|
20�oo97ss
<br />As a result af these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer,
<br />any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that
<br />derive from (or mrght be characterized as) a portion oF Borrower's payments for Mortgage Insuranec, in
<br />exchange for sl�aring or modifying the mortgage insurer's risk, or reducing losses. Tf such agreement
<br />provides that an af�rlrate of Lender takes a share oF the insurer's risk in exchange for a share of the
<br />premiums paid ta the insurer, thB arrangement is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Bnrrpwer has agreed to pay for
<br />Mortgage insurance, or any other terms of the Loan. Such agreements will not increase the amount
<br />Borrower will owe for Mortgagc .Cnsurance, and the� will not entitle Borrower to any refund.
<br />(b) Any such agreements will nat affect the nghts Burrower has - if any - rnth respect to the
<br />Mor'tgage insurance under the Homeowners Protection Act of 1.998 or any uther law. These rights
<br />may include thc right ta receive certain disclosures, to request and obtain cancellatiun of the
<br />Mortgage Insurance, to have thc Mortgage insurance terminated autamatically, and/ar to receive a
<br />refpnd of any Mortgage Insurance premiums that were uaearned at the time of such cancellation or
<br />termination.
<br />ll. Assignment of Miscellaneous Proceeds; .korfeiture. All Miscellaneous Proceeds are hereby
<br />assigned to and shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous I'roceeds shall be applied to restoration or repair of
<br />the Property, if the restoration or repair is ecanomically feasible and Lender's security is not lessened.
<br />During such repair and restoratron period, Lender shall have the right to hold such Miscellaneous Proceeds
<br />until Lender 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. Lender may pay for the
<br />repairs and r�storation in a single disbursement or in a series of progress payments as the work is
<br />completed. iTnless an agreement is made in writing or Applicable .[.aw requires interest tp be paid on such
<br />Miscellaneous ['roceeds, Lender shall not be re�uire� tn pay Borrower any interest oc eannings on such
<br />Miscellaueous Proceeds. If the restoration or repair is nnt ecanomically feasible or Lender's security would
<br />be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this 5ecurity Instrument,
<br />whether or not then due, witk� the excess, if any, paid to 13orrower. Such Miscellaneous Proceeds shall be
<br />applied in the order provided for in Section 2.
<br />In the event oF a total taking, destructian, ar loss in value af 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 Sorrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property rn which the farr rnarket
<br />value of the Property immediatEly before the partial taking, desiruction, or loss rn value is eyual to ar
<br />greater than the amount of the sums secured by this Secwity Instrument irnmediately before the partial
<br />taking, destruction, or loss in value, unless Borrower and Lender other�vise agrec in writing, tl�e sums
<br />secured by this Security Insmxment shall be reduced by the amount of the .Miscellaneous Prooeeds
<br />multiplied by the fallowing fraction: (a) the total amount of the sums secured irrune�liately before the
<br />partial takrng, destruction, or loss in value divided by (b) the fair market value of the T'roperty
<br />immediately before the partial taking, destruction, ar 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 rn whrch the fair market
<br />value of the Properiy immediately before the partial taking, destruction, or loss in value is less than the
<br />amount of the sums secured irnmediately before the partial taking, destruction, or loss in value, unless
<br />Barrower and Lender otherwise apree in writing, the Miscellaneous Proceed.s shall be applied to the sums
<br />secured hy this Security Instrument whetl�.er or not the suxns are fhen due.
<br />If the Property is abandoned hy 8orrower, or if, after notice by Lender to Borrower that the
<br />Opposing I'arty (as de�ined in the next sentence) offers to make an award to settle a claixn for damages,
<br />Borrower fails to respond to Lender within 30 days a�.er the ciate the notice is given, Lender is autho.rized
<br />to collect and apply the Mrscellaneous Proceetis either to restoration or repair of the Property or to the
<br />sums secured by ih.is Security Instrument, whetber or not then due. "Opposing Party" means the third party
<br />that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in
<br />regard to Miscellaueous Proceeds.
<br />Borrawer shall be in default if any action or proceeding, whether civil or crimrnal, is begun that, in
<br />Lender's judgment, could result in farfeiture of the Property ar ather material impairment of Lender's
<br />inCerest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if
<br />acceleration has occurred, reinstate as provided in 5ection ]9, by causing the action o.r proceeding to be
<br />22QQp66269 1] v6ANE
<br />NEBRASKA - 5ingle Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMpVT WITH ME
<br />�-6A(N� �oa�o� Paga 9 af 15 tr,;�;eis: � Form 3028 1/07
<br />��
<br />
|