201207093 - Laserfiche WebLink

Browse

201207093 Any amoants disbursed by Lender under[his Section 9 shall become additional debt of Bonower secured by this Sccurity Instrument. These amounts shall bear intemst at the Note rate from the date of disbursement aud shall be payable,with such interest,upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold,Borrower shall comply with all thc provisions of the lease.If Borrowcr acqui�es fee litic�o the Property, ttie leasehold and [he fee title shxll not merge unless Leuder agrees to t6e merger iu�uriting. 10. Mortgage Insurance.If Lcnder required Mortgage Insurance as a condition of making the Loan, Bonower shall pay the premiums required to maintain the Mortgage Insurance in effecG If, for any reason,the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage ins�uer that previonsly provided such insurance and Bonower was required to make separatcly designated payments toward the premiums for 14ortgagc Insurance, Borrower shall pay the preminms required W obfain coverage substantialty equivalent to the Modgage Insurance previously in effect,at a cost substantially equivalent to the cost to Borrower of the Mortgage Insivance previously in effect,from an alternate mortgxge insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available,Borrowcr shall wntinue to pay W Lender tlie uaiount of the separxlely desig��ated paymeuts tl�at were due wheu the insurance coveragc ceased to be in effect. Lendcr will accept,use and retain these payments as a non-refundable loss reserve in lieu of Mortgage insurance. Such loss reserve shall be non-reYundable, notwi[hstanding the fact that the Loan is ullimately paid in full,and Lender shall not be requued to pay Borrower any interest or earuings on such loss reserve. Leader can no longer requirc loss reserve payments if Mortgage Insurance coverage(in the amoant and for thc period that Leuder rcquires)provided by an insuter selected by Lender again becomcs available,is obtained, and Lender reqnires szparately designated payments toward the prcmiums for Mortgage Insurance. If Lender required Vlortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Ii�surance u�effect, or[o provide a non-�efundable loss reserve, until Lender's requireawnt for Mortgage Insurauce ends in accordance with any written agreement between BrnTower and Lender providing for such tcrmination or nntil tc,-rmination is mquircd by Applicab�lc Law.Nothing in[his Scction 10 affccts Borrower's obligation to pay intcrest at the rate provided in the Note. Mortgage Insurance reimburses Lender(or any entity that pwchases the No[e) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insnrance. Vlortgage insurers evaluate their total risk on all such insurance in forec from time h�time, and may cnter into agreemenu with other parties that share or modify thcir risk,or rcduce losscs.These ageements are on terms and conditions that are satisfactory to the mortgagc insurer and the other party(or parties)to these agrcemcnts.These agreements may reyuire the mortgage insurer to make payments using any source of funds that the modgage insurer may have available (which may iuclude funds obtained from Mongage Iivsurance prcmiums). As a result of these agreements, Lcnder,any purchaser of the Note,another insurer,any reinsurer,any other entity,or any affiliate oY auy of the forcgoing,may receive(directly ot indirectly) amounts that derive from(or might be characterized as)a portion of Borrower's payments for�for[gage Insurance, in exchange for sharing or modi 'tying the mortgage insurer s risk,or redncing losses.lf snch agccment provides that an affiliate of Lender takes a shaze of[he iev�urei s risk in exchange for a sharc of the premiums paid to the insurer,the arrangemcnt is otZen tcrtned "captivc reinsnrance." Further. NEBRASNASingle Family-Fannie Mae/Fmddle Mec UMFORM INSTRUMENT WITH MERS Porm 30281101 VMP� VMPBA�NEJ(1105�00 Woltem Kl�wer Financial Servlces Pege 9 of 1� II I I II IIII I I IN III II II I I II I NIII I I II I I I I I II I I I III q03309249ll8 0233 3l3 0917