|
20f1040G�
<br />As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer,
<br />any other entity, or any affiliate 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 for Mortgage Insurance, in
<br />exchange for sharing or modifying the morEgage insurer's risk, or reducing losses. If such agreement
<br />provides that an affiliate of Lender takes a share of the iasurer's risk in exchange for a share of the
<br />premiums paid to the in.surer, the arrangement is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for
<br />Mortgage Iusnrance, or any other terms of the Loan. Snch agreements will not increase the amount
<br />Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refnnd.
<br />(b) Any snch agreements will not affect the rights Borrower has - if any - with respect to the
<br />Mortgage Insnrance nnder the Homeowners Protection Act of 1998 or any other law. These rights
<br />may inclnde the right to receive certain disclosures, to reqnest 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 Insnrance premiums that were unearned at the time of snch cancellation or
<br />termination.
<br />11. Assignment of Miscellaneons Proceeds; Forfeitare. AIl Miscellaneous Ptoceeds ate hereby
<br />assigned to and shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of
<br />the Property, if the restoration or repair is economically feasible and Lender's security is not lessened.
<br />During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds
<br />until Lender has had an opportunity 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 progress payments as the work is
<br />completed. Unless an agreement is made in writing or Applicable Law requirea interest to be paid on such
<br />Miscellaneous Proceeds, Lender shall not be required to pay Bonower any interest or earnings on such
<br />Misce]laneous Proceeds. If tha restoration or repair is not economically feasible oz Lender's security would
<br />be lessened, the Miscellaneous Proceeds shall be applied to the sums secuted by this Security Inslrument,
<br />whether or not then due, with the excess, if any, paid to Bonower. 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 valne of the Propetly, the Miscellaneous
<br />Proceeds shall be applied to the sums secuted by thia Security Instnunent, whether or not then due, with
<br />the exeess, if any, paid to Boaower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair matket
<br />value of the Properfy immediately before the partial taking, deshuction, or loss in value is equal to or
<br />greater than the amount of the sums secured by this Security Instrument immediately before the partial
<br />taking, deatnaction, or loss in value, unless Borrower and Lender otherwise agree in wtiting, the sums
<br />secured by this Security Instnunent shall be reduced by the amount of the Miscellaneous Proceeds
<br />multiplied by the following fraction: (a) the total amount of the sums secured immediately 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, desttuction, or loss in value. Any balance shall be paid to Borrower.
<br />In the event of a partial taldng, destntction, or loss in value of the Ptoperty in which the fair market
<br />value of the Properly 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 />Bonower and Lender oflierwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />sectued by this Security Instruanent whether or not the sums are then due.
<br />If the Property is abandoned by Bonower, or if, after notice by Lender to Borrower that the
<br />Opposing Party (as defined in the next sentence) 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 and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the
<br />sums secured by this Security Instnunent, whether or not then due. "Opposing Party" means the third party
<br />that owes Borrower Miscellaneous Proceeds or the party against whom Bonower has a right of action in
<br />regard to Miscellaneous Proceeds.
<br />Borrower shall be in defalalt if any action or proceeding, whether civil or criminal, is bagun that, in
<br />Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's
<br />interest in the Property or rights under this Security Instru.ment. Bonower can cure such a default and, if
<br />NEBRASKA- Single Family - Fannle Mae/Freddle Mac UNIFORM INSTRUMENT
<br />�-6(NE) �osi�� Paga9of15 Initials: �� e' F017Y13028 1/01
<br />1P'�
<br />
|