Laserfiche WebLink
201210372 <br /> continue to pay to Le�ider tl�c amouut of Uie separately designal'ed�aayments tihaf wer�due when Chc <br /> insurance coverage ceased to be in e£fect. Lender will accept, use anci relain thaso paymenCs as a <br /> non-refmidahlc 1oss reserve in lieu of Moxtgage Insurancc. Such loss reserve shflll l�a non-rcfiiodable, <br /> notwithstanding the fact that the f,oau is ultimntely ppid in fidl, and I,e�tder ehall not be required to pay <br /> Borrower any interese or earnings on suo6 loss resarve. Lender cui no ]onger requira Iose reserve payments <br /> if Mortga�e Liaurance coverage(in the amount and for the period that Lencier requires)provided by nn <br /> iusuror sciccfaci by Lender again becomes availablc, ie obtained, and Lender requiros se��arately designated <br /> paymenha Coward t110 premituus ior MorYgage I�isuranco. If T ender required Martgnge Ineurancc as a <br /> oaridition of mnking the Loan and Borrower wns xequired to makc separately designated paymenCF towud the <br /> premituns f'or Mortgage Insivance, Rorrower shall pay the pren�imna rcquired to maintain Mortgnge <br /> lnsurtmcc iu cf'fcct, or Eo provide a.non-refund�[ble loss resoivc, unkil Lender's requirGmeiiti Yor Mm�tgage <br /> Inslvance ends in flccordance witl� any written agreeme�it between Bon�owcr and Leuder providing for eucl� <br /> t�ennination or until terinination is cequiredhy Applicable Law. Nothing ui Lhie SecHo�i 10 afPects <br /> Borrower's obligation to pay interest at the rate provided in the Note. <br /> Moxfgage Insiu-ance reimburses Lender (or nny entity UiaY pi�rchases flia Note) for cerfain loescs it may incw� <br /> if Borrower cioes noc repay the Loan as agreed. Borrower is nol a party to the Mortgage Insur2nce. <br /> Morfgage insurccy evaluate Uieir total riak oi�all euch insLvaiTce in force Prom time to time, and may enter <br /> iuto agreemenL9 with other parties thati shara or modify theic risl<, or reduce losses. These agreemenl.c arc nn <br /> terms uid conclitions LhaC aro satisfacto,iy to Uie inortgage insurer and the other party(or parYies)to these <br /> agreements. These agreemente may requirc tl�c mortgage insurer to make payments using �ny yotiuce of f'tuids <br /> ChaC tUc morfgabe iusurer may lutive available(which niay includc;funds obtaiued from Mnrtgage InsWance <br /> premiums). <br /> As a result of thesa agrocmcnts, Lender, auy purchaser of the Note, anothcr insurer, auy relnsurer, auy other <br /> entitiy, or any affilinte of any oP Lhe forogoing, may receiva(diract7y or indirectly) amoimts that derive from <br /> (or inight Ue chacaeterized ea) a parlion oP Borrower's payments for Moi'tgage Ineuranoe, in exchanga for <br /> sharing or muciifying the moitgage insurer'a risk, or reducing losscs. if suoh a�greeinant provides that�ui <br /> aP[iliate of Lcndcr fakes a sl�ueof the insmer's rislc in exchange for a sharc of the premituns paid Yo the <br /> insurer, the arrangement is often termed "captive reinsurtuioe." Purther: <br /> (a) Any snch ngreemente will noC affecf the nmomifs Nurt Borrowcr l�as ngreed @o pay for Morlgage <br /> InS�n•nnce, or any othor terms of tLe Loan. Simli�green�ents will not incrensc tlic anrotntt <br /> 13nrrower will oWe for Murtgage Insnrnncc, aud tlmy will not en�itle Bm�•ower ku any reYnnd. <br /> (b) An3�such agreements will not affect thc rigl�ts Borrower hns- if ang-wiCh respect to the <br /> Mm�tgnge Insnrance mider the Homeownern Prutectiou Aet of 1998 or any othea lnw. Theae i�ghfs <br /> mny inclnda tl�c right to receive certflin discloxin•es, to reqnest and obtaiu csmecllation of tlie <br /> Mortgage Insiu�nnce, ta liave tlic Niortgnge L�snrnaice CeraninaCed aatonu�tiu�lly, and/or to rcccive <br /> a refund of xny Mortg:ige Insm•anec preminms tJiat were mienrned at Clie Cune of sucl� <br /> esuicellatiov or Cer�ninatimi. <br /> 11. Assignment of M iscellaneous Proceeds; Forfeiture. All Nliscellnneous Proceeds are hereUy assigncd to <br /> and eh¢Il be paid lo Lender. <br /> If the Property ie clnmaged, such Miscell�i3coun Proceeds shall be applied to restoration or repnir of the <br /> ProperEy, if the restocation or repair is eoonomioally feasible and Lendor's sa;urity�s not lesse�ied. During <br /> 8uch r�ry�air and restorakion period, Lender shall ha�e tha right to hold euch Nliscellaneous Proceode unril <br /> Lendex hns had an oppor6unity to inspcet such Property to eneure Che work has been completed tq Lender's <br /> 24002935 <br /> NEBItA SKA-Single Fnm IIy�Fennle M se/Froddle M ac OMFORM INST2UM ENT Form 3026 1/07 <br /> VM P(7. VA1 PB(NE)�1105 <br /> 4Valtcrs Kluw er Fin�ncial Services Page 9 0(1� <br />