|
201100U4U
<br />As a result of these agreements, Lender, any purchaser af the Note, another insurer, any reinsurer,
<br />any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amount5 that
<br />derive from (or mi�ht be characterized as) a portion of Borrower' s payments for Mortgage Insurance, in
<br />exchange for sharing or modifying the mortga�e insurer's risk, or reducing losses. If tiuch agreenaent
<br />provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of tl�e
<br />premiums paid to the insurer, the arrangement is often terrned "captive reinsurance." Further:
<br />(a) Any such a�reements wiNl not affect the arnounts that Borrower has agreed tu pay for
<br />Mortgage Insurance, or any other terms of the Loan. Such agreements will nat increase the amount
<br />Sorrowe� wxll owe for Mortgage Insurance, and they wi11 not entitle Sorrower to any refund.
<br />(b) Any such agreements will not affect the rights Eorrower has - if any - with respect to the
<br />Mortgage lnsurance under the Homeowners Protection Act of 194$ or any other law. These rights
<br />may include the right to receive certain disclosures, to request and obtain cancellation of thc
<br />Martgage Insurance, to have the Mort�age Insurance terminated automatically, and/or to receive a
<br />refund of any Mort�age Insurance premiums that were unearned at the time of such cancellatian or
<br />terminatian.
<br />] 1. Assignment of Miscellaneous Proceeds; For1'eiture. All Miscellaneous Proceeds are herehy
<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 restoratian or repair is economically fea�ible and Lender's security iti not lessened.
<br />During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds
<br />until Lender has had an opportunity to inspect such Praperty to ensure the work has been completed to
<br />Lender' s satisfaction, provided that sucla inspection shall be undertaken promptly. Lender may pay for the
<br />repairs and restaracion in a sin�le disbursement or in a series of progress payments as the work is
<br />completed. Unless an agreement iti made in writing or Applicable Law requires int�;rest to be paid on such
<br />Miscellaneous Pmceeds, Lender shall not be required to pay Borrower any interest or ean�in�s on such
<br />Miscellaneous Proceeds. If the restoration or repair is not econornically feasible or Lender's security would
<br />be lessened, the Miscellanepus Proceeds shall be applied to the sums secured by this Security Instrument,
<br />whether or not then du�, with the excess, if any, paid to Borrower. Such Miscellaneous Proceed5 shall be
<br />applied in the order provided for in Section 2.
<br />In the event of a total taking, deatruction, 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 Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which tbe fair market
<br />value of the Froperty immediately befpre the partial taking, destructian, or loss in value is equal to or
<br />greater than the amaunt of the sums tiecured by this Security Instrument unmediately before the partial
<br />taking, destruction, or loss in value, unless Borrower and T�ender otherwise agree in writing, the sums
<br />secured hy this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds
<br />multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />partial taking, destruction, or loss in value divided by (b) the faix market value af the Froperty
<br />immediately before the parCial takin�, destruction, or ]oss 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 Prnperty imxnediately before the partial taking, destruction, or loss in value is less than the
<br />amount of the surns secured immediately before the partial taking, destruction, or loss in value, unless
<br />BozTOwer and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />secured by this Security Instrument whether or not the sums are then due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the
<br />C7pposing Party (as dcfined in the next sentence) offers to rnake 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 af the Property or to the
<br />sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party
<br />that owea Borrower Miscellaneous Froceeds ar the party against whom F3orrower has a right of action in
<br />re�;ard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
<br />Lender' S judgment, could result in forfeiture of the Property or other material impairment of Lender's
<br />interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if
<br />231p26
<br />NEBRASKA - Single Family - Fannie M ae/Freddie M ac UNIFpRM IN57RUM ENT
<br />�-6�NE) (0811) Paga 8 vf 15 in�c�aig: Form 3028 1/07
<br />� ��'�
<br />ti
<br />
|