201400767 - Laserfiche WebLink

Browse

. � ��14��7�7 c�ntinr�e ta pa� to L�nder th� amoun� of�l�e s�para�ely designatiec� paym�nts tha� w�re due �hen the �nsuz�ance cav�rage ��s�d ta be in �ff�ct, L�nc�er �v il� ac�ep�, ��e an�l ��e�ain �h�se payments as a n�n�r�fun�a�Ic loss rese��ve �ta l�eu of M artgage znsilran�e, Such lo�s reser�e s�a�I b� non-r�f�ndabl�, not�iths�an�.�ng the f��t �h�ti the Laan is ultim a�� pai�l in �ull, an� L�nder sha�1 no� �� quire� ta pay Borro�er an� inter�s� or eaxnings an such Ioss �eser�r�. Lend�r can n� �ong�r r�quiz�e �oss ��ser�re paymen�s if�I or��ag� Ins��ran�� coverage �in the amau�at and for the per��t� �l�at L��d�� requires} provi�ied b� an ins��ret� se�ecte� �y L�nde�� again b�com es availa�le, is �litiain��, �nd L�nder requi��es s�pa�atel� desig�at�d . p�yments taw ard �h� prem�um s �or M ortgag� Znsuran�e. I�L�nder r�qui��i M ortgage rnsurance as a �ondition of m aking �he Loan �ncl B a rt�o��r w as requir��l t� m ake separa�el� desig�at�d p��m ents t�w�rd �h� pr�miuins for M ortg�ge �nsl�rance, Barro��r shall pay the prem ium s re�ui��d ta mai��tiain M�r�gage Ir�suz�an�e ir� �ff�c�, o� to pra�ide a non-�ef��n�ab1� loss r�serve, u��il Lender's requiremet�t for M artgage Zns��ra�c� en�s in a��ardanc� with any �rri�t��l ag��een��nt b�tv��er� B�rrowe� and L�nder pt�o�i�i�ag f�r su�h . �er�ni�atian �i� un�il tertnin�tian is r�c�ui��ed by App�i�a�le Law. Not�ing ii� this Sect�on �D affccts Barrov��r'�s abl�gation ta �a� intex��st a� the rate provicle�l in t�ae Not�, M o��tgage rnsurance z�eim bu�ses L�n�� r any �n��y that purchases �h� N ote} fa� c�rtain loss�s i� tn a� ii�cur � if Borro�ver do�s n�t repay �he Loan as agr��l, Barrav�� is i1o� a pa��t� to the M�rtgage I�asurance, �I ortgag� ins�xr�rs �valuate �heir t�tal r�s� on a�l suc1� insurance in f��e �rom tim� to �in��, and m.ay ei�ter into �gr��m�r��s �vith oth�r pa��ties t11a� share or m�dif� the�r z�isk, �r r�cluce l�sses, Thes� agreements at�e on t�rms and condi�ians th�t ar� sa��sfactaz�y to the mor�gage insur�r and �I�� ottle�� party �ar p�rt��s} to �h�s� agr��ments, Th�se agreem��a�s inay t�eq«ir� t�e mortgag� insurer to mak� paym�nts us�ng any sa�rc� of funds tha� �he mortgag� insurer �a� have available �w��ich tnay incl��de fun�.s alitain�d �rom M artgage �nsuran�e p rem�um s}, As a resu�� af tlrese agr�em�nts, Lenc��r, an� p��rch�set� of the N��e, ano�h�r insur��, any reinsu��ei�, any other ��atit�, �r any affi�iat� o�at�y of th� f��egoing, ina� re�ei�� dii'�Ct�� ' ln[�l1�ec�ly} amoun�s tl��t d�t�ive from ��r might �� char�cter��e�i as� a partiar� o�Borro�ver's paymet��s �or M o��gag� Insurance, in exchange for sh�ring ox� modif�ing the �no�4tgag� ins��i�er's ris�,. o�� reducing Ioss�s, If suct� agre�naent �rovi�les that an affiliat� of Lend�r takes a share o�the insl�r�r's �+isk ir� �x�l�ang� for �-�h�re of the �remiums p�id to the insur�i�, th� arrang e�n�nt is �f��n t�rn�ed "captive ��einsu��an��," F urthe��; �a� Any suCh �g��eenr�n�s will ��ot ��f�ct the �mo��nts tha� BarzFawex� has agt�eed �o pay �a�� Mo��gage Ynstir��ace, or ar�y o�her �ez'nl S 0��h� Ir0`clll, Such ag��eem en�s w�lI xao� inc��eas� the arn ou�� Bo��row�r wiZl owe for N1a��tgage Znsu�°ance, axad th�y w�11 ��ot e��ti�le Bor��aw�r� to �►Yiy ��efttrada �� y �ti�l� agx�eem e��s wi�l ��ot a�'fec� the ��gh�s B orr�o��v e�� aas � rf a�ay - wi�h respe�t �a the Mor�gage x��sura�ace nxit�er �he Hom�o��vne��s Pz�otection �c� of �.998 ot+ a��y o�her l��v, These ri�h�s na ay xnclude �l�e t�igh� to ��eceive cet�tain disclo�ures, �o x��que�ti ��c� obt�ir� c��cella�ion of th� M a��age Insurar�ce, to hav� t��e 1�I o��gnge Ix�su��ance ��i�aa ixa��ed ar�t�m a�i�al�y, ��d�o�� tn ��eceive a ��e�u��d o��ny M ot��gag� ��a�uxia��ce prem ir�m s �1aa� we��e �x��eat�ned a� th� tim e of such ca��cellation o�� term iii�ttion, � � . Assignmen� af M�EScellaneous Proceeds; ��rfeiture. All M isc�Ilaneaus P��oc�ecis are her��y assigned to a��c� s11a�I be pa�� to L��a�er, ��tlae Praperty is �amage�s such M is�ellaneous Praceeds sha�l b� applied t� a�estoratiai� or re�air of the Pr�perty, if th� restoratian or repai� is economically feas�ble ai,d Len�ler's secux�ty is nat l�ssenec�, D��ring such repaii� and �es�o�a�i�n �eriot�, L�nt�er shall have th� right �o hol� such N�is�e�l�neous Proce�ds until L�n��t� l��s ��d an o�port«n��y ta �t�sp��t such Prop�rt� �� ensu�'� t�e �t�rk l�as 1��et� comple��d �� Lent��r's � 2A�0�6759 N EBRASKA-Single�am ily-Fannie M ael�reddie M a�UiJ I�ORM IiV 5TRU M Eh11' �orm 3428 1101 VM P C7 11M P6�IV�f�13�2� 1Nalters K��wer Fi�ancial Serviaes ' Page 9 of f 7 ,