201402344 - Laserfiche WebLink

Browse

��14��344 cont�nue�o pa�r �� Len�.�r the am�un�of�he separately designated paym.en�s �hat�v�rere due v�hen the insuran�e co�rerag��ased�o be�n effec�. L�nd�r will a�cep�, us�and reta�n�hese payments as a non-refundable�oss reserv�in�ieu of Mortgage �nsurance. Su�h loss reserv�s�all�e n�n-refundable, na�w�t�.standing�he fac�that�he Loan�s ul�imately paid in fu�1, and Lender shall not be required t�pa� �3orrower an��n�eres��r earnings on such loss res�rve. L�nder can no longer requ�r��ass reserve payments if Mor�gage�nsurance coverage�in the amoun� and far the period that Lender requ��-es}pro�ided by an insurer selec�ed by L,�nder aga�n be�omes avaiiab�e, is ob�ained, and Lender requir�s s�para��ly des�gna�ed pa�rmen�s tnward�he pr�miums for Mor�gage Insurance. �f L.ender required Mor�gag��nsurance as a candit�on of makzn��he Loan and B�rrov�er was requ�r�d to make separa�ely des�gna�ed payments toward the premiums for Mortgage�nsurance, Borrower shal�pa�r the premiums required to ma�n�ain Mor�gage Insurance in effect, or to provide a nonTr�fundab��oss reserve, un�il Lender's r�quiremen�for Mor�gage �nsurance ends in accordance v�r�th any written agreemen�be�ween Borrower and Lender providing for such termination or until ter�n�na��on is required by Applicable Law. Noth�ng �n�h�s Sec�ion 1�affects Borrovver's obligation ta pay in��res�at�he rate pr�v�ded in the N�te. Mor�gage�nsurance reimburses Lender�or ar�y en�i�y�hat purchases�he Note} for cer�ain lo�ses i�may ineur if Borrawer does no�repa�the I�oan as agreed. B�rrawer is nat a part��o�he Martgage Insurance. Mor�gage insurers evaluate their�atal risk on all such �nsurance in force from time tv�ime, and�may en�er into agreements with��her par�i�s tha�share�r m�d�fy their risk, or reduce�osses. These agreemen�s are on �erms and cond�txans that are sat�sfactory�o the mor�gage insurer and the�ther part��or par�i�s} �o these agreem�nts. These agree�nents may requir�the�mar�gage insurer�a make�aym�n�s using any s�urce of funds �hat the mor�gage insurer may ha�re availab�e(v�h�ch ma� include funds�b�ained from Mor�gage Insurance premiums}. As a resu�t of these agreemen�s, Lender, any purchaser of the N��e, ano�her insurer, any reinsurer, any�ther en�ity, or any af��ia�e of any of the foregoing, xx�a� rece�ve�directly or indirectly}amounts that d�rive froxn �or migh�b�characterized as} a par�ion af Borrow�r's pa�men�s for Mor�gage In�urance, �n�x�hang�far sharing�r modifying�he mor�gage insurer's risk, or reducing�osses. �f such agreement pro�ides�ha�an af��ate of Lender�akes a share of the insurer's r�sk in exchange for a shar�of the prem�ums pa�d�o the insurer, �he arrangement is aften�ermed "cap�iv�reinsurance." Fur�her: �a} Any such agreements wi�l not affect�he amoun��that Borrower has agreed to pay for�Vlortgag� Insurance, or any other terms of the Loan. Such agreenr�en�s w��l no# �ncrease the am�unt Borrower wi��owe for�Vlortgage Insurance, and they wi��not en�it�e Borrow�r to any reFund. �h� Any such agreement�will not affect t�e rights Sorrower ha� -�f any-with respect to the Mor�gage Insurance under the Homeowners Prvtec�ion Ac�of 1995 or any Q#her�avv. These rights may�nc�ude the r�gh�to rece��e�ertain disc��sures, ta reques�and obta�n cance��atian of the Mor�gage In�urance, to ha�e the Martgage Insurance�erminated au�omatica�ly, andlor to re�e��e a refund of any Mortgage InsurancQ pre�niums that r�vere unearned at the time of such cancel�at�on or term�na#�on. 1'1. Ass�gnment vf N�iscel[aneous Prac�eds, Farfeiture. A�� M�scellaneous Proceeds are hereby ass�gn�d�o and shal�be pai�to L�nder. �f�he Prope�rty is damag�d, such M�sce�laneous Proceeds sha�l be appiied�o restaratzan or repair of the Proper�y, if the restoration or repair is ec�nom��a��r feasible and Lender's secur�ty �s not lessened. During such repair and rest�ration per�od, L.ender shal� ha��the rxght to ha�d such Miscellaneflus Proceeds until �.,ender has had an opp�r�un��y ta �nspec�such Propert�� ensur��he vvork has been comple�ed�� Lender's N�BRASKA-5ingle�amity-Fannie MaelFreddie M�c UN��flRM iNSTRUM�NT �arr�30Z8 11�1 VMP[� VMPfi�NEy(1302y Wa�ters Kluwer�inanciat 5er�ices Page 9 of 17