201302056 - Laserfiche WebLink

Browse

amount and for the period that Lender requires) provided by an insurer selected by Lender a -ain becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a conditio of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to main ain Mortgage Insurance in effect, or to provide a non - refundable loss reserve, until the Lend r's requirement for Mortgage Insurance ends in accordance with any written agreement be een Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is n t a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from tim to time, and may enter into agreements with other parties that share or modify their risk, or re i uce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer ay have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insu er, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directl or indirectly) amounts that derive from (or might be characterized as) a portion of Borrow r's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insur is risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a shar of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangeme t is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agr to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not en itle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - 'th respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or y other law. These rights may include the right to receive certain disclosures, to request - i d obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance termin ted automatically, and/or to receive a refund of any Mortgage Insurance premiums that ere unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proc eds are hereby assigned to and shall be paid to Lender. NEBRASKA — Single Family -- Fannie Mao/Freddie Mac UNIFORM INSTRUMENT Form 3028 1 /01 GCC- G3028 -10 (09/01) (Page 10 of 19) Initials: 20130205E