Laserfiche WebLink
��14�3�99 <br /> con�inue�o pay�o Lender�he amaun�of�he separa�e�y d�signa�ed paymen�s�hat were due when the <br /> insurance�fl�erag�cea�ed to�e in effec�. Lender w��� acc�pt, use and re�a�n�hese payments as a <br /> non-refundab�e�oss re�er�e�n lieu of N�or�gage�nsurance. Such loss reserve shal�be non�refundable, <br /> natv��ths�and�ng the fact that the Loan�s u���mately pa�d�n fu��, and Lender shall not be requir�d to pay <br /> Borrov5rer any �nterest or earnings on such loss reserve. L�nder can no Ionger requir�loss res�rve pa}�ments <br /> if Mor��ag��nsurance co�erage�in the amoun�and fflr�he periad�hat Lender requires}pravid��i by a� <br /> insurer selected by Lender again becomes ava�la�Ie, �s ob�ained, ari�.I.ender requ�res separa�eiy designa�e�i <br /> paymen�s toward�he premiums for M�r�gage Insurar�ce. If Lender r�quired Mor�gag�Insuran.ce as a <br /> ��nd��ion of mak�ng the Loan and Borr�wer vvas required to make separately designa�ed paymen�s�nvvard�he <br /> premiums for Mor�gage�nsuranc�, Borrower sha��pa�the premiunls r�quired��ma�n�ain Mortgage <br /> �nsurance in effec�, or�o pro��de a non-refundab�e�oss reser�e, un��� L�nder's r�qu�rement for Mor�gage <br /> �nsurance ends �n accordance w�th any v�rritten agreement betwe�n Borrawer and L,�nder pro��d�ng for such <br /> t�rmina�ion or unt�l termina�ion is required b�r App���ab�e Law. N�thing in�h�s Sec�ion 1�affec�s <br /> �arrower's abiigation to pay int�r�s�a�the ra�e pro�ided�n�he No��. <br /> Mar�gage Insurance re�mburs�s Lender�or any enti�y�hat purchases�he No��} for cer�ain losses i�ma�xncur <br /> �f Borrower does no�repa�r��e Loan as agr�ed. Barr�wer�s na�a par�y�o the Mor�gage�nsurance. <br /> Mar�gage insurers e�aluate th�ir�otal risk�n all such�nsurance in force from�ime to t�me, and may en�er <br /> �nta agr�emen�s wit�other par��es�ha�share or modify their risk, �r reduce losses. These agreemen�s are on <br /> �erms and condx��ons�hat are sat�sfactory to the mor�gag��nsurer and the�ther pa.rty �ar par�ies}to�hese <br /> agr�emen�s. Thes�agreemen�s may requ�re the mnr�gage�nsurer to make paymen��usxng any saurc�of funds <br /> that the xnor�gage insurer may ha�e available(wh�ch rr�ay�nclude funds obtained fr�m Mor�gage Insuran�e <br /> prem�ums�. <br /> As a resu�t af these agreemen�s, L�nd�r, any purchaser af the No�e, an��her insurer, an�re�nsur�r, any other <br /> ent��y, �r any affil�ate of a�ny of�he f�regoing, may rece�ve�direct�y or indirec��y} amaunts�hat der�ve frnm <br /> ��r migh�be characterized as} a par��an of Borrawer's payments fQr Mor�gage�nsurance, �n e�change far <br /> shar�ng or modifying�he mor�gage in�urer's risk, or redu�ing �osses. Zf such agre�ment�r��ides�ha�an <br /> af���a�e�f L�nder�akes a share of th��nsurer's risk in e�change for a shar�of the premiums pa�d t�the <br /> insurer, the arrangement�s often�ermed "captive reinsuran�e." �ur�her: <br /> �a� Any�u�h agreemen�s vv�li not affec�the amaunts that Borrovver has agreed to pay for Mortgage <br /> In�urance, ar any other terms of the Loan. Such agreements wi�� nvt�ncrease the amount <br /> Borrow�r w�l�owe for�Vlortgage Insurance, and they wi��not entitle Borrower�a any refund. <br /> �h� Any such agreemen�s w�l�not affect the r�ghts Borrower has-xf any�wi�h respect to the <br /> Mortgage Insurance under the IIomeowners Protect�on Act of 1998 or any other�aw. These rights <br /> rnay inc�ude the right�o re�eive certain disclosure�, to request and o�tain cance��a��an oF th� <br /> Mor�gage Insurance, to have the Mor�gage Insurance term�nat�d automatica�ly, andlar to rece��e <br /> a refund vf any�Viortgage Insurance premiums tha�w�re unearned at the time af such <br /> cancellat�on or terminat�on. <br /> 7'1. Assignm�nt of Miscellan�ous Proceeds, Farfeiture. A�� Mis�e��aneous ProCeeds are hereby assigned ta <br /> and�ha��be paid�o L.ender. <br /> If�he Pra�erty �s da�maged, such Miscel�aneous Pr�ce�ds shall b�app�ied to re��oratxon or repair of�he <br /> Property, �f the r�storatian ar repair�s ec�nan�uca��y feasi��e and Lender's securit��s nat lessen�d. During <br /> such repa�r and rest�ration periad, Lend�r shall have�he r�ght�o hold such Miscel�aneaus Proceeds until <br /> Lend�r has had an apportun��y to inspect su�h Property�o ensure the work has be�n comp��ted�o I�nder's <br /> NEBRASKA-Singte Farnily-�annie Ma�IFr�ddie MaG UNk�QRM INSTRUM�NT �o���a�s��o� <br /> VMP(] VMP��NEy��342� <br /> Wolters K�uwer�inanciaf 5er����s P�9�9 0��7 <br />