201208302 - Laserfiche WebLink

Browse

201208302 continue to pay to Lender the amount of the separately designated paymen[s[hat were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Inswance. 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 Bonower any interest or earnings on such loss reserve. Lender can no longer require loss reserve paymerns if Mortgage Insurance coverage(in the amount and for the period that Lender requires)provided by an insurer sele�ted by Lender again becomes available, is obtained, and Lender requires sepazately designated paymen[s towazd the premiums for Mortgage Insurance. If L.ender required Mortgage Insurance as a condition of making the Loan and Horrower was required to make sepazately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requiretnent For Mortgage Insurance ends in accordance with any written agreEmern between Borrower and Lender providing for such termination or until temvnation is required by Applicable Law. Nothing in this Section 10 affects Bonower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender(or any entity that purchases the No[e)for cenain losses it may incur if Bonower does not repay the C.oan 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, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements aze on terms and conditions that aze satisfactory to the mortgage insurer and the other party (or parties)to these agreements. These agreements may require the mor[gage insurer to make payments using auy source of funds that the mortgage insurer may have available(which may indude funds obtained from Mortgage Insurance premiumc). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any o[her enGty, or any affiliate of any of the foregoing, may receive(directly or indirectly) amounts that derive from (or might be characterized as) a portion of Sottower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides[ha[an afFiliate of Lender takes a share oF the insurer's risk in exchange for a share of the premiutns paid ro the insurer, the arrangemern is often ternied "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agr�d 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,aud they will uot entitle Borrower to auy refund. (b) Any such agreements will not affect t6e rights Borrower has-if auy-with respect to the Mortgage Insurence under the Hameawners Protection Act oF 1998 or aoy other law. These rights may iuclude the right to r�ive certain disclosures, to request and obtain caucellation of the Mortgage Insurance, to have the Mortgage Iasurance terminated aatamaticaRy, and/or to receive a refund of eny Mortgage Insw�ance premi�s that were unearned at the time of such pncellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds aze hereby assigned to and shall be paid[o L.ender. If the Property is da�naged, such Miscellaneous ProcePds shall be applied ro restoration or repair of the Property, if the restoration or repair is economicatly feasible and Lender's security is not lessened. During such repair aod restoration period, Lendet shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspec[ such Property to ensure the work has bcen completed to Lender's NEBRASKA-Siigle Famiry-FanNe Mae/Freddie Mec UNIFORM INSTRUMENT Fortn 3028 1/01 VMP� VMPBINEI(11051.00 Wolters Kluwer Fl�uncial Semces Page 9 of 1 J