201402900 - Laserfiche WebLink

Browse

��14��9�� continue to pa�ta Lender the amaunt af the separate�y de��g�a��d pa}�ments tha�were due when the insuranc��o�erage ceased to be in effec�. Lender w�li acc�p�, us�and re�a�n�hes�paymen�s as a nan-refundabie Iass reser�re�n lieu of Mortgage Insurance. Such loss reser�re shall�e nan-refundable, notwiths�anding the fa�t that the Loan is u�timately paid in fu��, and Lend�r sha11 no�be requ�r�d to pa� Borrower any in�eres��r earn�ngs on such Iass reserve. Lender can no longer requ�re�oss reserv�paymen�s if Mor�ga�e�nsurance co�erage��n�h�amoun�and for�he per��d tha�L�nder r�qu�res}provided by an insurer seleG�ed by Lender again b�comes available, is obtained, an�.Ler�d�r requ�res separate�y des�gna�ed payments ��vvard�h�prem�.ums far ll�or��ag�Insurance. If Lender required Mor�gage Insurance as a �ond�tion of making�he L,oan ar�d Borrower was re�uired to make separately designa�ed paymen�s taward the premiums for Mflrfigage�nsurance, Borrower sha�l pa�the premiums required to ma�n�ain Mortgage Insurance in effect, or t�pr��id�a non�-r�fundab�e�oss r�ser�e, un�il Lender's requ�renr�en�for Mor�gage �nsurance ends in a�cardan��v�i�h an�vwritten agreem�nt be�ween Borrower and Lender pr��rid�ng for such termunafion or unt�I terminatian�s required b�Appl�cab��Law. Nathing �n�his Sec�io� 1.4 affec�s Borr�v�er's abl�gat�an�o�a�r�nterest at�he rate pr��ided in the Nat�. Mar��age ZnsuranCe re�rn.burses I.�nd�r��r any entity that purchases�he N�te} for cer�ain losses it may incur if Barrawer does na�repay th�Loan as agreed. Barrower�s nat a par�y�o the Mortgag��nsurance. Martgage insur�rs evaiva�e their total risk on a11 such insurance�n farc�from��me to�ime, and may en�er �nto agreements v�r�th a�her par��es�hat share or mod�fy their risk, or redu��asses. These agreemen�s are an �erms and�andi�ions�hat are sa�isfa��ar��o�h�mort�age insurer and the other par�y �ar par�ies} �o these agreem�nts. These agreements may requ�re the mor�gage�nsurer to make payments us�ng any sourc�of funds �hat the m.nrrgage insurer may ha��a�vax�abl�twh�ch may inc�ude funds �bta�ned from Mo�gage�nsurance prem�ums}. As a resuit of th�s�agre�ments, Ifen�.er, any purchaser of�he No�e, another insurer, any rexnsurer, any��her entity, or any aff�liate of any af�he faregozng, rn.ay receive�direct�y or in�irec��y} amaun�s tha�der��fr�m ��r mi�h�.be charact�rized as}a p�rt�on of Barrower's paym�nts for N�or�gage Insurance, �n exchar�ge for sharing or modifying the mor�gage insur�r's risk, or reducing ��sses. �f such agreemen�pravides that an af��iate of Lender�akes a share of�he insurer's r�s� in exchange for a share af the premiums pa�d to�he insurer, �h�arrangement�s often�er�med "capt��e re�nsurance." Fur�her: �a� Any such agreemen�s will not affec�the amaunts�hat Borrawer has agreed to pay for M�rtgage Insurance, or any vther terms of the Loan. Such agreements wi��not�ncrease�he amount Borrower w��l owe for�Vlartgage Insurance, and they will nat ent�t�e B�rrower t�any refund. ��} Any such agreements will not affect the righ�5 Barrower has��f any-wi�h reSpQc�to th� Mortgage Insurance under the Homeowners Protect�on Act of 1998 or any ather�aw. These rights may inc�ude the r�ght to rece��e certain dis�losures, to requ�st and obta�n cancellatian of th� �Vlortgage InsurancQ, to ha��the Mor�gag�Insurance term�nated automa��Caliy, andlor to recei�e a refund of any Mortgage Insurance prem�ums tha�were ur�earned at the txme of such cance�latian or t�rmination, '1�. Assignment af Mis�ellanevus Prviceeds: Forfeiture. A�� M�sce�ianeous Proceeds are her�by assigned ti� and sha�1 be paxd�o L.ender. �f the Praper�y �s damaged, such Misc�Ilaneaus Proceeds shai�be app�ied to res�oration or repair of the Proper�y, �f�he re��oration or repair is e�onomica�� feas��e and Lender's security�s na��ss�ned. During such repair and res�orat�on peri�d, Lender sha�i ha�e�he r�ght t�hoid such Misce�lane�us Proceeds un�ii Lender has had an oppor�uni�.y�o�nspec�such Prop�r�y t�en�ure the�vork has been campleted�o Lender's N�gRASKA-5ir�g1�Farn€�y-Fann�e Mael�reddie Mac UNt�4RM[NSTRI#MENT Farm 3a28 11Q1 VMP Q VMP6tN�j t�3fl2y Vllvlters Kluw�r Fir�ancial Ser�i�es P�9��Qfi��