201201254 - Laserfiche WebLink

Browse

201201254 continue to pay to Lender the amount of the separately dgsignated peymente that were due when the insurance coverage ceased to be in effect.Lender will accept,use and retain these payments ns a non-refundable losa reserve in lieu of Mortgage Insurance. Such loss reserve shall he non-reCundable, notwit6standing the f'act that the Loan is ultimately paid in fuil,and Lender shall not be required to pay Boaower any interest or eamings on such loss reserve. Lender can no ]onger require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires)provided by an insurer selected by Lender again becomes available, is obtained, and Lender rec{uires separately designated payments toward the premiums for Mortgage Insnrance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately desigtiated payments towaid the premiums for Mortgage Inswance,Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable losa reserve,until Lender's requirement for Modgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination ia required by A�rplicable Law. Nothing in this Sectioa l0affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgagc Insurance reimburses Lender{or any entity that purchases the Note) for cedain losses it may incw � . if Borrower does not repay the Loan as agreed. Borrower is not a pady to tLe Mortgage Insurance. � � � � Mortgage insurers evaluate their total risk on all such inaurance in force from time to time,and may enter into agreements with other parties that share or modify their nsk, or teduce losses. T6ese ageemente aze on � terms and conditions thaf ara satisfactory to the mortgage insutu and the othe�party(or padies) W these � . agreements. T6ese agreements may requirn the mortgagc insurnr to make paymente uaing any source of funds that the modgage insurer may have available(which may include funds obtained &om Mortgage Insurance premiums). As a result of these ageements, Lender,any purchaser of the Note, another insurer,apy reinaurer,any other entity, or any affiliate of any of the foregoing, may receive(directly or indirectly) amounts that derive &om (or might be characterized as)a portion bf Borrower's payments for Mortgage Insurance, in exchange for s6anng or modifying the mortgage insurer's risk,or reducing losses. If such agreement provides that an affiliate of Lender takes a sharc of the insurer's risk in exc6ange for a ehare of the premiums paid to the insurer, the arrangement ia often termed "captive reir�surance." Furt6er: (a) Any such agreements wi0 not affect the amonnts that Borrower has agreed to pay for Mortgage Insurance,or any otker tarms oT the Loan.Snch agreements will not increase the amount Borruwer will owe tor Mortgage Insurance, and they will not entitle Borrower ta any refuod. (b) Any such agreements will not affect t6e rights Borrower has-if any-with respect to t6c Mortgage Insnrance under the Homeowners Protec&on Act of 1998 or any other law.These rights may include the rig6t to receive certain diaclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insnrance terminated automatically, and/or to receive a retund of any Mortgage Inaurance premiums that were uuearned at the fime of soch eancellafion or terminadon. 17. Assignmentof Miscellaneou�roeeeds;Forfeiture.All MisceUaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration ot repair of the Property, if the restoration or tepair is economically feasible and Lender's security is not lessened. During such repair and reatoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opporhwiTy to inapect such Property to ensure the work has been completed to Lender's NEBRASKA�Singla Family.Fannie MaNPreddia Mac UNIFORM INSTRUMENT � Fom�30RB 1N1 VMP� VMPB�NE�(1105).00 Wol�ereKluwerFinanciel5ervices � PegeBO(17 � � � � . . . ( .( .��