201201147 - Laserfiche WebLink

Browse

201201147 conlinue Co pay Lo Lcndcr thc ai��ou��t of the separately designaked paytuenfs Chat were duo whcn the instu�ice coverage ceesed to be in effecC. Lender will accept, use vid retain these p�tymenls as a non-refundable loss raseive in lieu of Mortgage Insurence, 5uch loss reseive aha11 t�e non-refundable, notwitl�stan$ing t1ie fact that the Loan is�ulYimately paid in full, tmd Lender eha11 not be reqtured ta pay Borrower any intores{or earninbs on such loss reserve. Lender cen no longe��require loss rescrve payments if Mortgnge Insiu•ai�ce coverage(in thc amotuit and£or the pe�iod Ckat Lender requires)provided by an insurer selected Uy Lender again I�ecomes availablq ia oUtained, �ud Lender requires aep�r�tely desigi�ated payments townrd the premiums for Mortgnge Inanrance. Tf Lendcr rcquired MorCgage Inswanca as a condik�on of making the Loan aud Borrower was required to make separaCely d�si��tod payments toward the preiruuntig for MorCgagc InStn�ancc, Rorrower shall pay fha preinituns requ'ved fo n�aintnin Nlorigage Tnsm•ance in effect, or to provide a non-re�Piuidal�lc loss rosrnvo, until Lender's require�nant for Mortgnge Insuranco cnds in accotdande WitU aixy c�✓ritten agreemenf between Borrower and Lencler providing for sucl� termin�.tion or nn[il [ermination is rcquirod by App1icable Law. Nofhing in ihis SeoYion ]0 affeets Borro��er'e obligation to pey interest ak the xate provideci in the Notc. Mortgage Instuanoe reimUurecs Lcnd�'(or any entity fhat pLtrehases the Note) for certain losses it inny inoiv if Borrower does not repay the Lo�u�as�greed. Borrower is not a pn�•ty to tha MorCgage Insuranee. MorCgage insurers evaluatc tl�oir total rislc on all yuch iusw�a�ice in forco from Yime to time, t�nd mny enfer into A�greements with other parties[hat sh�re or modi£y tl�cir flslc, or reduce losses. These a�gseements�re on terins aud conditions fhaY are seCisfactory to the mortgage insurex and the oH1cr party(or parties)to these agrccments, 7'hese agreements m�y require(he morCgage insurer to mnlce peyments using any source of Funds that tha mortgage insin�er may have availablc(which�nay iiic1nde fimds o6tained li�oin Mortgaga Tnetarance prenuwns). As a restiilt of these agree�nente, Lencler, any yurchase�� of Eho NoEe, another inet�ray a�ry reinsm�er, any other entity, or any nffiliake of eny of the foregoing, may reoeive(direoCly or indircctly) amounta that derive frmn (or might Ue chu�acterized as) a portian of Borrower's payments for Martgage Inaurance, in exohange for shariug oc tnodifyin�flie moitg2�;e instu•er's riek, or reducnig losaes. If euoh agreement provides that�n afGliate oP Lender Calcea a sl�aro oF the iusur�r's r islc in cxcl�ange for a ehare of Yhe premimns paid Yo the insurer, the arrangement is often tenned "enpCive renisuranoe." Fi�rfhe�-: (a) Any sncli agreements rvill not nffcct thc nntotmts t11xt Bormwer lins agreed to pny for Morlgage Iust�rance, or nny oCher Cerm9 of Che Loan. Snch xgA•eements will noC increase fhe amonnt Boirower will owe for Mortgage Insurnnce, and[hey will noC entitle Borrower to fmy refand. (bj A�ry sneh agreements will noC affect tlie riglits Bnrrower Las-if any-with respect to khe Mortgagc Insm•anec nndcr tlic IIomeowners Protectiou Act of 1998 m• any oCher law. 'I'hese rigliCe iuny iuclude the right to receive ecrtain dieclosnros, to reqnest and obtn9n cancellntion of the Mm•tgage [nsuranee, to have f.he iVlortg.�ge Insnrxnoe terminntcd antomnticnlly, nnd/or to receive n ref�md of any MorCgage Insarance premidrns that were unexrned at the tiine of ench ca�xcellatim�or ferminntion. 11. As&ignment of M iBCellaneous PYOCeeds; FoY'Feiture. All Misccllz�icous Proceeds are bereby c�ssigned to and shall be paid fo Lender. If Uie ProperCy is dainaged, suoh Miscell�neous Proceeds shall be applied lo reswralion or repair of thc Yroperty, if t1�e restoration or repar��ie�economically feasibla aud Lender's secw•ity is not lessened. During such repnir anci re.sCorttCion period, Lender chall hauo fhe right to hold such MiscallEUieous Proceeds mitil Lender has had an o�orlunity to inspec[such Property Co enaure$�o worlc has heen comp]eYed to Lender's 24000273 NEBRASKA-SingleFamily-FnnnlehiaelFreddleWacUNIFORM WS'fRUMENT Porm 302D 1l01 VMPB VhiP6�NE)(110G) Woltefs Kluwer Flnanciul.Sarvlees Pqgee of 1'!