201201838 - Laserfiche WebLink

Browse

201201838 continue to pay Yo T,ender the amount of the separatcly designated pa�yinants that were due when the insurai�co coverage ceased to be in effect. Lender tuill accepC, use and rotiaii�tl�ese puyinents as a non-refundable loss reecrvo in ]ieLi of Mortgage InsurAaice. Such loes xeserve ahal]bc nvn-rcfundaUle, notwitl�stianding the fact that the�Lonn is ul[imately paid in fiall, and Lendec shall not be xec�iired to ptt}� B�rrowcr airy interest or eaA'nings on such loss reserve. Lender oan no 1onger requn'e loss reserve pnyments if MorCgaga Ineurancc coverage (in the ainount aixl fbr tlie period that Lender reqtures)provided by an insurer aelectecl by Lender again bccomcs available, is obt�ed, end Lender requires sep�rafcly designuted paymeuts totvard the prenvums for MorCgage Insuranc4. ]f l,ender requirad Mortgnge Insurnnoe as a condiCion oP making the Loan and Borraw�r was requieed to�nake separataly designated p�}nnents toward the premiums for MorCgage Ineurance, Borrower shaIl pay che premiun�5 rec�uired to inainta�ii MorCgage Insurenoe in effect, or to provido a n�n-rcfundable loss reserve, unEil Lender'a reqiureaienL lor Mprtgttgc Ius�uauce ends in accordance with nny written n��eeinent betwccn T�on�ower and Lender providing for siich termination or wrtil termina�tion is requn•ed by Applicable Lflw. Nohhing in thie Section l0 affects Borrower'� ol�ligation to pety interesf at the rate provided in flie Note. MorCgage Insurance reimburses Lender (or auy entity Yhat�purchaees the Note) for cerCain]osecs it may incur if Boxrower does not repay Che Loan as agrced, Borrower is not a parry to the Martgage Insur�nce: MorCgage ins�u'ors evaluate N�eir total riale oii a11 such inetuauce in force fiom time ta time, and may cntcr into agreements witU otl�cr partiae thaR sharc or modify their risk, or reduca losses. Theae agreements nre on tenns nnd conditions that are satisfactory to tl�e mortgage insurcr and the other pa��Cy(or parCias) to these agreemants. Thesa�greementa may require the mortgage iusurer Co m�ke paynicnts using any soLU ce of funcls that the mortgage insw•er may haue availaUle(which inay include fiuids obtnined finm MorLgage Ineurance premiume). As n rest�lC oP thcec agrcc�nent,�, Lcndcr, any purohasar of the Note, anotlier inswer, any reinsurer, nny other entity, or any affiliaYe of nny of the foregoing,�m1y receive(directly or inciirectly) amounts that derive fro�n (or�niglit be characCeriaed as) a portiion of Borrower's paynients fox Martgage fiisurance, ui exchange f�n� sharing or modifying tl�o mortgagc insm��'s risl<, m'reducing losses. If such agreement piavides that nn affiliatie of Lencier takes a share of Lhe insurer's risk in cxohangc for a shore of the pxeinituns paid Yo tlie nisurer, the�urangement is often termed"ceplive reir�sur�nce." Furthcr.� (a) Any yucli ngrocmente will not affcct tho ammmYe t1�aY Bm�irower lins agreeQ Co pay for Mortgage lnsnrance, or tt�iy otlier terms uf tl�e Loan. Such a�roemcnts will not increase the ainomiC Bortrower will owe for Morcgnge Insnr�nce, owd Chey will not entitle BorroFVCr ta any roYnnd. (b) Auq snch agz•eements will uoL a�t`fect flie rig1�Cs 13nrrower lixs -if:uiy-witli rcepect to tl�¢ Mortgngc Tusaranec nndor tl�c I3omeowners PirotecHmi AcC of 1998 m•any nther Inw. 7'hese riglits may include the right ko receive cert:xin disclosares, to rcqucst mid obtain cs�ncellflCion of CLe Mortgage Lisnrance, to have Che l4orCgage Inanrance termiuxted ��atomntfaally, nnd/or to receivc a refnud of nny Mortgnge Insm•m�ce premimns CliaC werc unearned at the kinie o1'sncli cxnccllation or tcrminatiou. 1 7. Assignment of M iscellanoous Proceeds; Forfeiture. All Misccllancous Proceeds are hereUy assigned to and shall be paid to Lender. Il the Property is dunaged, sach Miecellweous Proceeds ahall Ue applied co re.storation csr rc��air of the Property, if the rastorafion or repair ie economically feasible and Lander's security ia not lessened. During such cepair and reatoradion perioci, Leiider sh�ll haoe thc riglit to hold suc1� Miscellaneous Proceeds unPil Lender has had an opl�ordwiitiy to inspect such Property to enenre Che work has beeu con�pleted to Lender's saooavzi NEeMSKFl-Single Famlly-Fannie M�e/Fretltlle Mac UNIFORM MSTRUMENT Porm 9028'I/01 VMP p VMP6(NF)(1106) Woltera Kluwer Flnenciel Services Paqe 9 of 17