|
�0�10401�
<br />�
<br />Ne3028.docxml
<br />;nder providing for such termination or until termination is required by Applicable Law. Nothing in this Section
<br />I affects Bonower's obligation to pay 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
<br />Borrower 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 insurance in force from time to time, and may enter into
<br />xeements with other parties that shaze or modify their risk, or reduce losses. These agreements are on terms and
<br />�nditions that are satisfactory ta ihe mortgage insurer and the other party (or parties) to these agreements. These
<br />reements may requise the mortgage insurer to make payments using any source of funds that the mortgage insurer
<br />ay have available (which may include funds obtained from Mortgage Insurance premiums).
<br />As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other
<br />.tity, or any �liate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might
<br />: characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying
<br />e mortgage insurer's risk, or reducing losses. If such agreement provides that an aff'�liate of Lender takes a share
<br />the insurer's risk in exchange for a share of the premiums paid to the insurer, the artangement is often termed
<br />aptive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agrced to pay for Mortgage
<br />surance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe
<br />r 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 Mortgage
<br />surance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right
<br />receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the
<br />ortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums
<br />at were unearned at the time of such cancellation or termination.
<br />11. Assignment of Miscellaneous Procceds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to
<br />d shall be paid to Lender.
<br />If the Properiy is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Properly,
<br />the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and
<br />storation period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an
<br />�porlttnity to inspect such Properiy to ensure the work has been completed to Lender's satisfaction, provided that
<br />ch inspe,ction sha11 be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement
<br />in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable
<br />iw requires interest to be paid on such Miscellaneous Proceeds, Lender sha11 not be required to pay Borrower any
<br />terest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or
<br />:nder's security would be lessened, the Miscellaneous Proceeds sha11 be applied to the sums secured by this Security
<br />strument, whether or not then due, with the excess, if any, paid to Bonower. Such Miscellaneous Proceeds sha11
<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 Properly, the Miscellaneous Proceeds shall be
<br />plied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any; paid to
<br />In the event of a gartial taking, destruction, or loss in value of the Property in which the fair market value of
<br />: Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount
<br />the sums secured by this Security Instrument immediately before tfie partial taking, destruction, or loss in value,
<br />less Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument sha11 be reduced
<br />the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums
<br />;ured immediately before the partial taking, destruction, or loss in value divided by (b) the fair mazket value of the
<br />�perty immediately before the partial taking, destruction, or loss in value. Any balance sha11 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
<br />: Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums
<br />:ured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise
<br />�ee in writing, the Miscellaneous Proceeds sha11 be applied to the sums secured by this Security Instrument whether
<br />not the sums are then due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Parhy (as
<br />fined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to
<br />nder within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellan�us
<br />�ce�is either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether
<br />not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party
<br />�inst whom Bonower has a right of action in regazd to Miscellaneous Proceeds.
<br />Borrower sha11 be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's
<br />Igment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property
<br />rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate
<br />provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's
<br />Igment, precludes forfeiture of the Property or other material impairment of I,ender's interest in the Properiy or
<br />hts under this Security Instrument. The proceeds of any award or claim for dainages that are attributable to the
<br />pairment of Lender's interest in the Property are hereby assigned and sliall be paid to Lender.
<br />All Miscellan�us Proc.eeds that are not applied to restoration or repair of the Property shall be applied in the
<br />ier provided for in Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />►di�cation of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any
<br />EBRASKA--Single Family--Fannie MaelFreddie Mac UNIFORM INSTRUMEN7
<br />xm 3028 1/01 Page 6 of 1 1 .
<br />DarMag�c �
<br />wu�w.docmagic.com
<br />V
<br />
|