201209434 - Laserfiche WebLink

Browse

201209434 Insurance previously in cfft;et, at a cosl subslanlially equiv�alent to thc cust to Borrower of the Mortgegc Insurancc previously in cfCecl, liom an allernatc mortgage insurer scla:ted hy Lender. if substanUally eyuivalenl Mortgagc Insurance coverage is not available, Borrow�T shall conunue to pay to Le�der lhe amoun[of the separately dcsignated payments that were due whcn Lhc insurence coverage c�tsed to be in effecl Lendcz will accept, use and retain thesc payments es a non-refundable loss reserve in lieu oC Mortgagc Insuranca Such loss rescrve shall be non-rofund•able, nolwilhstanding lhe CaIX that ihe Loan is ul[imx[cly paid in full, and Lender shall nol bc rcyuired Lo pay dorrower any interest or exrnings on such loss reserve. Lender can no longer rcyuirc loss rescrve payments iF Mor[gage Insurancc coverage(in the amowri and for the period l6at Lcndcr reyuires)provided by an insurer selceted by Lender again becomes availablc, is obtained, xnd Lcnd�K reyuires separately designaled paymenu tuward the premiums for Morlgage Insurance. II Lender required Mortgage lnsurance as a condition of muking the Loan and 13orrowcx was required to make separately designetcd paymenls toward the premiums for Morlgage Insurance, Borrow�v shall pay lhe premiums required lo maintain Morlgage Insurance in effect, or to providc a nomrefundable loss rescrve, until Lender s requiremcnt frn Mortgage lnsurance ends in xccordance with any wrilten agreement betwcen Borrowcr ttnd Lender providing fur such termination or until [erminalion is rcyuired hy Applicable Law. Nolhing in lhis Seelion 10 affccls l3orrower's obligaUon to pay interest a[lhc rate provided in the Note. Mortgage Insurxnce reimburscs Lc�dcr(ur any e�lity lhal purchases lhe Nole) for ccrlain losses it may incur if Borrower does nol repay thc Loan as agreed. 13orrower is not a party to the Mortgage Insurance. Mortgagc insurers cvaluale lheir lolal risk on all such insurance in Corce from time to time, and may enter inlo agreements wilh olhcr pxrues that share or modify their risk, or reduce losses. These agrecmen[s are on lerms and conditions lhat are sausfactory to lhc mortgxge insurcr and the other party (or parties) lo thcse agreements. Thesc agrccments may reyuire lhe mortgagc insurcr to make paymenls using any source of[unds thxt lhe mortgage insurer may have availablc (which may includc funds oblained from Morlgage Insurancc prcmiums). As a result oC lhese xgreemcnts, Lender, any purohaser of the Note, anuthcr insurer, any reinsurer, any o[hcr entity, or nny aftiliate of any of lhe foregoing, may receive(direclly or indircclly)amounts lhat derive Gom(or mighl bc chazaclerized as)a portion of 13orrowp''s pxyments for Mortgage Insurance, in exchange for shxring or modifying the mortgage insurer's risk, or reducing losses. lf such agrcement provides that en xffiliatc of Lender takes a share of lhe insurcr's risk in exchange for a share of lhe premiums paid to thc insurer, lhe azrangemcn[is oficn tcrzned "capUve reinsurance." Further: (a) Any such agreements will no[ affect the amounts that Borrower has agreed to pay for Mortgage Insurance, ar aoy other terms of the Loan. Such agreements will not iocrease the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Aoy such agreemen[s will not afFect the rights Borrower has - if aoy- with respeM to the Martgage Insurance under the Homeowners Pxotection Act oF 199R or aoy other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation o( the Mortgage Insurance, to have the Mortgage Insurance terminated au[omatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time oF such cancellation or terminatioo. 11. Assignmen[ ot Miscellaneous Proceeds;Forfeiture. All Miscellaneous Proceeds are hereby assigncd to and shall be pxid to Lender. If thc Property is damagcd,such Miscellaneous Proceeds shall be xpplicd to reslo�ation or repair of the Prop�rty, iC the restorttUon or repair is economically feasiblc and Lcnder's security is not lessened. During such repair and restoraUon period Lcnder shall hevc the right to hold such Miscellaneous Procecds uniil Lender has had en opportunity to inspec[such Property to ensure the work has been complctcd tu Lender's saUsfactioq providcd that such inspcdiun shxll be undertakcn prompUy. Lender maypxy for lhc rcpuirs and restoration in a single disburscment or in a scrics of progress paymcnls as lhe work is completcd. Unless an ageement is made in writing ur Applicable Law rcyuires interest lo be paid on such Miscellaneous Procecds, Lender shall not be required to pay Borrowcr any inlerest or eaznings on such Misecllaneous Proec�ds. lf lhc resloration or repair is nol ewnomically fcasible or Lender's sccurity would bc Icssencd, lhe Miscellancous Proceeds shall bc epplied lo lhe sums securedby this Sccurity Instrument, whether or not then due, with thc cxccss, if any, paid lo I3orrower. Such Misccllencuus Proceeds shall 6e applied in[he order provided for in Seclion 2. N�RASKA—Single Family—Fannie Mar/Retldie Mac UNIFORM INSTRUMENT- MEftS DocMaglcH,'�bxrrtna� Form 3026 1/O1 Page B of 15 www,docmagic.com •r� w� 's BANK 014025'I59 . FMOEQI 1207125453