201206710 - Laserfiche WebLink

Browse

201206710 continue to pay to Lender the amount of the separately designa#ed payments that were ckie when the insurancc coverage ceased to be in eftect. Lender will accept, Lusc and retain these payments as a non-refundable ioss reserve in lieu of Mongage Insuranee. Such loss reserve�hall be non-refundable, notu�ithstanding Che fact that the Loan is ulrimately paid in full, and Lznder shall not be reqiured to pay Borro�ver any interest or eanungs on such loss reserve. Lender can no longer requdre loss reserve payments if Mortgage Insurance coverage(in the amount and for the period that Lender rcquires)provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separacely designated paymcnts toward the premiums for Mortgaae Insurance. If Lender rcquired Mortgage Insurance as a condition of maldng the Loan and Borrower was required to make separately desigzated payments totivard the premiwn., for Mortgage Insurance, Borrower shall pay tha premiums required Co ma'urtain Mortgage Insivance in effect, or m provide a non-re�undable lose reserve, until Lender's requ3remeirt ior Mortgage Instuanee ends in accordance with any wrirtcrn agreemznt beta�een Borrower and Lender provicling for such termination or until termination is requued by Applicable Law. Nothing in tUis Section 1Q affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or ariy enkily that ywchases ffie Note) for certain losees it may incur if Borrower does iurt repay the I,oan as agreed. Borrower is not a par[y to the Mortgage InsuranCe. Mortgage insurers evaluate their total risk on all such i�swance in force from time to time, �d may enter into ageements��ith other pa�-ties that share or modify#heir rislc, or rcduce losses. These agreements aze on tenns and conditions that are satisfactory to the mortgage insurer and the other party(or parties) to thcse agceements. These a�reements may require the mortgaae insurer to make payxnents using any source pf funds that flze mortgage vzsLuer may have availaUle(a-hich may iaclude funds obtained from Mortgage Insuranec psemiums), . As a result o:these agreements, Lender, any purchaser of the Note, another insurer, any rev�surer, any other entity, or any a#�filiate of any of the foregoing, ma.y receive(directly or indirectly) amount,that derive from (or might Ue characterized as) a portion of Borrower's payments for Mortgage Insvrance, in exchange for sharing or modiFying the mortgage insurer's risk, or reducring losses. If such agreement procides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premimns paid to the insurer, the arrangeinent is ofren texmed"captive reinsurance." Furthet: (a} A.ny such agreements will not affect Yhe amountc that Rorrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such xgreements will not increase the unount Borrower will owe for Mnrtgage Insurance, and they will not enrifle Borrowor to any reftmd. (b) Anp auch agreements w11 not affect the xighfs Borrower has -if any-with respect to the 1_VIortgAge Insurance imder the Homeowners Protection Act of 1998 or any other la�v. These rights may inclnde tlie right to receive certaiu d'asclosnres, to request and obYaim camcellaaou of ihe NlorYgage Inseu�ance, to have the Mortgage Insaerance terminated automatically, and/or to receivc a refmnd of any Mortgage Insurance premiiwis tlnat were unearaed at the time oF such cancellation or termination. 11. Assignment of M iscellaneous Proceeds; Forfeiture. A11 Miscellaneous Proceeds are hereby assigied to and shall be paid to Lend�. Irthe Property is damagecL such Miscellaneous Proeeecis shall be applied to restoration or repair of thc Property, if the re�toration or repair is economically feasible and Lender's securlty is not lessened. During such repair and restoration period, Leneler shall have the right to hold such Miscellaneous Proeeeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lenda's zaoo��a� NBRFSKF-Single Fzmily-Fannie Mae/Reddie bl.ac UMFORlA IN57RUAR ENT Fomn 3028 U01 VM11P ng VMP6(NE)(1105) W olte�s KNwe[Fnancfal Services Page 9 ot 1�