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<br />insurance and Borrower was required to make separately designated payments toward the prerniums for Mortgage Insurance,
<br />Borrower shall pay the premiums required to obtain caverage substantaally equivalent to the Mortgage Insurance previously
<br />in effect, at a cost suhstantially equivalent to the cost to Borrower of the Mortgage Insurancc prev►ously in effect, from an
<br />altemate martgage insurer selected by I,endcr. If substantially equivalent Mortgage Insurance coverage is not available,
<br />Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance
<br />coverage ceased to be in effect. I.ender will accept, use and retain these payments as a non-refundable loss reserve in lieu of
<br />Mortgage Insurance. Such loss raserve shall be non-refundahle, notwithstandmg the fact that the I.oan is ultimately paid in
<br />full, and Lender shall nat be required to pay Borrower any interest or earnings on such loss rsserve. Lender can no longer
<br />require loss reserve payments if Mortgage Insurance coverage(in the amount and for the period that Lender requires)
<br />provided by an insurer selected by Lender again becomes available, is obtained, and I,�nder requires separately designated
<br />payments toward the premiums for Mortgage Insurance. IfI,ender required Mortgage Insurance as a condiqon ofmakmg the
<br />Loan and Borrower was required tp rnake separately designated payments toward the premiums for Mortgage Insurance,
<br />Borrower shall pay the premiums required to maintain Mortgage Insurance in ef�ect, or to provide a non-refundable loss
<br />reserve, until I.ender's rec�uirernent for Mortgage Insuranee ends in accordance with any written agreement between
<br />Borrower and Lender prov�ding for such termination or until termination is required by Applicable Law. Nothing in this
<br />Section 10 affects Barrawer's obligation to 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 if
<br />Borrawer does not repay the Loan as agreed. Borrower is not a party ta the Mortgage Insurance.
<br />Mortgage Tnsurers evaluate their total risk on all such insurance in force frorn tirne to time, and may enter into
<br />agreernents with ather parties that share or modify their risk, or reduce lusses. These agreements are an terms and conditions
<br />that are satisfactory to the mortgage insurer and the other party (or parties) to these agreernents. These agreements may
<br />requir�e the mortgage insurer to make payments using any saurce of funds that the mortgage insurer may have available
<br />(which may include funds obtained from Mortgage Insurance prerniums).
<br />As a result ofthese agreements, Lender, any purchaser af tha note, another insurer, any reinsurer, any other entity,
<br />or affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized
<br />as) a portion afBorrawer'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 nsk m exchange
<br />for a share of the premiurns paid to Che insurer, the arrangernent is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amoants that Borrower has agreed to pay for Mortgage
<br />Insurance, or any other terms of the �,oan. Such agreements will not increase the amount Sorrower will ow�e for
<br />Mortgage Insurance, and they will not entitle Sorrower to any refund.
<br />(b) Any such agreements will not affect the rights Borrower has — if any — with respect to the Mortgage
<br />Inaurance under the Homeowners Protection Act of 1998 or any nther law. These rights may include the right to
<br />receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage
<br />Insnrance terminated automatically, and/or to receive a refpnd of any Mortgage Insurance premiums t'hat were
<br />unearned at the time of such cancellation or termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscella.neous Proceeds are herebyassigned to and
<br />shall be paid to I.ender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Praperiy, if
<br />the restoration �r repair is economically feasible and I..�nder's security is not lessened. During such repair and restoration
<br />period, I.ender shall have the right to hold such Miscellaneous Proceeds until Lender has had an oppartunity to inspect such
<br />Property to ensure the work has been completed to Lender's satisfaction, provided that such inspect�on shall be undertaken
<br />promptly. I.ender rnay pay for the repairs and restoration in a single disbursement or in a series ofprogress payments as the
<br />work is completed. Unless an agreement is rnade in writing or Applicable Law requires interest to be pa�d on such
<br />Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such M�scellaneous
<br />Proceeds. If the restoration ar repair is not economically feasible or L,ender's securitywould be lessened, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Securiry Instxument, whether or not then due, with the excess, if any,
<br />paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided far in Section 2.
<br />In the event of a total taking, destruction, ar loss in value of the Property, the Miscellaneous Proceeds shall be
<br />applied to the sums secured by this Securiry Instrument, whether ar not then due, with 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 value of the
<br />Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount ofthe sums
<br />secured by this Security Inshument immediatelybefore the partial taking, destruction, or loss in value, unless Borrower and
<br />Lender otherwise agree m writing, the sums secured by this Security Instrvment shall be reduced by the amount of khe
<br />Miscellaneous Proceeds multiplied by the following fractinn: (a) the total amount af the sums secured iinmediately before the
<br />partial taking, destruction, or lnss in value divided by (b) the fair rnarkct value of the Property imme�iiately before the pariral
<br />taking, destruction, or loss in value. Any balance shall bc paid to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Properiy in which the fair rnarket value of the
<br />Property immediately before the partial takin�, destruction, or loss in value is less than the amount of the sums secured
<br />immediately before the partial taking, destructaon, or loss in value, unless Borrower and I.ender otherwise agree in writing,
<br />the Miscellat�eous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then
<br />due.
<br />If the Property is abandoned by Botrawer, or if, after notice by Lender to Borrower that the Opposing Party (as
<br />defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails ta respond to I.ender
<br />within 30 days after the date the notice is given, I.ender is authorized ta collect and apply the Miscellaneous Proceeds either
<br />to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due.
<br />"Opposing Part}�' means the third party that owes Borrower Miscellancous Proceeds or the party against whom Borrower
<br />has a right ofaction in ►egard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's
<br />judgment, could result in forfeiture of the Property or other material impairment of I.ender's interest in the Property or rights
<br />under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as pravided m
<br />Section 19, by causing the action or prnceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture
<br />of the Property or other material impairment of Lender's interest in the Property or rights under this Secunty Inshwnent. The
<br />proceeds of any award or claim for damages that are attributable to the irnpairment of Lender's interest in the Property are
<br />hereby assigned and shall be paid to Lender.
<br />All Miscellaneous Proceeds that are not applied to restoration or repair pfthe Property shall be applied in the order
<br />pcovided for in Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Nat a Waiver. Extensian of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted byLender to Barrower ora�y Successor
<br />in Interest of Borrower shall not operate to release the liability of Borrower or any Succassors in Interest of Borrower.
<br />Lender shall not be required to oommence proceedings against any Successor in Interest of Borrower or to refuse to extend
<br />time for payment or otherwise rnodify amortization of the sums secured by this Securiry Instrument by reason of any demand
<br />mads by the original Borrower or an� Successors in Interest of Borrower. Any forbearance by Lender in exercising any right
<br />or remedy includ�ng, without limitat�on, Lender's acceptancc of payments from third persons, entities or Successors in
<br />Int��st oFBorrower or in
<br />amounts less than the arnount then du� shall not be a waiver of or preclude the exercise of any right or remedy.
<br />NEBRA5KA-5ingle Family—F'annie Mae/Freddie Mac iJrIIFORM INSTRUM�NT
<br />12439.CV (1/08) 9040a3
<br />(MER5) Form 3025 U01 (page S of 8 pages)
<br />Creative Thinking, lnc.
<br />GOTO(00142529)
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