201400733 - Laserfiche WebLink

Browse

��14��733 c�ntinue to pay to Lender�he am�unt flf�he separately des�gnated payments that were due v�►�hen�he insurance coverage ceased�o he�n�ffect. Lender v��l�accept, us�and retain these pa�ments as a non-refundable loss reserve in��eu of M�rtgage�nsurance. Su�h loss reserv�shall be non-refundab�e, notv�ri�hs�anding the fact�hat the L�an is u�timate��pa�d �n full, and Lender shal�not be required�a pay Borrower any in�erest or earn�ngs on such lass reserve. Lender�an nn��ng�r require�oss reserve paymen�s if Mor�gage Insurance co�erage��n the am�unt and for the perxod�ha�Lender requires}pr�vxded by an �nsurer selected by Lender again�ecomes a�ailable, is ob�ained, and I..,end�r requires separate�y designa�ed payments toward the prem�ums for Mortgage�nsurance. �f Lender required Mar�gage�nsurance as a condi��on of making the Loan and Borrov�er was r�quired t�make separa�e�y des�gnated�ayments t�vvard th.e premiums for Mortgage�nsurance, Borrower�ha��pay the pr�mium�required to ma�ntain�o�gag� �nsurance in�ffect, �r ta provide a non-refundab�e�os� reserve, unti� Lender's requ�remen�for N�or�gag� �nsura�ce ends in accardance wi�h any wri��en agree�men�be�we�n Borrower and Lender pro�rid�ng f�r such tern��nation or until �erm�na�ion is requ�red by.Applicahle Law. Nothin� �n th�s Sect�nn ��affec�s Barrower's�b�igation�o pay �nter�st at the ra�e pro��ded �n the No�e. Mor�ga�e�nsurance reim�urses Lender�or any ent�fy tha�pur�has�s the No�e} for c�r�ain Iosses it may incur if B�rrawer does no�repay the Loan as agreed. Borrower is not a par�y to�he Mor�gage Insurance. Mor�gag�insurers e�ra�ua�e�heir ta�a1 risk�n a�l such�nsurance in force from�ime�o t�me, and rnay enter in�o agr�ements wi�h o�her par�ies that share or rnod�fy th�ir risk, ar reduce�osses. These agreements are an terms and��nd��ons that are sa�isfac�flry to the mo�gage�nsurer and�he ather par�y �or pa��es}to these agre�ments. Thes�agreements ma�require the mor�gage insur�r to make paymen�s using any source of funds �hat�he mor�gage insurer rnay have a�railable�which ma� include funds obta�ned fram N�ortgage�nsurance pr�miums}. As a result of these agreemen�s, Lender, an�purchaser of the No�e, another insurer, any�einsurer, any ather ent�ty, �r any affi��ate nf an�of the f�rego�ng, may recei�e�direct�y�r indirec��}amounts�hat derive from (or mi�ht he characterized as} a port��n of Borrower's pa�ments f�r Ma�gage�nsurance, in exchange for shar�ng or modif'ying�he mor�gage�nsurer's risk, or reducing losses. �f such agreemen�pro�r�des�hat an af��ate o�Lender takes a shar�af the�nsurer's risk in exchange for a share of�he premuurns pa�d t�th� �nsur�r, the arrangemen�is often termed "Capti�e re�nsurance." Fur�her: �a} Any such agreements wil�not affect�he amoun�s that Borr�wer has agreed to pay far IVlortgage Insurance, ar any other terms af the Loan. Such agreemen�s wi��nat increase the amount Borrawer wxl�owe f�r IVlortgage Insurance, and th�y w�ii not ent�t�e Borrow�r to any refund. 4[�� Any su�h agreements will not affect the r�ghts Borr�wer has-if any�-w�th resp�ct to the Mortgage Insurance under the Homeawners Pro�ec�ion Act of 199$or any other law. Th�ese righ�s nr�ay�nc�ude the right to rece�ve cer�ain disc�osures, �o request and obtain cance��a��on�f the Mor�gage Insurance, to ha�e�he Mortgage Insurance�erm�na�ed au�omatical�y, andlor�o recei�e a refund of any Mortgage Insurance premiums that were unearned at the time of su�h cancel�a�ion or�ermina��n, ��. Assignment vf M�sce��aneous Prviceeds: Forfe�ture. Al� M�scellan�ous Proce�ds are hereb� a�signe�.�o and shal�be paid�o Lender. If�he Property is da�maged, su�h Miscellaneous Proceeds sha�i be ap��ied�o restorat�fln or repair�f the Proper�y, if the restoration or repa�r xs econ�mica��y feasi��and Lender's security �s not lessened. Dur�ng such repair and res�orat�on period, Lender shai�have the rig�t�o ho�d such Misc�llaneou� Proceeds un�il Lend�r has had an opportunx�.y to inspect such Proper�y ta ensur�the vvork has been comp�e�ed to �.�ender's NEBRASKA-Single�arnily-�ar�nie MaelFreddie Mac l3NIFQRM lNSTRUM�NT �orm 3��8 i 1�1 VMP[� VMPS�N�)f13��3 WvlterS Ktuwer�inancia4 5er�ice� Page 9 of i 7