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201100�7�
<br />insurance and Borrower was required to make separately designated payments toward fhe premiums for Mortgage Insurance,
<br />Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously
<br />in effect, at a cost substantially equivalent to the cost to Borrower ofthe Mortgage Insurance previously in effect, from an
<br />alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available,
<br />Barrower shal I continue to pay to Lender the amount ofthe separately designated payments that were due when the insurance
<br />coverage ceased to be in effect. L.ender will accept, use and retain these payments as a non-refundable loss reserve in lieu oi'
<br />Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Laan is ultimately paid in
<br />full, and L,ender shall not be required to pay Borrower any interest or earnings on such loss reserve. L,ender can no longer
<br />require loss reserve payments if Mort Tage Insurance coverage(in the amount and for the period that l..ender requires)
<br />provided by an insurer selected by Len�er again becomes available, is obtained, and Lender requires separately designated
<br />payments toward the premiums for Mortgage Insurance. If L,ender required Mortgage Insurance as a condition ofmaking the
<br />L.oan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance,
<br />Borrower shall pay the premiums required to maintain Mortgage Insurance in et�ect, or to provide a non-refundable loss
<br />reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between
<br />Borrower and Lender providing for such termination or until termination is required by Applicable Iaw. Nothing in this
<br />Section 10 affects Borrower's obligation to pay interest at fhe 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 />Borrower does nat repay the L,oan as agreed. Borrower is not a party to the Mortgage Cnsurance.
<br />Mortgage Insurers evaluate their total risk on all such insurance in force from time to time, and may enter into
<br />agreements with other parties that share or modify their risk, or reduce losses. These agreements are on ternls and conditions
<br />that are satisfactory to the mortgage insurer and the other parry (or parties) to these agreements. These agreements rnay
<br />require the mart�age insurer to make payments usin� any source of funds that the mortgage insurer may have available
<br />(which may include funds obtained from Mortgage Insurance premiums).
<br />As a result ofthese a�reements, Lender, any purchaser of the note, another insurer, any reinsurer, any other entity,
<br />or a�'iliate of any of the foregomg, may receive (directly or indirectly) arnounts that derive from (or might be characterized
<br />as) a portion ofBorrower's payments for Mortga =e insurance, in exchange for sharing or modifying the mortgage insurer's
<br />risk, or reducing losses. If such agreement provi�ed that an affiliate of L,ender takes a share ofthe insurer's risk m exchange
<br />far a share of the premiums paid to the insurer, the arran�ement is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Barrower has agrced to pay for Mortgage
<br />Insurance, or any other terms of'the Loan. Such agreements will not increase the amount Sorrower will owe for
<br />Mortgage Insurance, and they will not entitle Barrower to any refund.
<br />(b) Any such agreements will not affect the rights Sorrower has — if any — with respect to the Mortgage
<br />Insurance under the Homeowners Pratection Act of 1998 or any other law. '1"hese rights may include the right to
<br />receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the MortgAge
<br />Insurance terminated automatically, and/or to rece[ve a refund of any Mortgage Insurance premiums that were
<br />unearned at the time of such cancellation or termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are herebyassigned to and
<br />shall be paid to Lender.
<br />Ifthe Property is dama�ed, such Miscellaneous Proceeds shall be applied to restoration or repair ofthe Properry, if
<br />the restoration or repair is economically feasible and L,ender's security is not lessened. During such repair and restoration
<br />period, L.ender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such
<br />Property to ensure the work has been completed to I,ender's satisfaction, provided that such inspection shall be undertaken
<br />promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progre5s payments as the
<br />work is 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 requir�d to pay Borrower any interest or earnings on such Miscellaneous
<br />Proceeds. If the restoracion or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, wifh the excess, if any,
<br />paid to Borrower. Such Miscellaneous Proceeds shall be 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 Proceeds shall be
<br />applied to the sums secured by this Security Instrurnent, whether or 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 Froperiy in which the fair market value of the
<br />Property immediatelybefore the partial taking, destruction, or loss in value is equal to or greater than the amountofthe sum5
<br />secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and
<br />L.ender otherwise agree in writing, the sums secured by Chis Security Instrument shall be reduced by the amount of the
<br />Miscellaneaus Praceeds multiplied by the following fraction: (a) the total amount ofthe sums secured immediatelybefore the
<br />partial taking, destruction, or loss in value divided by (b) the fair market value of the ProperCy immediately before the partial
<br />taking, destruction, or los5 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 value of the
<br />Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured
<br />immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing,
<br />the Miscellaneous 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 Borrower, or if, after notice by L.ender to Borrower that the Opposing Party (as
<br />defined in the next sentence) oi�ers to make an award to settle a claim for damages, Borrower fails to respond to Lender
<br />within 30 days after the date the notice is given, I.ender is authorized to collect and apply the Miscellaneous Proceeds either
<br />to restoration or repair of the Property or to the sums secured by this Security Instrument, whefher or not then due.
<br />"Opposing Part}�' means the third party that owes Borrower Miscellaneous Proceeds or the parry against whom Borrower
<br />has a right oFaction in regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun chat, in Lender's
<br />judgment, could result in forfeiture ofthe Property or other material impairment of Lender's interest in the Property or rights
<br />under this Security Instrument. Borrower can cure such a default and, ifacceleration has occurred, reinstate a5 provided m
<br />Section 19, by causing the action or proceeding to be dismissed with a ruling that, in I.ender's judgment, precludes forfeiture
<br />of the Propercy or other macerial impairment of Lender's interest in the Property or rights under this SecurityInstrument. Tk�e
<br />proceeds of any award or claim for damages that are attributable to the impairment of L.ender's interest in the Property are
<br />hereby assigned and shall be paid to Lender.
<br />All M iscellaneous Proceeds that are not applied to restoration or repair of the Froperty shall be applied in the order
<br />provided fbr in Section 2.
<br />12. Sorrower Not Released; Forbearance Sy Lender Not a Waiver. �xtentiion ofthe time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted byLender to Borrower or any Successor
<br />in Interest of Borrower shall not operate to release the liability of Borrower or any Succes5ors in Interest of Borrower.
<br />L.ender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend.
<br />time for payment or otherwise modify amortization of the sums secured by this Security Instrument by rea5on ofanydemand
<br />rnade by the original Borrower pr any Successors in Interest of Borrower. Any forbearance by I.ender in exercising anyright
<br />or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in
<br />Interest of Borrower nr in
<br />announts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy.
<br />NEBRASKA--Single Family--Fannie Mae/Freddic Mac UNiFORM iNSTRUMCNT (MERS) I'orm 3028 1/01 ��pgP S Of r��pgP,S�
<br />12439.CV (1l08) 9D4606 Creative Thinking, Inc.
<br />GOTQ(001462R1)
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