201207185 - Laserfiche WebLink

Browse

20�24�� continue to pay to Lender the amount of the separately designated payments that were due wfien fhe ins�u'ance coverage ceased to be in effect. I.ender 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 full, and Lender shall not be required to pay Boaower arry 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 tha.t Lender requires) provided by an insurer selected by Lender again becomes available, is obta.ined, and Lender requires separately designated payments toward the premiums for Mortgage T��.,*an�P, ff Lender required Mortgage Insurance as a cond.idon of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiutns required to maintain Mortgage Insurance in effect, or to pmvide a non-refundable loss reserve, until Lentler's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providin� for such termination or until terminadon is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate 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 all such insurance in force from time to time, aud may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that aze sa.tisfactory to 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 insurer, any reinsurer, any other entity, or amy aff'�liate of any of the foregoing, may receive (direcfly or indirecfly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Tnm,ran P, � excha.nge for sharing or modifying the mortgage insurer's risk, or reducing losses. ff such agreement provides that an aff'�liate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the in.surer, the arrangement is often tertned "captive re�n�i*an�." Further: (�) Any snch agreements will not affect the amounts that Borrower has agr�d to pay for Morfgage Insurance, or any other terms of the Loan, Snch agreements will not increase the amount Borrower will owe for Mortgage Insarance, and they will aot entitle Borrower to any refund. 1b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance nnder the Homeowners Protection Act of 1998 or any other law. Th�e rights may include tfie right to receive certain disclosures, to reqaest and obtain cancellation of the Mortgage Iasurance, to have the Mortgage Iusnrance termiaated antomatically, and/or to receive a refnnd of any Mortgage Iffinrance preminms that were nnearned st the time of such cancellation or termination. 11. Assignment of Miscelleneous Proceeds; Forfeiture. All Miscellaneous Proceeds aze hereby assigned to and shall be paid to Lender. ff the Properiy is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Properiy, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's M1tEBRASKA-Single Family-Fannia MaelFraddia Mae UNIFORM INSTRUMENT Form 3028 1/01 VMP � VMP8�NE1 111061.00 Wolters Kluwar Flrmrtalal Servicas PaBe 8 of 17