|
241oo95si
<br />As a result of these agreernents, Lender, any purchaser of the Note, another insurer, any reinsurer,
<br />any other entity, or any affiliate af any of the faregoing, may reccive (directly ar indirectly) amounts that
<br />derive from (or might be characterized as) a portian af Borrower's payments for Mortgage Insurance, in
<br />exchange for sharing or rnodifying the mortgage insurer's risk, or reducing losses. �f such agreernent
<br />provides that an affiliate af Lender takes a share of the insurer's risk in exchange for a shaze of the
<br />premiums paid to the insurer, the arrangement is often termed "captive reinsurancz." Further:
<br />(a) Any such agreements will not affect the amounts that Barrower has agreed ta pay far
<br />Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount
<br />Borrower will owe for Mortgage Insurance, and the� will not entitle Borrower to any refund.
<br />(b) Any such agreements will not affect the r�ghts Borrower has - if any - with respect to the
<br />Mortgage Insurance under the FIomeowners Protection Act uf 1998 or any other law. These rights
<br />may include the right to receive certain disclosures, to reqaest and obtain cancellation of the
<br />Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a
<br />�refand of any Moartgage Insurance premiums that were unearned at #he time of such cancellatiaa or
<br />termination.
<br />11. Assignment of Miscellaneous Proceeds; Farfeiture. All Miscellaneous Procee�s arc �y
<br />assigned to and shall be paid to L.ender.
<br />If the Propez�ty is damaged SUC�1 M1SC�1I3�I1COUS PIOC�S SkI�X I]e �110� t0 ieStOTBiIOII QT �1T O�
<br />the Property, if the restoration or repair is economically feasible and Lender's security is nui i�ed.
<br />During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Pmoe�eds
<br />until L,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. T..ender may pay for the
<br />repairs and restoration in a single disbursernent or in a series af progress payments as the wark is
<br />co�npleted. Unless an agreement is made in wz�ting or Applicable X..aw requires interest ta be paid on such
<br />Miscellaneous Proceeds, Lender shall not be required ta pay Borrower any interest or eannings on such
<br />Miscellaneous Praceeds. If the restoration or repair is not economucally feasible or L.ender's secunity would
<br />be lessened, the Miscellaneous Proceeds shall be applied to the surns secured by this Security Instrurnent,
<br />whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds 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 af the Property, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or nat then due, with
<br />the excess, if any, paid to Borrower.
<br />In the event of a paRial taking, destruction, or loss in value of the Property in which the fair rnarket
<br />value of the Property immediately before the partial taking, destruction, or lass in value is equal to or
<br />greater than the amount of the swns secured by this Security �nst:rument immediaCely 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 Tnstrument shall be reduced by the amount of the Miscellaneaus Prac�eeds
<br />multiplied by the following fraction: (a) tt�e total amount of the surns secured imrnediately befor� the
<br />partial taking, destruction, or loss in value divided by (b) the fair market value of the P�t'ty
<br />imrnediately before the partial talcing, destruction, or loss in value. Any balance shall be �aid to Borrower.
<br />In the ev�nt af a partial taking, d�struction, or loss in value of the Property in wluch tl�e fair �t
<br />value of the Property immediately before the partial taking, destruction, or loss in value is iess �an i�e
<br />amount af the sums secureii immediately before the partial taking, destruction, or loss in value, unless
<br />Borrower and J,..ender otherwise agree in writing, the Miscellaneous Procee�is shall be applied to ti�e �
<br />secured by this Security Instrument whether or not the surns are then due.
<br />If the Property is abandoned by Boz7rower, or if, after notice by Lender to Borrower that the
<br />Opposing Party (as defined in the next sentence) offers to rnake an award to settle a claim for darnages,
<br />Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized
<br />ta collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or ta the
<br />sums secured by this Security Instrument, whether or not th�n due. "Opposing Party" means the tlurd party
<br />that owes Borrower Miscellaneous Proceeds or the party against wham Borrower has a right of action in
<br />regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proccecling, whether civil or criminal, is begun that, in
<br />Lender's judgment, could result in forfeiture of the Property or other material impairment of I.ender's
<br />int�rest in the Property or rights under this Security Instrux�nent. �orrower can cure such a default and, if
<br />NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT I'� ��
<br />�-61NE) Ioei �� Page 9 of 15 inici : v"" Form 3028 1/01
<br />� i� $� K.� x{� ". ' � t
<br />`� ,
<br />
|