|
201�0579�
<br />As a result of th�e agreements, Lendet, any purchaser of the Note, another insurer, any reinsurer,
<br />any other entity, or any affiliate of any of the foregoing, may r�;eive (directly or indir�tly) amounts that
<br />derive from (or might be characterized as) a portion of Bonower' s payments for Mortgage Insurance, in
<br />exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement
<br />provides that an affiliate of Lender takes a shaze of the insurer's risk in exchange for a share of the
<br />premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further:
<br />($) Any such ngreements will not affect the �mounts that Borrower has agre�ed to pay for
<br />Mortgage Insurance, or any other terms of the Loan. Such agreements will not incre�se the amount
<br />Borrower will owe for Mortgage Insurance, and the�+ 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
<br />Mortgage Insurance under the Homeowners Prot�tion Act of 1998 or any other law. These rights
<br />may include the right to r�eive certain disclosures, to reque.st and obtain cancellation of the
<br />Mortgage Insurance, to h�ve the Mortgage Insur�nce terminat� aatomatically, and/or to receive a
<br />refund of any Mortgage Insurance premiums that were une�rned at the time of such cancellation or
<br />terminatioa
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
<br />assigned to and shall be paid to Lender.
<br />If the Property is damag�, such Miscellaneous Procceds 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 lessen�.
<br />During such repair and restoration period, Lender shall have the right to hold such Miscellan�us Proceeds
<br />until Lender has had an opportunity to inspect such Properly to ensure the work has been completed to
<br />Lender's satisfaction, provided that such insp�tion shall bs undertaken pro�tly. 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 agr�ment is made in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lender shall not be required to pay Bonower any interest or earnings on such
<br />Miscellaneous Proceeds. If the r�storation or repair is not economically feasible or Lender's security would
<br />be lessened, the Miscellan�us Proceeds shall be applied to the sums s�ur� by this Security Instrument,
<br />whether or not then due, with the excess, if any, paid to Bonower. Such Miscellan�us Procceds shall be
<br />applied in the order provid�i for in Section 2.
<br />In the event of a total taking, de.struction, or loss in value of the Property, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this S�urity 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 Properiy in which the fair market
<br />value of the Property immediately before the partial taking, destruction, or loss in value is equal to or
<br />greater thau the amount of the sums secured by this S�urity Instru,ment immediately before the partial
<br />taking, destruction, or loss in value, unl�s Borrower and Lender otherwise agr� in writing, the sums
<br />s�ured by this S�urity Instrument shall be reduced by the amount of the Miscellan�us Praceeds
<br />multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />partial taking, desiruction, 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. Auy balance shall be �aid to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Properiy in wluch 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 />Bonower and Lender otherwise agree in writing, the Miscellan�us Proceeds shall be applied to the sums
<br />secured by this Security Instrument whether or not the sums aze then due.
<br />If the Properly is abandon� by Borrower, or i� after notice by Lender to Borrower that the
<br />Opposing Party (as defined in the next sentence) offers to make an awazd to settle a claim for damages,
<br />Bonower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized
<br />to collect and apply the Miscellan�us 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" m�ns the third pariy
<br />that owes Borrower Miscellan�us Procceds or the party against whom Borrower has a right of action in
<br />regazd to Miscellaneaus Proceeds.
<br />Bonower shall be in default if any action or procceding, whether civil or criminal, is begun 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 S�urity Instrument. Borrower can cure such a default and, if
<br />acceleration has occurr�, reinstate as provided in Section 19, by causing the action or proceeding to be
<br />11-06-000228
<br />NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORAA INSTRUMENT IAfIT�ERS
<br />�-6A(NE) (os�o) Pege 9 of 15 Inkials: � Form 3028 1/01
<br />0
<br />
|