|
20110�58�
<br />As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer,
<br />any otker 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 af Bonower's payments for Mortgage Insiva,nce, in
<br />exchange for sha,ring or modifying the mortgage insurer's risk, or reducing losses. If such agreement
<br />provides that an affiliate of Lender takes a share of the ivsurer's risk in exchauge for a share of the
<br />premiums paid to the insurer, the arrange�nent is often termed "captive reinsuaance." Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for
<br />Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount
<br />Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund.
<br />(b) Any such agreements will not �ffect the righEs Borrower has - if any - with respect to the
<br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any other Iaw. These rights
<br />may include the right to receive certain disclosures, to request and obtain cancellation of the
<br />Mortgage Insurance, to have the Mortgage Insaraace terminated automatically, andlor to receive a
<br />refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or
<br />termination.
<br />11. Assignment of Miseellaneoas Proeeeds; Forfeiture. All Miscellaneous Proceeds aze hereby
<br />assigned to and shall be paid to Lender.
<br />If the Properly is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of
<br />the Fropetty, if the restoration or repair is economically feasible and Lender's security is not lessened.
<br />During such repair and restoration period, Lender skall have the right to hold such Miscellaneous Proceeds
<br />until Lender ha.s had an opporlunity to inspect such Property to ensure the work has been completed to
<br />Lender's satisfaction, provided tha.t such inspection shall be urtdertaken promptly. Lender may pay for the
<br />repairs and restoratian in a sing,�e disbursement or in a series of progress payments as the work is
<br />completed. Unless an agreement 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 restoration or repair is not economically feasible or Lender's securiiy would
<br />be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrament,
<br />whether or not then: due, with the excess, if a.ny, paid to Borrower. 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 value of the Properiy, the Miscellaneous
<br />Proceeds sha11 be applied to the swns secured by this Security Instrument, whether or not then due, with
<br />the excess, if any, paid to Bonower.
<br />Iti the event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value of tke Property immediately before the partial taking, destntctivn, or loss in value is equal to or
<br />greater than the amount of the sums secured by this Secunty Instru.ment immediately before the partial
<br />taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
<br />secuxed by this Secusity Instru.ment shall be reduced by the amount of the Miscellaneous Proceeds
<br />multiplied by the following fraction_ (a) the total amount of fhe sums secured immediately before the
<br />partial taking, destruction, or loss in value divided by (b) the fair maxket value of the Properly
<br />immediately before the gartial taking, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />In the event o£ a partial taking, destruction, or loss in value of the Property in. which the fair market
<br />valne of the Property immediately before the partial takin,g, 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 />Borrower and Lender o�hherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />secured by this Security Instrument whether or not the sums a.re then due.
<br />If tbe Property is abandoned by Bortower, ar if, after notice by Lender to Borrower that the
<br />Opposing Pariy (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 restorarion or repair of the Property or to the
<br />sums secured by this Securiiy Instrnment, whether or not then due. "Opposing I'arty" means the third party
<br />that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in
<br />regard to Miscellaneous Proceeds.
<br />Bonower shall be in default if any action or proceeding, 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 Security Instivnient. Bortower can cure such a default and, if
<br />NEBRASKA- Single Family - Fannie Mae/Freddte Mac UNIFORM INSTRUMENT � g��
<br />�-6(NE) �os��� Page 9 of �5 initais: /'� '�!d/ Form 3028 U09
<br />
|