201211194 - Laserfiche WebLink

Browse

201211194 continue W pay to Lender thc ai�ount of the separatiely designated paymenia ChaC wcre ciue when Uie insurance coverage ce�sed Eo be in effeot. Lender wil7 ^cept, Lise aud retain these payments as a non-refundable losN reserve iu lieu of Mortgage Insur�noe. Such loss roserve shall ba non-refundable, � notwithsfanduig Che Fact that the l,oan is ultimatiely paid in full, and Lender shall not be required to pay Borrowar any inter�st or eu7ungs on such lose reserve. Lender can no longer require loss rescrve pay�nents if Mortgage Inswance coverage (in the amount and for tl�e period that Lender requires)provided by ati insurer selected by Lender again becomes nvnilable, ia obtnined, and Lender requires separately designafed payment�towand the pre�ninms for Mortgage Ineuranoe. If Lender requircd Mortgage Ivsm�auca es a condition of m�king the Loan and Ron�ower was required to make sep�rately designatui peymonts toward T7ie preiniums for MorCgnge Insurance; Borrowcr shall pay the premiwns reqtiired to maintain Mortgage I�isurancc in effcct, or Yo provide a iaon-refmidable loss raserve, ui7til Leuder's reqeiiroinenC for Mortgage Insurance ends in a000rdance with�ny writton agreement between Borrower end Lender providing for aucl� termination or mrtil terminaYion is required by Ap�licable Law. NoH�ing in tUis Section 10 a£fects Bon-ower'a ol�ligation to pay u1te��esC aC tihe rate provided in the Note. Mortgage lnett�anoe xeimbursee Lender(or any entity tl�at purohnses Lhe Note) for certain losses it may inem� iP Borrower docs not rcpay tl�e Loan as agreed. Borrower ia not a.party to the MorCgage Insurttnce. Mortgage inswers avaluate tiheir total risk on all such insurance in fome from tiuic to time, and may enter into agrecmcnts with othcr p<u�fies that sl�ate or modif'y their ris1G or reduce losses. These agreeinenCs aro on terins and conditions thal a�e aziLisfactory tn thc mortgage ioyurer and tha otihar party(or parties) to these agreements. These egreements mny require tlie morlgnge insiver t�n�alce paymot�ts nsing any sow•ce of Yunds that the mortgage ineurer may have availaUle(whioh inay include funds obenined froni Morfgage lnsurance premiwns). As a reatflt of thceo agrccments, T�cnder, any purchaser of tlie Note, anoCher insurer, nny reinsurer, any oiher entity, or any afCilinte of any of the foregoiYig, rnay rcceivc�(directly or indirectly) amounts that derive from (or snight be characterized es) a portion of Borrower's paymenCs for Mortgage Lnsurauce, in exchanga for eharin�or modifying tha mortigage instn'er's risk, or reducing losaes. If such ag�een�enY provides that an afiiliate k�f Lcnder takey a sl�are of the insnrer's rislc in exchanga k'or a ah�i•e of the premiums paid Co Che insurer, the arr�ngemenC is pfCen tcn�mc;d "c�ptivc reinsurance." Further: (a) Any snch a�reements w➢11 not affect tlie nmomiks ChaC 13oi�rower•ha� xgreed to pny for Morfgage Insarance, or smy other terms of tl�c Loau. Saclx agreements will noE increase llie amonnC Borrower will owe For MorCgage Insurance, and tliey will not entitle Borrowcr to any refimd. (b) Any such ngreemenCa will noC flffect the rights Burrower has-if nny-with rospoct to the Mortgage Insm•nuce mider fLe IIomeowners Protec[ion Aci nf 1998 or any otl�er Ixw. These riglits may inch�do the right fo rcecivc cortain disclosures, Co reqnest and obtain cancellaCiou of the Mortgarye]nsunmce, to h�ve the NIortgnge Insarsmce tcnninxted antmnatically, and/or to receive � n refiuid oP any Mortgage I��m•ance premiame that were m�exrned sit the timc of sncl� cancellsrtion or termivatlon. 11. Assignment of M iscellaneous Proceeds; ForFeiture. All Miscellaneous Proceeds are hereby�ssigned to a�id shall be pvd to Lender. If the Property is damaged, such Misoellaneous Prooeeds shall be applied to restoratiott or repair of tl�e Properry, if tl�e restoration or repair is economically feasiUle And Lender's aecurity is not lessened. During such rcpair and restoration period, Lc�zder sha11 have tl�e right to hold such Miscellaneous Prooeede until � Lender ht�s had en opportunity to inspect such Property to enenro tl�e work has Ueen completed to Lender's 2A003270 NEBlL1SKA-Single Family-Fnnnie MaelFreddle M ac UNIFORIvi WSTRUM EN"f Porm 3�2b 1101 vn�rc� vm�Ns�ue��toa� . Wolters Kluwor Financial Swvlces page 9�of 1