|
2011004�4
<br />As a result of these agreements, Lender, any purchaser of the Nate, another insurer, any reinsurer,
<br />any other entity, or any af�liate of any of the foregoing, may receive (directly or indirectly) amounts that
<br />derive from (or might be characterized as) a portion of Borrower's payments far Mortgage Insurance, in
<br />exchange for sharing or modifying the rnortgage insurer's risk, or reducing losses. If such agreement
<br />pravides that an affiliate af Lender takes a shaze of the insurer's risk in exchange for a share of the
<br />premiuzns paid to the insurer, the arrangement is often tertned "captive reinsurance." Further:
<br />(a) Any such agreements will not 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 amount
<br />Borrower will owe for Mortgage Insarance, and the� will not entitle Borrower to any refund.
<br />(b) Any such agreements will not affect the r�ghts Borrower has - if any - with respect to the
<br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights
<br />may include the right to receive certain disclosures, to request and obtain cancellation of the
<br />Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a
<br />refund of any Mortgage Insuranc� prerniums that were unearned at the time of such cancellatron or
<br />termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Praceeds are hereby
<br />assigned ta and shall be paid to L.ender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of
<br />the Property, if the resCoration or repair is economically feasible and I..ender's security is not lessened.
<br />During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds
<br />until L.ender has had an oppariunity 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 restoration in a single disbursement or in a series of pragress payments as the work is
<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 on such
<br />Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would
<br />be lessened, the Miscellaneous Froceeds shall be applied to the sums secured by this Security Instrument,
<br />whether or not then due, with the excess, if any, paid ta Borrawer. Such Miscellaneous Proceeds shall be
<br />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
<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 the fair market
<br />value of the Property irnrnediately before the partial taking, destruction, or loss in value is equal to or
<br />greater than the amaunt of the sums secured by this $ecurity Instrument immediately before the partial
<br />taking, destruction, or lass in value, unless Borrower and L.�nder atherwise agree in writing, the sums
<br />secured by 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 irnrnediately before the
<br />partial taking, destruction, or loss in value divided by (b) the fair market value of the Property
<br />immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />In the event af 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 less than the
<br />amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless
<br />Borrower and L.ender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />secured by this Security Instrument whether or not the surns axe then due.
<br />If the Property is abandoned by Borrower, ar if, after notice by Lender to Borrower that the
<br />Opposing Party (as defined in the next sentence) offers ta 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, I.ender is authorized
<br />to collect and apply the Miscellaneous Proceeds either to restoration or repair of 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 owes Borrowex Miscellaneous Pxoceeds or the party against whom Borrawer has a right of action in
<br />regard to Miscellaneous Proceeds.
<br />Borrower sha11 be in default if any action or praceeding, whether civil or criminal, is begun that, in
<br />L,Qnder's judgment, could xesult in forfeiture of tk►e Pcoperty or other material impairment of Lender's
<br />interest in the Praperty or rights under this Security Instrument. Borrower can cure such a default and, if
<br />NEBRASKA - Single Family - Fannie Mee/Freddie Mac UNIFORM INSTRUMENT �
<br />(�-61NE) 1o8t 11 Page 9 ot 15 i�rc�ais: �� Form 3028 9/09
<br />m
<br />
|