201206061 - Laserfiche WebLink

Browse

�0120606� Any a�ounts disbursed by Lender under this Section 9 shall become additional debt of Borrower se,cured by this Sec�mty Instrv�nt. These a�unts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Banower requesting paymen� If this Security Instn�ment is on a leasehold, Borrower shall comply with a11 the provisions of the lease. If Borrower acquires f� title to the Property, the leasehold and the fe,e title shall not a�rge unless Lender agrees to the merger in writing. 10. Mortgag� Insurance. If Lender requirad Mortgaga Insurance as a condition of making the Loan, Honower sha11 pay the premiums re�uired to maintain the Mortgage Insurance in effe�t. I� for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Bonower was required to make separately designatad PaYments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insiu�ance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer sele,cted by Lender. If' substantially equivalmt Mortgage Insurance coverage is not available, Borrowar shall continue to pay to I,ender the amount of the separately deaignated payments that were due when the insurance coverage ceased to be in eff�t. I.ender will accept, use and retain these payments as a non refimdable loss re,gerve in lieu of Mortgage Insurance. Such loss reserve shall be non-refimdable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or eaznings on such loss reserve. Lender c�n no longer require loss reserva payments if Mortgage Ins�rance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, ia obtained, and Lender requires separately designat� payments toward tha premiums for Mortgage Insuranca. If Lender re�uired Mortgage Insurance as a condition of making the Loan and Borrower was required to make sepazately designated payments toward the premiums for Mortgage Insiu�ance, Borrower shall pay the premiums required to maintain Mortgage Insurance in eff�t, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agree�nt between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in tlus Section 10 affects Borrower' s obligation to pay interest at tUe rate provided in the Note. Mortgage Insurance reimburses Lender (or any mtity that purchases the Note) for certain losses it may incur if Bonower d� not repay the Loan as agceed. Ba�rrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such ins�rance in force from time to time, and may enter into agree�ents witb other parties that shaze or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the nwrtgage insurer and the otber PartY (or parties) to these agr�ts. These agreements may require the mortgaga insurer to maka payments using any source of funds that the �ortgage insurer may have available (wluch may include funds obtained from Mortgaga Insurance premiums). As a result of these agre�menta, Lender, anY Purchaser of the Note, another ;nm.�, any reinsurer, any other entity, or any affiliats of any of the foregoing, may receive (directly or indirectly) �unts that derive from (or might be characterized as) a portion of Bonower's payments for Mortgage Insurance, in exchange for sharing or �odifying the mortgage insurer's risk, or reducing losses. If such agreemeat provides that an affiliate of Lend� takes a s�re of the insurer' s risk in exchange for a share of the premiwms paid to tha insurer, the arrange�ent ia often termed "captive rp+na�m+n�, �� Further: NEBRASKA�Ie FemBy-Fannie Mae/Fredd� Mao UNIFORM INSTRUMENT WfTH�MER�8� Form 3038 01 yMp � VMPBA�NE) (1106) Wolters Kluwer Fh�eru�al S�vicea Pege 8 of 17