201209312 - Laserfiche WebLink

Browse

201209312 continne to pay to Lendet the amonnt of the separatelp designaTed payments flzat were due when the insttrance coverage ceased to be in effect Lender will accept, use and retain these�ayments as a non-refundable loss reserve in licu of Mortgagz Insurance. Such loss reserve shall be non-refundable, notwithstanding the facf that the Loan is ultimately paid in full, and Lender shall not be requi.ted to pay Borrower any interest or earnings on such Ioss resun�e. Lender can no longer require loss reserve payments if Mortgage Insurance coverage(in the amount and for the period that Lender requires)provided by an insurer selec;ted by Lender again becomcs available, is obtained, and I,ender requires separately designated payments toward the premituns for Mortgage Insurance. If Leilder required Mortgage Insurance as a condition of malane the Loan and Bonower was required to make separately designated payments toward the premiums f'or Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insivanee in eff'eet, or to pxovide a non-refiuidable loss reszrve, unral Lender's requirement for Mortaaae Insurance ends in accordance with any wrirten agreetnent betw.en Borrower and Lender providing for sucl� ternvuafion or unril tenninatiqn is r0quued by Applieable Law. Notivng in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage insurance reisnburses Lender(ar any entity that yurchases the Note) for certain losses it may incur If Borrower does not repay the I,oan as agreed Borrower is not a puty to the Mortgage Insm-ance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agezmeu2s with other parties that share or modif}�their risk, or reduce lpsses. These agreements aze on terms and conditions tliat are satisfactory to the monga�e insurer and fhe other pazty(or parties)to these agreert7ents. These agreements may require the rnortgage insurer to make payments using any source of funds that the mortgage insurer may have available(which may include funds obtained from Mortgage Instt�ance premiwns). As a result of these agreemexits, Lendei, any purchaser pf the Note, an�ther insurer, any reinsurer, any other entity, or any afPiliate of any of the foregoing may receive(directly or indirectly) amounts that derive fram (or uuoht be characterized as)a nortion of Borrower's paymen[s for Mortgage Insurance, in exchan�e for sharing or modi£ying thc mortgage insurer s risk, or reducing losses. If such agrcement protrides that an affiliate of Lendet takes a shue of the ins�aer's risk in exchange for a share of the�emiuins paid to the insurer, the arrangemcnt is often termed"captive reinsurance." Further: (a) Any such agreements svill not affect thc amounts that Borrower lws ageed to pay for 37ortgage Insurance, or any other terms of Ehe Loar� Sach agreements will nof inerease the amount Sonower will owe for MoYtgage Iusurance, and they`vill�ot en4itle$orrower to any refund. (b) Any such agreemer+ts will not affect the rights Borro�v�er has -if any-with respect to the Mortgage Insnrauce under the Homeo�vners Protcefion Act of 199A or any ofhcr law. These eights may include the right to reeeive certain disclosures, to reqitest and obfain cancellation of the Mortgage Insnraxice, to have tlie R�dorfgage Insurance terminated automatically, and/or So receive a refund of any Mortgage dnsurance premiums that were uuearued at the time of such caacellation or termination. 11. Qssignment of M iscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assi�ed to and shall be paid to I.cnder. If the Property is damaged, such Misccllaneous Proceeds shall be applied to restoration or repair of the Property, if the restQration or repair Is ecoaomically feasible and Lender's security is not lessened. During snch repalr and restoration peziod, Lendez shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportuniry to inspect such Properry to ensure the work has been coinpleted to Lender s 2aoozsss �E3RASKA-Sfngla Family-Fannie M ae/Fretltlie M zc uN;FOFA�I INSTRUM ENT ;orm 302a V o i VM P p VM PB(NE)(1 t OS) W olters Kluw er Fnzncial Services Page 9 of i]