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2011U8418
<br />the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable Ioss reserve, until
<br />Lender's requirement for Mortgage Insurance ends in accordanee with any wxitten agreement between Borrower and
<br />Lender providing for such termination or until termination is requixed by Applicable Law. Nothing in this Section
<br />l0 affects Borrower's obligation to pay inteiest 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 />if Borrower does not repay the Loan as agreed. Borxower 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 />agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and
<br />conditions that are satisfactory to`the mortgage insurer and the other party (or parties) to these agreements. These
<br />agreements may require the mortgage insurer to make payments using any source of funds that: the mortgage insurer
<br />may have available (which may include funds obtained &om Mortgage Insurance premiums):
<br />As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other
<br />entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might
<br />be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying
<br />the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share
<br />of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed `
<br />"captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage
<br />Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe
<br />for:Mortgage Insurance, and they will not entitle Borrower to any refund.
<br />(b) Any snch agreerments will not affect the rights Borrower has - if any - with respect to the Mortgage
<br />Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right
<br />to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the
<br />Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums
<br />that were unearned at the time of such cancellation or termination.
<br />1L Assignment of Misceltaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to
<br />and shall be paid to Lender.
<br />` If the Property is dainaged, such Miscellaneous Proceeds shall be'applied to restoration or repair of the Property,
<br />if the restoration or repaix is economically feasible and Lender's securiry is not lessened. During such repair and
<br />restoration period, Lender shall have the right" to hold such; Miscellaneous Proceeds untik Lender has had an
<br />opportuniry to inspect such Property to ensure'the work has been completed to'Lender's satisfaction, pravided that
<br />such inspection shall be undertakenpromptly. Lender may pay for the repairs and restorationin a single disbursement
<br />or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable
<br />Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall`not be required'to pay Borrower any
<br />interest or earnings on such Miscellaneous Proceeds. If the restoration or xepair is not economically feasible or
<br />Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security ;'
<br />Instrument, whether ar not then due, with the excess, if any, paid to Barrower. Such Miscellaneous Proceeds shali :
<br />be applied in the order provided for in Section 2.
<br />In the event of a tota7 taking; destruction, or loss in value of the Properry, the Miscellaneous Proceeds shail be
<br />applied to the sums secured by this Securiry Instrument, whether ar not then due, with the excess, if any, paid to
<br />Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in wfiich the fair market value of
<br />the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount
<br />of the sums secured by this Securiry Instrument immediately before the partial taking, destruction, orloss in value,
<br />unless Borrower and Lender otherwise agree in writing, the sums secured by this Securiry Instrument sfiallbe xeduced
<br />by the,amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums
<br />secured irnmediately before the partial taking, destruction, or loss in value divided by (b} ttie fair marke# value of the
<br />Property immediately before the partial taking, destruction, orloss in value. Any balance shatT be paid to Borrower.
<br />In the event of a partiai taking, destruction, or loss in value of the Property in wluch the fair market value of
<br />the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums
<br />secured immediately before the partial taking, destruction, orloss in value, unless Borrowerand Lender otherwise
<br />agxee in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether
<br />or not the sums are then due.
<br />' If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Oppasing Party (as
<br />defined in`the next sentence) offers to make an award to settle a claim for dauiages,_Borrower fails to respond to '
<br />Lender within 30 days after khe date the notice is given, Lender is authoxized to collect and apply the Miscellaneous
<br />Proceeds either to restoration or repair of the Property ox to the sums secured by tlus Securiry Instrument, whether
<br />or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party
<br />against whom Borrower has a right of action in regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's
<br />judgment, cauld result in forfeiture of theProperty or other material impairment of Lender's interest in the Property
<br />or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate
<br />as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's
<br />judgment, precludes forfeiture of the Property ox other material impairment of Lender's interest in the Property or
<br />xights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the
<br />impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender.
<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the
<br />orderprovided for in Section 2:
<br />NEBRASKA--SingleFami�y--Fannie Mae(Freddie Mac UNIFORM INSTRUMENT DoclNag/c�
<br />Form 3028 1/01 Page 6 of 11 www.docmagic.com
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