201403068 - Laserfiche WebLink

Browse

��14�3��5 c�ntinue ta pay to Lender�he amoun�of�h�separate�y designated payments that were�iu�when the �nsurance coverage ceased�o be in effe�t. Lender wi1� accept, use and r�tain�hese payments as a na�.-refunda��e�ass reser�v�in�ieu of Morr�age�nsurance. Such loss reserve shal��e nonWrefundable, no�w��hs�and�ng�h�fact that�he Loan�s ultimately paid in full, and Lender shal� n�t b�r�quired to pay Borr�wer any �n�erest ar earn�ngs on such�oss res�r�e. Lender can no long�r requ�re loss reserve payments �f Mflr�gage�nsuran�e��verage��n�he amaunt and for�he per�od tha�L�nder requ�res�prov�ded by an �nsurer selec�ed hy Lender again becom�s availab�e, �s obta�ned, and Lender requ�res separate�y designated paymen�s taward�he premiums for Mor��age�nsurance. If Lend�r required Mortgage�nsurance as a candi�ion af making��.e Loan and Borrower was required�o m�ake separa�ely designated pa�ments towar�.�he premiums for Mor�gage�n.surance, Borrower shal�pay the premiums r�qu�red t�main�ain Mo�tga�e �nsurance�n effect, or�a prov�de a n�n-r�funda��e�oss reser�e, un�� L�nder's requiremen�for Mor��age Insurance ends in accordance with any wri�ten agreemen��etw��n Borrower and Lender providing for such termina��n or unti��erm�na�ifln is required b� Applicab�e Lav�. No�hing in th�s Sect�on 10 affec�s B�rr��v�r's�bl�gation�o pay interest at the rate pr��ded�n the Note. Mor�gage�nsurance reimburses Lender�or ar�y en�ity that purchases the Note} for cer�ain�ass�s zt may incur if Borrower do�s nat repay the L�ari as agreed. Borrower�s no�a par�y to�he Mor�gage Insurance. Mor�gage�nsurers�valua�e�heir total risk on a11 suc�insurance in farce from�ime to�ime, and ma��nt�r into agreements wi�h v�her par�i�s that share or modify the�r risk, or reduce loss�5. These agreements are�n terms and�onditions�hat are sa�isfactory to th�mor�gage insurer and t�.e a�her par�y (or parties}�a these agreements. These agreements may requ�re�he mor�gag�insurer�o make�aymen�s using any sour�e of funds �hat the m�r�ga�e insurer may ha�e ava�lable�which may�nc�ude funds �b�ained from Mor�gage Insuranc� premiums}. As a result of�hese agreemen�s, Lender, an�purchaser�f�he No�e, ana�h�r�nsur�r, an�r�ix�surer, any�ther ent�ty, or any af�l�ate af any of�he foregaing, may rece�ve�directly or indirec��y} am�un�s�hat derive from �or migh�be character�zed as}a por�ion of Borrow�r's payments f�r Mor�gage Insurance, in�xchange for �haring or modifying th�mor��age insurer's risk, or reduc�ng losses. If such agreemen�pro�ides that an af��iate of Lender�akes a share of�he insurer's risk�n exchange for a share of the premiums paid�o the insurer, �he arrange�m.en��s of�en�ermed "capt�ve reinsurance." Fur�h.�r: �a� Any such agreemen�s w��n�t affect the ana.aunt�that Borrawer ha5 agreed to pay for Nlortgage Insurance, or any other terxns of the Laan. Such agreements will not�ncrease the amaun� Borrower wi�l owe for Mortgage Insurance, and they w��not entitle Borrower to any refund. �b 3 Any such agreemen�s w�i�not affec�the r�gh�s�orrflwer has�if any -with respec��o the IVlortgag�Insuran�e under the Homeowners Protection Act af 1995 or any ather�aw, These r�ghts may xnclude the right to rece�ve Certain disclosures, to request and abtain cance��ation af the Martgag�Insurance, to ha�e the�Vlortgage Insura�.ce term�nated automa�ica��y, andlor to recei�e a r�fund of any Martgage Insurance premiu�ns that were unearn�d at the time of such �ancel�a�ion ar term�nati�n. 1�. Assignm�nt af Ni�sce�lanevus Proceeds; Forfeiture. All M�sce��aneaus Pro�eeds are hereb�r assigned t� and sha�� b�paid�� I.�end�r. �f the Praperty is damaged, such Miscel�ane�us Proceeds shall be app��ed to res�oration or repair af�he Proper�y, �f�he res�ora��an ar repa�r is ec�n�m�ca��y feasib�e ar�d Lender's s�curi�y �s no��essened. During such repazr and res�ora��on periad, L�nder sha�l ha�re the rig�t to hold such Misce�lan�ous Proce�ds un��l L.ender has had an opportunity ta inspect such Proper�y to ensure the vvork has be�n comp�eted�o Lender's NE6RASI�A-5ingle Famity-Fanr�ie MaelFreddie Mac UNiF�RM IN5TRLIM�NT Forr-r-�3Q28 1!01 VMP O VMPfi[NEy[1302) Waiters Kluwer Financiaf 5er�ices Page 9 of 17