. The
<br />proceeds of ae�y award or claim for damages that are attributable to the impairment of Lender's interest in tha Property are
<br />hereby assigned and shall be paid to L.ender,
<br />All Miscellaneous Proceeds that are not applied to restaratian or repair of the Property shall be applied in the order
<br />provided for in Section 2.
<br />12, Borrower Not Released; Forbearance By Lender Not a Waiver. Extension ofthe time for payment or
<br />modification af amortization ofthe sums secured by this Security Instrument granted byLenderto Borrower or any Successor
<br />in Interest ol �orrawer shall not operate to release the liability of Borrower or any Successars in Interest of Borrower.
<br />L,Qnder shall ��ot be required to cammence proceedings against any Successor in Interest afBorrower or to refuse to extend
<br />time for pa}�r: ent or otherwise modify amortization afthe sums secured by this Sacurity Instrument by reason ofany demand
<br />made by the :r'riginal Borrower or anx Successors in Interest of Borrower. Any forbearance by Lender in exercising anyright
<br />or remedy inrludmg, without limitation, Lender's acceptance of payments from third persons, entities or Successors ►n
<br />Inteeest of Bc 'rrower or in
<br />amounts lesr+ than the amount then due, shall not be a waiver of or praclude the exercise of any right or remedy.
<br />NEBRASKA-.•�ingle Family—Fanafe Mae/Freddie Mac UNIFORM INSTRLJMENT
<br />12439.CV Q/08j 91172FA
<br />(MERS) Form 3028 1/Ol (page S af8pages)
<br />Creative Thinking, Inc.
<br />GOTO(OOOae841)
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