|
2oiioo4si
<br />As a result of these agreements, I.ender, any purchaser of the Note, another insurer, any reinsurer,
<br />any other entity, or any affiliate af any of the foregoing, may receive (directly ox indirectly) amaunts that
<br />derive frotn (or might be characterized as) a portian of Borrower's payments for Mortgage Insurance, in
<br />exchange for sharing or rnodifying the mortgage insurer's risk, or reducing lasses. If such agreement
<br />provides that an affiliate of Lender takes a share of the insurer's risk in exchange far a share of the
<br />premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will nat affect the amounts that Borrower has agreed to pay for
<br />Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amoant
<br />Barrower will owe for Mortgage Insurance, and they will not entitle Borrower to any 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 149$ or any other law. These rights
<br />may include the right to receive certnin disclosures, to request and obtain cancellation af the
<br />Mortgage �nsurance, to have the Mortgage Insurance terminated automatitally, 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 />ii . ,Assignment of Miscellaneous Procc�eds; Forfeiture. All Miscellaneous Proceeds axe �ereby
<br />assigned to and shali be paid to L.ender.
<br />If the Property is damaged, such Miscellancous Proceeds shall be applied to restor�ttion or re�aai� of
<br />the Property, if the restoration or repair is ecanamically feasible and Lender's security is not lesser�ed.
<br />During such repair and restoration period, Lender shall have the right ta hold such Miscellaneous Pt'or,eeds
<br />until Lender has had an opportunity to inspect such Property to ensure the work has been coznpleted 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 is
<br />cvmpleted. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneaus Proceeds, Lender shall not be required to pay Barrower any interest or eamings on such
<br />Miscellaneous Praceeds. If the restoration or repair is not economically feasible or Lender's security would
<br />be lessened, the Miscellaneous Praceeds shall be applied to the sums secured by this Security Instrument,
<br />whether or 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 the event af a total taking, destruction, or loss in value af the Property, the Miscellaneous
<br />Procceds shall be applied to the sums secured by this Security Tnstrument, whether ar 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 the fair market
<br />value of the Property 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 lnstrument inunediately before the partial
<br />taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sum�s
<br />secure�l by this Security Instrument shall be reduced by the amount of the Miscellaneous Proeeads
<br />rnultiplied by the following fraction: (a) the total amount of the sums secured immediately before rhe
<br />partial taking, destruction, or loss in value divided by (b) the fair market value of the Propercy
<br />immediately before the partial taking, 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 mark�ct
<br />value of the Property immediately before the partial taking, destruction, or loss in value is less ti�a t�ae
<br />amount af the sums secured immediately before the partial taking, destruction, or loss in valu�, u�ess
<br />Borrower and Lendez' otherwise agree in writing, the Miscellaneous Proceeds shall be applied to t�ae srams
<br />secured by this Security Instn�ment whether ar 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 />Opposing Party (as defianed in the next sentenr�) 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 at�d apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the
<br />sums secured by this Security Tnstrument, whether or not then due. "Opposing Pariy" means the third party
<br />that owes Borrower Miscellaneous Proceeds or the party against whorn Borrower has a right of action in
<br />regard to Miscellaneous Procceds.
<br />Borrower shall be in default if any action or proceeding, whether civil or crirninal, is begun that, in
<br />L.ender's judgrnent, could result in forfeiture af the Property or other material impairment of Lender's
<br />interest in the Property or rights under this Security Instrurnent. Barrower can cure such a default and, if
<br />NEBRASKA -$ingle Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
<br />�-61NE) (0811) Page 9 ot 15 Initials: FOrm 3p28 9lU9
<br />�
<br />�� .
<br />
|