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241a09708
<br />As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer,
<br />any other entity, or any af�liate of any of the foregoing, may receive (directly oar indirectly) amounts that
<br />derive from (or rnight be characterized as) a portion of Borrower's payments for Mortgage Insurance, in
<br />exchange far sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement
<br />provides that an affiliate of L,Qnder takes a share of the insurer's risk in exchange for a share of the
<br />prerniurns paid to the insurer, the arrangement is often termed "captive reinsurance. " Further:
<br />(a) Any such agreements w'rll not affect the amounts that Borrower has agrced to pay for
<br />Mortgage Insurance, or any ather terms oY the Loan. Sach agreements w311 not increase the amount
<br />Sorrower 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 ander the Homeowners Protection Act af 199$ or any other law. These rights
<br />may include the right to receive certain disclasures, to request and obtain cancellation of the
<br />Mortgage Insurance, ta have the Mortgage insarance terminated automatically, and/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 Miscellaneotrs Proceeds; Forfeiture. All Miscellaneous Proceeds ara 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, I,Qnder shall have the right to hold such Miscellaneous Proceeds
<br />until Lender has had az� opportunity to inspect such Property to ensure the wprk 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 af progress payments as the work is
<br />coznpleted. Unless an agreement is made in writing or Applicable T..aw requires interest to be paid on such
<br />Miscellaneous Proceeds, I.ender shall not be required to pay Borrower any interest or earnings on such
<br />Miscellaneous Proceeds. If the restoration or repair is not econamically feasible or Lender's security would
<br />be lessened, the Miscellaneous Procecds shall be applied to the sums secured by this Security Instrument,
<br />whether or not then due, with the excess, if any, paid to $orrower. 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 of the Property, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with
<br />the excess, if any, paid to Bonawer.
<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 Froperty 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 Instn►ment immediately before the partial
<br />taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, ths sums
<br />secured by this Security Instrument shall be reduced by Che amount of the Miscellaneous Proceeds
<br />rnultiplied by the following fracCion: (a) the total amount of the sums secured immediately before the
<br />partial taking, destruction, ar loss in value divided by (b) the fair market value of the Praperty
<br />immediately before the partial Caking, 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
<br />value of the Praperty immediately before the partial taking, destruction, or loss in value is less than the
<br />amaunt of the sums secured immediately before the partial taking, destruction, or loss in value, unless
<br />Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />secured by this Security Instrum.ent whether or not the sums are then due.
<br />If the Property is abandaned by Borrower, or if, after notice by Lender to Borrower that the
<br />Oppasing Party (as defined in the next sentence) offers to make an award to settle a claim for damages,
<br />Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized
<br />to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the
<br />sums secured by this Securiry Instrumcnt, whether or not then due. "Opposing Party" means the third party
<br />that awes �orrowex Miscellaneous Proceeds or the party against wham Barrower has a right of action in
<br />regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or crirninal, is begun that, in
<br />I,Qnder's judgrnent, could result in forfeiture of Che Property or other material impaircnent of Lender's
<br />interest in the Property or rights under this Security Instrument. Banower can cure such a default and, if
<br />NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFQRM INS7RUMENT
<br />�-BINE) �oe t t I page 9 of 15 ininais: � Form 3028 1/01
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