201208146 - Laserfiche WebLink

Browse

�0�20�14� amount and for We 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. ff Lender required Mortgage Insurance as a condiflon of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Bonower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until We Lender's requ9rement for Mortgage Insurance ends in accordance with any written agreement between Bonower and Lender providing for such terminaHon or until terminaHon is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligaHon to pay interest at We rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases We Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Bonower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total rlsk on all such insurance in force from time to time, and may enter into agreements with other parttes that share or modify their risk, or reduce losses. These agreements are on terms and condiflons that are satisfactory 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, anoWer insurer, any reinsurer, any other enHty, or any affiliate of any of the foregoing, may receive (direcdy or indirectly) amounts that derlve from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying We mortgage insurer's risk, or reducing losses. ff such agreement provides that an afl�liate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "capHve reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements wIll not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the ri�hts Borrower has - if any - with respe�ct to the Mortgage Insurance under the Homeowners Prote,ction Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearaed at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. NEBRASKA — s� F�ty •- rmoie Meemreaato n�c vrm+oxM nvsrxu�xr Fmm � Ip GCC-G3028-10 (09/Ol) (Page 10 of19) Init' �