201210011 - Laserfiche WebLink

Browse

201210011 continue to pay to Lender the amotmt of the separately dcsi�ted payments that were due when the insurance coverage ceased to be in effect. Lendcr will accept,nse and retafn these payments as a non-refundable loss reserve in lieu of Mongagc Insurance. Such loss resere e sliall be non-refundable, notwilhsWnding the fact tliat the Loan is ultimately paid in tull, and Lender shall not be required to pay Borrower airy inlerest or earnings on such loss reseroe. Lender can no longer require loss resen•e payments if Mortgage Insurance coverage (in the amount and for the period that Lcnder requires)provided by an insorer selected by Lender again becomes available, is obtaincd,and Lender requires scparately designated payments toward thc premiums for Mortgage Insurance. If Lender rcquired Mortgage lnsurance as a conditiou of making the Loan and Borrower��•as required to make sepaxately designated payments to�rard the premiums for Morigage Insurance, Bonower sktall pay the premiuuis rcquired to maintain Mortgagc Insurance in effect, or to provide a mn-rcfundable loss resene, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement beh�een Borrower and Lender providing for such termination or until tcrmination is required by Applicable Law. Nothing in this Scction 10 affects Boaower's obligation to pay intcrest at the ratc provided in the Note. Mortgage Insurance rcimburses Lender(or any entity that purcliases the Nole)for certainlosses it may incur if Borrower does not repa�� the Loan as agrced. Borrower is nol a pariy to [he Mortgage Insmance. Morigage insurers evaluate their total risk on all such insurance in force from time to time,and may emer into agrecments with othcr paRies tttat share or modify thcir risk,or rednce losses. These agrecmcnts are on tcrms and condilions tttat are salisfactory to thc mortgage insurer and the olhcr party (or parties)to these ayeements. These agreements may requirc the mortgage insurer lo make pnyments nsing any source ot funds tltat thc mortgage insurer may have available (Khich ma�- include funds obtained fmm Mortgagc Insurance prcmiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entiry, or any affiliate of any of the foregoing, mac receive (directly or indirectly)amounts tLat derive from (or might be cl�aracteriud as)a portion of Borro�ver's payments for Mortgage Insurance, in exchange for shanng or modifying the mortgage insurer's nsk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of tlie insurcr's nsk in exchange for a sttarc of the premiums paid to the iiuurer,the arrangement is often tertned "captive reinsurance."Further: (a) Any such agreements will not affect the amounts that Borrower hxs agreed to pay for�Vlartgage Insarance,ur an}�o[her terms of the Loan. Such ngreements will not inerease the amount Borrower will owe fur Mortgage Insurance,and they will not entitle Burrower to an� refund. (b) Any such agreements will not affect the rights Burrower has-if auy-with respect to the MoMgage Iusurance under the Homeowners Protcction Act of 1998 or anp uther law. These rights may include the right to receive certaiu disclosurea,to reque�t and obtain canccllation of the MOMgage Insurance,to havc the Mortgage Insurancc terminated automatically,and/or to receive si refund of any Mortgage Insurance prcmiums that were unearoed ut the time of such cancellation or termination. 11. Assignmentof MiscellaneousProceeds;Foffeiture.All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. lf the Properh- is damaged, such Miscellaneous Pmceeds sktall bc applied to restorarion or repair of the Property, if thc restoration or repair is econoatically Ceasible and Lender's sewriry is not lessened. During such mpair and restoration period,Lender shall have the right to hold such Miscellancous Procecds unlil Lender has had an opportunitv to inspect such Propert��to et�sure the work ttas becn completed to Lender's NEBRASKA-Single Family-Fannie Mae/Fredtlie Mao tINIFORM INSTRUMENT Porm 30281/01 VMP� VMPB(N�(t105)00 Woltars Kluwnr Pmanciel Senlcea Page 9 N 1]