|
� .��'►.,�
<br />e premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until
<br />;nder's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and
<br />;nder providing for such termination or until ternunation 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 />Bonower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.
<br />Mortgage insurers evaluate their total risk on a11 such insurance in force from time to time, and may enter into
<br />;reements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and
<br />�nditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These
<br />;reements may require 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 />itity, or any affiliate of any of the faregoing, 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 morCgage insurer's risk, or reducing losses. If such agreement provides that an aff'iliate of Lender takes a share
<br />' the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed
<br />;aptive reinsurance." Further:
<br />(a) Any such agr�ments will not affect the amounts that Borrower has agreed to pay for Mortgage
<br />�surance, or any other terms of the Loan. 5uch 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 re.spect to the Mortgage
<br />�surance under the Hom�wners Protection Act of 1998 or any other law. These rights may include the right
<br />� receive certain d�sclosures, 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 Miscellan�us Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to
<br />id shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property,
<br />the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and
<br />storation period, Lender sha11 have the right to hold such Miscellaneous Proceeds until Lender has had an
<br />�portunity to inspect such Properly to ensure the work has been completed to Lender's satisfaction, provided that
<br />Gch inspection 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 />aw requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Bonower any
<br />iterest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not �onomically feasible or
<br />ender's security would be lessened, the Miscellaneous Proceeds shail be applied to the sums secured by this 5ecurity
<br />�strument, whether or not then due, with the excess, if any, paid to Borrower. 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 sha11 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 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 equal to or greater than the amount
<br />the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value,
<br />less Bonower 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 market value of the
<br />o�erty imtnediately 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 Bonower and Lender otherwise
<br />ree in writing, the Miscellaneous Proceeds shall 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 Party (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 Miscellaneous
<br />oceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether
<br />not then due. "Opposing Party" me.ans the third parly that owes Borrower Miscellaneous Proceeds or the parly
<br />ainst whom Borrower has a right of action in regard to Miscellaneous Proceeds.
<br />Bonower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's
<br />3gment, 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 />dgment, precludes forfeiture of the Properiy or other material impairment of Lender's interest in the Properly or
<br />;hts under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the
<br />ipairment of Lender's interest in the Properly are hereby assigned and shall be paid to Lender.
<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Properly shall be applied in the
<br />der provided for in Se.ction 2.
<br />NEBRASKA--Single
<br />Form 3028 1 /01
<br />Mae/Freddie Mac UNIFORM INSTRUMEIVT DocNleg/c�
<br />Page 6 of 11 www,docmagic.com
<br />Ne3028.dot.wnl
<br />
|