201201757 - Laserfiche WebLink

Browse

201201757 continue ro pay to I ender the amowit of the separately designated payments that were due when[he insurance coveragc ceased to be in effect. I,ender will accept, use and retain these payinents as a non-refundable loss resexve in 11eu of Mortgage Insurance. Such loss xeseroe shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, aud Lendea shall not be required to pay Boaower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coveragc(in the amount and far the period that Lender recluires)provided Uy aa insurer selected by Lender again becomes available, 3s obtained, and Lender requires sepaza#el}=dcsignated payments toward thc premiums for Mortgage Insurance. If Lender required Mortgage lnsurance as a condition of�msking the Loan anfl Borrow�-was requixed to rrrake sepazately desi�ated payrnents towazd flie premiwns for Mortgage Insurance, Bono�ver shall pay the premiuuis required To waintain Mortgage Ins�ance in effect, or to provide a non-refundable loss rescrve, until Lender's requirement far Mortgage Ias�ance ends in accord�mce with any written agreement betwecai Borrower and Lender providing for such terminaTion or unCil Cexmination is tequired by Applica6le Law. 1Vothing in this Section 10 affects Borrower's obligation to pay interest at Lhe rate provided in rhe Vote. Mortgage Insurance reiinburses Lender(or any entity thaf purchases the Note)for certain losses it may incL�r if Bozrower does nof repay the Loan as a�eed So�ower is not a pariy�the Mortgage Insuranec. Mortgage insuxers evaluatc thzir total risk on all such insurance in force from time to tnne, and may enter into agrcexnents w-ith other parties that share or modify their risk, or reduce losses. Thcse agreements are on cerms and conditions that aze satisfac[ory to the mortgage insurer and the other party(or pazties)to these agreements. These agrczments may require the m�rtgage insurer[o inake paymznts using any source of funds that the mortgage insueer may have available(which may includz funds obtained from lVIortgage Snsurance prerruwns). As a result of these agreements, Lender, any purchaser of the Note, another iasurer, any reinsurer, any other entiiy, or any affillate of any of tbe foregoing, may receive(directly or indirecfly) amounts that derive from (or might be characterized as)a portion of Eorrowec's payinents for Martgage Insurance, in exchange,for sharing or modifging.the morta ge insurec's risk, or reducing losses. If snch agreement.provides that an af£liate of Lender takes a shaze of the insurer's risk in exchauge for a share of uie premiwns paid to the iasurcr, the arrangement is often termed"caprive rcinsurance." Purfher: (a) Any Sueh agreements wiR not affect the amounks that Borrower hxs agrced to pag for Mortgage Insnrance, or any otitcr terms af the Loan. Snch agreements rvill not increase the amounY Borrower tsill owe for Mortgage Insurance, aud fhcy will not e�ntitle Sorrower to any refund. (b) Any such xgreeanents will not affect the rights Borrower has-if any-with respect to the Mortgage Tnsurance under the Homoowners Prntectian Act of 1998 or any other law. These rights may include the right to rece[ve certain disclosurea, to request and obtain cancellatiou of the Mortgage Insurance, to have the i3ortgage Insurance texminated antomaticaIly, and/or to reeeive a refund of xny Mortgage Insurance premiums that were imearned at tlie time of sucli cancellation or termination 11. Assignment of M iscellaneous Proceeds; Farfeiture. All Misccllaneous Proeeeds aze hereby assigied to and shall be paid io Lender. If the Propert�%is dama.ged, such Miscellaneous Proceeds shal] be applied to restoration or repair of thc Properry, if the restoration or repair is ccononucally feasible aud Lender's security is not lessened. During such xepair and restoration period, Lender shall have khe right fo kold such Miscellaneous Proceeds untsl Lender has had an opportunity to 3nspect such Pxoperty to ensure the w�rk has been completed to Lender s 24000513 KE3RASKA-Sinck Family-Fenni��.1a=lFretldie W zc UN!FOFUd INSTRI�M ENT Porm 3028 1/�1 vua� v�nPSMqCiias� Woltare Kluwar Fnanclal Services Pege 9 of 1]