201205253 - Laserfiche WebLink

Browse

24120525� Any amounts disbursed by Lender under tlus Section 9 shall become additional debt of Bonower secured by this Sec�arity Instrument. These amounts sha11 bear interest at the Note zate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Bonower sha11 comply with all the provisions of the lease. If Bonower acquires fee title to the Property, the leasehold and the fee title sha11 not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Bonower sha11 pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer thax previousIy provided such insurance and Borrower was required to make separaxely designated payments toward the premiums for Mortgage Insurance, Borrower sha11 pay the premiums requireri to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Bonower of the Mortgage Insurance previously in eff�t, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Bonower shall continue to pay to Lender the amount of the sepazately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in fu11, and Lender shall not be required to pa.y Bonower any interest or earnings on such loss reserve. Lender can no longer 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 requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Bonower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower sha11 pay the premiums requuted to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender' s requirement for Mortgage Insurance ends in accordance with any written agre,e�nent between Borrower and Lender providing for such termination or until terminarion is required by Applicable Law. Nothing in this Section 10 affects Bonower's obligation to pay interest at the raxe provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on a11 such insurance in force from time to time, and may enter into agreements with other parties thai share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactoryto the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insuter, any reinsuter, any other enrity, or any a�iliata of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be charactetized as) a portion of Bonower' s payments for Mortgage Insuxance, in exchange for sharing or modifying the mortgage insurer' s risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer' s risk in exchange for a share of the premiums paid to the insurer, the azrangement is often temied "ca.ptive reinsurance." Further: 2200271845 NEBRASKA-Sirtgle Fem(ly-Fannle Mae/Freddfe Mec UNIFORM INSTRUMENT WITH MERS VMP � Woltera Kluwer Finandal Servtc�es D VBANE Form 3038 1 /01 VMPBA(NE) (1105) Pege 9 of 17