|
2011�0?�9
<br />As a result of 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) amounta that.
<br />derive frorn (or might be characterized as) a portion of Borrower's payments far Mortgage lnsurance, in
<br />exchange far sharing or modifying the mortgage insurer's risk, or reducing ]osses. If such agreernent
<br />provides that an af�liate of Lender takes a share af the insurer's risk in exchange for a share of the
<br />premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed ta pay for
<br />Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount
<br />Sorrower will owe for Mortgage lnsurance, and they will not entrtle Borrower to an,y refund.
<br />(b) Any such agreements will not affect the rights Borrower has - if any - with respect to the
<br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any other la�w�. These rights
<br />may inclnde the right ta receive certain disclosures, to request and obtain cancellation of the
<br />Mort�age Insurance, to have the Mortgage Insurance terminated autnmatically, and/or to receive a
<br />r�fund of any Mortgage Insnrance premiurns that were unearned at the time of such cancellation or
<br />termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscel�aneous Proceeds are hereby
<br />assigned to and shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Froceeds 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 restoration period, Lender shall have the right to hold such Miscellaneous Proceeds
<br />unti] Lender has had an opporiunity ta inspecc such Froperty 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 restoration in a single disbursement or in a series of progress payments as the work ia
<br />completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings an such
<br />Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender' s security wauld
<br />be le5sen�d, the Miscellaneous Proceeds shall be applied to the surns secured by this Security Instrument,
<br />whether ar not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be
<br />applied in the order provided for in Section 2.
<br />In th� 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, wh�ther or not then due, with
<br />the excess, if any, paid to Borrawer.
<br />In the event of a partial talcing, destruction, or loss in value of the Property in which the fair market
<br />value of the Property immediately before the partial taking, destruction, or loss in value is equal to oz
<br />greater than the amount of the sums secured by tlais Security lnstrument irnmediately before the partial
<br />taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
<br />secured by this Security Instrument shall be reduced by the amount of the Miscellanepus Proceeds
<br />multiplied by the following fraction: (a) the total arnount of the sums secured immediately before the
<br />partial taking, destruction, or loss in value divided by (b) the fair market value of the Property
<br />irnmediately before the partial taking, destruction, or loss in value. Any balance sha11 be paid to Borrower.
<br />ln the event af a partial taking, destruction, or loss in value of the Property in which the fair marl�et
<br />value of the Property irnrnediately 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 />$orrower and Lender otherwise agree in vvriting, the Miscellaneous Proceeds shall be applied to the sums
<br />secured by this Security Instrument whether or nat the sums are then due.
<br />If the Property is abandoned by Borrower, or if, aftar notice by Lender ta Borrower that the
<br />Opposing 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 callect and apply the Nliscellaneous Proceeds either to restaration or repair of the Property or to the
<br />sums secured by this Security Instrurnent, whether or not then due. "Opposing Party" rneans the third party
<br />that owes Borrower Miscellaneous Proceeds or the party against whpm Borrower has a right af action in
<br />regard 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 />231038
<br />NEBRASKA - 5ingle Family - Fannie MaelFreddie Mac IINIFORM INSTRUMENT y ��
<br />�-6(NE)�aa��J Page9oi15 ini��ais Y/� Fprm3028 1I01
<br />�
<br />
|