201210487 - Laserfiche WebLink

Browse

201210487 continue to pay to L.ender the amoun[of the separately designated payments that were due when the insurance coverage ceased ro be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fac[[ha[[he Loan is ultimately paid in fiill, and Lender shall not be required to pay Borrower a�y interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage(in the amoun[and for the period that Lender requires)provided by an insurer selec;ted by L,ender again bewmes available, is obtained, and L.ender rec{uires sepazately designated paymerns towazd the premiums for Mortgage Insurance. If Lender requited Mortgage Insurance as a wndi[ion of making the Loan and Borrower was required to make separately designated paymen[s toward the premiums For Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to pmvide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement betwcen Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nokhing in this Section 10 affec[s Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender(or any entity [ha[purchases khe Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Bottower is not a party to the Mortgage Insurance. Mortgage insurers evaluate[heir total risk on all such insurance in force from time to[ime, and may enter into agreements with other pazties that share or modify their risk, or reduce losses. 7liese agreements aze on ternvs and conditions that are satisfactory to the mortgage insurer and[he other party (or parties) [o these agreemerns. T'hese agreements may require the mortgage insurer to make paymen[s using any source of funds that the mortgage insurer may have available(which may include funds o6tained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of[he Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, aaay receive (directly or indirectly) amounts that derive from (or might be chazacterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of L,ender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "cap[ive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower I�as agreed to pay for Mortgage Insurance,or any ot6er terms af the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entiUe Borrower to any refund. (6) My such agreemenfs will not affect the rights Borrower has-if any-wIW respect to t6e Mortgage Insurance under the Homeowners Proteclion Act of 1998 or any other law. 1'hese rights may include the right to receive certain disclosures, to r�ucst aod obtain pncellation of the Mor[gage Insurauce, to have the Mortgage Iosurance terminated automatically, and/or to receive a refund of any Martgage 7nsurance premiums that were uneamed at t6e time of such cancellation or termination. 17. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied ro restoration or repair of the Proper[y, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and res[otation period, L.ender shall have the right to hold such Miscellaneous Procceds until L.ender has had an opportunity to inspect such Property to ensure the work has bcen completed to Lender's NEBfl�SKA-Single Femily-Fanme Ma¢/Fretltlie Mac UNIFOHM INSTPUMENT Form 3028 1I01 VMP VMP61NE1111051.00 Wolters KWwer Finauial Services Pape 9 of i]