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201009589
<br />insurance and Borrower was required to make separately designated payments toward the prerniurns for Mortgage
<br />Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage
<br />Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance
<br />previously in effect, from an alternate rnortgage insurer selected by Lender. If substantially equivalent Mortgage
<br />Insurance coverage is not available, Borrower shall continue ta pay to L.�nder the amount of the separately designated
<br />payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these
<br />payments as a npn-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable,
<br />notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any
<br />interest or earnings on such loss reserve. I.ender can no longer require loss reserve payments if Mortgage Insurance
<br />coverage (in the amount and for the period that Lender requires) provided by an insurer selected by T..ender again
<br />becomes available, is obtained, and l,ender requires separately designated payments toward the premiums for
<br />Mortgage Tnsurance. IF Lender required Mortgage Insurance as a condition of making the Loan and Borrower was
<br />require�l to make separately designated payments toward the prerniums for Mortgage Insurance, Borrower shall pay
<br />the prerniums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until
<br />Lender's requirernent for Mortgage Insurance ends in accordance with any written agreement between Borrower and
<br />Lender providing for such terminatian or until termination is required by Applicable Law. Nothing in this Section
<br />10 affects Borrawer's obligation ta pay interest at the rate provided in the Note.
<br />Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur
<br />if Borcower does not repay the L.oan as agreed. Borrower is not a party to the Martgage Insurance.
<br />Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into
<br />agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and
<br />conditions that are satisfactory to the mortgage insurer and the ather party (or parties) to these agreements. These
<br />agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer
<br />may have available (which may include funds obtained frorn Mortgag� Insurance premiums).
<br />As a result of these agreements, Lender, 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 from (or rnight
<br />be characterized as) a portion of Bprrawer's payments for Mortgage Insurance, in exchange for sharing or modifying
<br />the martgage insurer's risk, or reducing losses. If such agreernent provides that an affiliate of I.ender takes a share
<br />of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often terrned
<br />"captive reinsurance." Further:
<br />(a) Any such agreements wi11 not affect the amounts that Borrower has agreed to pay for Mortgage
<br />Insurance, or any other terms of the Loan. Such agreements will not increase the amaunt Borrower will owe
<br />for Mortgage Insurance, 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 to the Mortgage
<br />Insurance under the Horneowners Protection Act of 199$ or any ather law. These rights may include the right
<br />to receive certain disclosures, to request and obtain cancellation oF the Mortgage Insurance, to have the
<br />Martgage Insurance terminated automatically, and/�r to receive a refund of any Mortgage Insurance prenn�iums
<br />that were unearned at the time of such cancellation or termination.
<br />11. Assignment o[ Miscellaneous Praceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to
<br />and shall be paid to Lender.
<br />If the Praperty is damaged, such Miscellaneous Proceecls shall be applied to restoration or repair of the Property,
<br />if Che restaration or repair is econornically feasible and Lender's security is nat lessened. During such repair and
<br />restoration period, Lender shall have the right to hold such Miscellan�ous Proceeds until Lender has had an
<br />opportunity ta inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that
<br />such inspection shall be undertaken promptly. Lender may 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 T'roceeds, Lender sha�1 npt be required to pay Borrower any
<br />interest or earnings on such Miscellaneous Proceeds. Tf the restoration or repair is not economically feasible or
<br />Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security
<br />Instrurnent, whether or not then due, with the excess, if any, paid to Bonower. 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 PropeRy, the Miscellaneous Proceeds shall be
<br />applied to the surns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to
<br />Borrawer.
<br />In the event of a partia,l taking, destruction, or loss in value of the Property in which th� fair market value of
<br />the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the annount
<br />of the sums secured by this Security Instrument imrnediately before the partial taking, destruction, or loss in value,
<br />unless Borrower and Lender atherwise agree in writing, the sums secured by this Security Instrument shall be reduced
<br />by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums
<br />secured irnmediately 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 befare the partial taking, destruction, or loss in value is less than the amount of the sums
<br />secured irnmediately before the partial taking, destructian, or loss in value, unless Borrower and Lender otherwise
<br />agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether
<br />or not the sums are then due.
<br />NEBRASKA--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS pocMBgic � soas4s-�ssz
<br />Form 3028 1/01 Page 6 of 91 www.docmagic.com
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