201209310 - Laserfiche WebLink

Browse

� 201209310 con}inue to pay to I,ender the amount of tl�c scpatatcly designatc;d paymcn�Cs (1�aY were due when Che insurancc coverage ceased Co be iu effecl. Lender will acoept, uae ftud retni�i Ehese pnymente as a non-refundable loas i eserve in lieu of Mortgage Iiisurnuce. Such loss reserve shall be non-refiu�dable, notv✓iEl�atnuding the fact Ehat the Loau is ulumately paid in full, a�id I.ender sHall not Ue required to pay Borrower any interest or aaa'vings on such loss reseive. l.endcr can i�o longcr rcquire losF rescrve paymc�its iFMortgage]nsm�ance covernge(in kho amount and for Lheperiod that Lender requires)provided by an insw�cr scic;cted by Lende�-agnin 6ecomes nunilnble, is obtainecl, nnd Lender requires separataly designated paymente towaid the premiunis for Mortgage Insu�anoe. If Lender required Mort�;age Insurnncc as a contliYion of making I'he Loan aud Rorrower w�s requircd to makc separaCely desigualed pn3ni�ents toward the premiums for Mortgttgc Insurancc, Borrower ahall pny the pxemiurt�s required to maiuYain MorCgage Insurance in effeot, or to provide a non-refundaUle loss rescrvq uuril Lcnder's requireinevlC for Mortgage Insuraa�ce evds in accordazicc wifl� auy writeen agreement between Borrower nnd Lender proeiding for such tennination or imtil teruiinition is required by Applieeble Law. Notlung in tliis Section 10 af£ects Borrowcx'a ol�lig�tion to pay interest at the rate provided in the Note. NlarGgage InSw�ance reimburscs Lender (or tuiy entity that pnrchases the Note) for certain losses it may incur if Borrower does not rep�g 11ie Loan es ngreed. Borrov�ar is not a party to the Mortgage Insurance. Mortgage insur�'s cvalitato Eheir loCa1 risk on nll sueh iusurance in focce fcoui tii�e to time, and may enter inte� agreemenCe with other psu ties thlt share or inodify their i�alr, or rcduce losaes. These agreeinents nre on teems and conditions fhati aa•e satisf�cfory k>thc mortgage inaiirex and the othee party(or partiies)to flieae agreemant�. "I hesc ngirocii�enEs ix�y ruliure the mortgnge insw•er to malca paymetrty using a��y source of fuiYds hhal the mortgage ineurex may hava availaUle(wluch m�y inc1udc funds n6�ained from Morlgage Insurance premiums). As �result of these agreements, Lender, a��y purc1�asor crf the Note, anoH�er iusueer, �ny xeinsnrer, avy other entity, or airy affiliate of any of tl�c forcgoing, may receive(direotly or indirectly) emomita Yhnt derive 1i�oin (or might Ue charactceizcd as) a porLion of Borrower's paymeirts for Mortgage Lisurance, in exch�nge for sharing or mociiFying the martgage insurer's risk, or reduciug losses. If stitch agrcement providos fhaL an nfFiliete of Leiider tzlces a share of the insw e�''s iislc in cxehange�for a share of the premiums paid to the insiu�er, the arr�ngement is oftcni Len'mc�i "oapCive reinsnrence." Purther: (a) Any sucL agreements will not aPfcet thc amounts that Burrower lu�s agreed to pay fnr MorOgaga Insnrancc, or auy ollicr terins of the Loa��. Sach agreemenCs will not umrease the flmunnt Borrower will owe for Mortgage Insnrnnce, nnd tlrey will not enYitic Borrowor to any rcFand. (p) Any such xgreements will nut affect Che righCa Borrower hae -if any- wiCh respect to tlic Mortg��ge insurance m�der ttie Iiomeo�vners ProCection Act oF 1998 m•any otl�cr lnw. These rights �nay iuclnde the riglit to receive certaiu discloanres, to reqaest nvd obtain ca�ncell�tiun of tlie Mortgnge Iusnrauce, to liavc thc 1'Iortgnge I�isnr:ence terminated �iaton�nClcally, and/or In receive a reftuid of any MorYgt�ge Lisur;�nce premfiirns 17�aC were iu�es�rued at fLe�tinte of snclt cxncellaHon or termu�ation� 19, Assignment of M iscellaneous Proceeds; ForFeiture. All Miscellaneous Proceeds are hereUy assigned to and shall be paid to Lender. IP che Property is damnged, such Miscellzneous Prooeeds s1�a11 Ue applied to resforation or ropttir of thc Pxoperty, if the restoration or repair is economically £vasiUlc�and Leuder's secucity is noC lessened. During such repair aild restoration period, Lcridcr shall have che right to hold such Miscellaneous Prooeede Lmtil T.ender has had an opportuniLy to inspect siich Property to ensw�e the work has been eompleted to Lender's ` snoozsss N EerzASKA-Single Fam Ily-Fannle fA eelFradtlle M ac UNIFORM INSTRUM ENT Porm 3028 1101 ViNP OO VMPB(NF)(1106) W olters Kluw sr f-inanolal.Serulces Pn9e fl of�I]