201109624 - Laserfiche WebLink

Browse

�O�1Q962� continue to pay to Lender the amount of the separatcly designated payments that were due when the insurancc covcragc ccascd to bc in cffcct. Lcndcr will acccpt, usc and retain thcsc paymcnts as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reservc shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender sh�ll not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer reyuire loss reserve payments if Morlgage Insurance coverage (in lhe amounl and Cor the p��riod lhal Lender reyuires) providecl by an insurer selected by Lender again becomes availablc, is obtainc�l, and Lender requires separately designated payments towazd the preiniums for Mortgage Insurance. If Lender required Mort�age Insurance as a condition of inaking the Loan and Bonowcr was required to make separately designated payments toward the prcmiums for Mortgagc Insurancc, Borrowc,7 shall pay thc prcmiums rcyuiral to maintain Mortgagc Insurance in effect, or to provide a non-refundable loss reserve, until Lender's rc�uirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligalion tu pay inter�t at the rate provid�l in lhe Note_ Mortgage Insurance reiniburses Lender (or any entity that purchases the Note) for certain losses it inay incur if Bonower does not repay the Loan as agreed. Borrower is noi a party to the Mortgage Insurance. Mortgagc insurcrs cvaluatc thcir total risk on all such insurancc in forcc &om timc to timc, and may cntcr into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. '1'hese agrecments may require the morigage insurer to make payments using any source of funds lhat lhe morlgage intiurer may have available (which may include funds obtain�l Crom Morlgage Insurance premiums). As a result of these agreements, Lendet, any purchaser of the Note, another insurer, any reinswer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might bc charactcrizc:d as) a portion of Bonowcr's paymcnts for Mortgagc Insurancc, in cxchangc for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an at�iliate of Lender takes a share of the insurer' s risk in exchange for a share of fhe premiums paid to the insurer, lhe �rrangement is oflen lermed "captive reinsurance." Furlher {a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount liorrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgagc Insurancc undcr thc Homcowncrs Protcction Act of 1998 or any othcr law. Thcsc rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or tn receive a refund of any Mortgage Insurance premiuros that were unearned at the time of such cancellation or termination. 11. Asslgnment of Miscellaneous Proeeeds; Forfelture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be appliul to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender' s security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's 1111023724 1111023724 NEBRASKASingle Family-Fannie Ma�Freddie Mac UNIFORM INSTfdJMBJT Fortn 3028 1l01 VM P (� VM PB(NEj (1105) Wolters Kluwer Finmicial Services P�e 9 of 17