|
DOC ID #: 00023391424302011 201101314
<br />9. Protection, of Lender's interest in the Property and Rigbts Under this Security Instreument. If (a) Borrower fails to
<br />perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly
<br />affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate,
<br />for condemnation or forfeiture, for enforcement of ar lien which may attain priority over this Security Instrument or to enforce laws
<br />or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate
<br />to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the
<br />value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying
<br />any sums secured by a lien which has priority over this Security Instrurnentr (b) appearing in court; and (c) paying reasonable
<br />attorneys' fees to- protect its interest in the Property and/or rights under this Security instrument, including its secured position in a
<br />ban)crrxptcy proceeding. Securing the Property includes; -but is not limited to, entering the Property to make repairs, change locks,
<br />replace or bard up doors and windows, drain' water from pipes, eliminate building or other code violations or dangerous
<br />conditions, and have utilities turned on or off. Although Lender may tape action under this Section 9, Lender does not have to do
<br />so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions
<br />authorized -under this Section 9.
<br />Any amounts disbursed by Lender under this Section 9 shall become additional dent of Borrower secured by this Security
<br />Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such
<br />interest: upon notice from Lender to Borrower requesting payment.
<br />If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires
<br />fee tide to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
<br />10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay
<br />the premiums required to maintain the /Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required
<br />by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to
<br />snake separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to
<br />obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the
<br />cost to Borrower of the Mortgage Insurance previously in effect: from an alternate mortgage insurer selected by Lender. If
<br />substantially equivalent Mortgage Insurance coverage is not available, Borrower shat 1 continue to pay to Lender the amount of the
<br />separately designated payments than were due when the insurance coverage ceased to be in effect. Lender will accept, use and
<br />retain these payments as a anon- refundable loss reserve in lieu of Mortgage Insurance. Such low reserve shall be non - refundable,
<br />notwithstanding the fact that ft Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or
<br />earnings on such loss reserve, Lender can no longer require lass reserve payments if Mortgage Insurance coverage (in the amount
<br />and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and
<br />Lender requires separately designated payments toward the premiums for Mortgage Insurance, If Lender required Mortgage
<br />Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the
<br />premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to
<br />provide a nor,- refundable loss reserves until Lender's requirement for Mortgage Insurance ends in accordance with any written
<br />agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law.
<br />Nothing in this Section 10 affecrs Borrowefs obligation to pair interest at the rate provided in the Note.
<br />Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses It may incur if Borrower
<br />does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.
<br />Mortgage insurers evaluate their total risk on all such insuraYn6e in force from time to time, and may enter into agreements
<br />with other pies that share or modify their ri8l�a or reducc losses. These agreements are on tern's and conditions that are
<br />satisfactory to the mortgage insurer and the other party (or parties) to these agreemc -,nts. These agreements may require the
<br />mortgage in rer to make payments using any source of funds that the mortgage insurer may have available (which may include
<br />funds obtained from Mortgage Insurarnce premiums).
<br />As a result of these agreements} Lender, any purchaser of the Note, another insurer, any retnSU -er, any other entity, or any
<br />affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) al
<br />portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage irsurefs risk, or
<br />reducing losses, If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of
<br />the premiums paid to the insurer, the armgernent is often termed captive reinsurance. ' Further;
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for /Mortgage Insurance, or
<br />any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance,
<br />and they will not entitle Borrower to any refund:
<br />(b) Any such agreements will not affect the rights Borrower has x if any - with respect to the Mortgage Insurance
<br />under the Homeowners Protection Act of IR98 or any other law. These rights may include the right to receive certain
<br />disclosures, to request and obtain cancellation of the /Mortgage Insurance, to have the Mortgage Insurance terminated
<br />automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such
<br />cancellation or termination.
<br />1I+ Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be
<br />paid .to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the
<br />restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period,
<br />Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to
<br />wsure the work has been completed to Lender's satisfaction provided that such inspection shall be undertaken promptly, Lender
<br />may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed.
<br />Unless an agreement is made in writing or Applicable Law rewires interest to be paid on such Miscellaneous proceeds, Lender
<br />shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not
<br />economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by
<br />this Security Iistrament, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shali be
<br />app] ied 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 applied to the
<br />sums secured by this Security Instrument, whether'Or not -then due, with the excess, if any, paid to Borrower_
<br />In the event of a partial taking, destruction; " .loss in value of the property in which the fair market value of the Property
<br />immediately before the partial taking, destruction, or loss in value is equal to or greater than the arnflunt of the sums secured by
<br />this Security Instrument immediately before the Oartial taking, destruction, or loss in Value, unless Borrower and Lender otherwise
<br />agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds
<br />NEBRASKA-- Single f=amily -- Fannie Mae /Freddie Mac UNIFORM INSTRUMENT Form 3028 1101
<br />Deed of Trust-ME _
<br />200 rNE (05108) Page 5 of 9
<br />
|