201403142 - Laserfiche WebLink

Browse

��14�314� continue�o pay to L.ender fihe amaun�of�he separatel�designated pa�xnent�that were due when the �nsurance coverage ceased�o be in effec�. Lende�r w�ii accept, use and retain these pa�ments as a non-refundable loss rese�-v�e�n l�eu of Mor��ag� �nsurance. Such �oss reserve shall be nonµrefundab��, nat�nr�ths�anding the fact�hat the Loan�s u��xma�e�y paxd in full, and Lender sha11 not b�required�o pay Borrovver any interest�r earn�ngs on such�oss reserv�. Lender can no�onger r�quire lass reserve payrnen�s �f Mor�gage Insurance co�era�e�in�h�amaun�and far the period that Lender require�}pravided hy an �nsurer selecte�by L.ender again becomes a�a��ab�e, is ob�ained, and Lender requires separately designat�d payments toward the prem�ums far N�or�gage�n�urance, If I.�nder requ�red N�ortgage Insuran�e as a cand��ion of making th�Loan and Borr�v�er was required�o make sepa�ra�e�y designated payments�oward t�e prem�ums for Mortgage�nsurance, Borrnwer shall pay the premiums required�o main�ain Mor�gage �nsurance in effec�, or�a provide a n�n-refundab�e loss res�rve, untii Lend�r's requxremen�for Mortga�� �nsurance ends �n accordance with any writ�en agreernent between Barr�wer and Lend�r prnvid�ng for such t�rm�na�i�n�r unt�l�erminatian is required�y Appl�ca��e Law. Nothing in�his Sect�on ��affects Borrower's o�liga�ian t�pay interest at�h�ra�e prflw�ded in��e Na�e. M�r�gage Insuranc�reimburses Lender�or any ent��y�ha�purchas�s�h�Note} for certa�n Iasses it ma� incur �f Barrower daes no�repay�he Loan as agreed. Borrower is not a pa�y��t�.e�Vlor�gage Insuranc�. Mar�gage insurer�e�raluate�he�r total risk on a11 such insurance in force from�ime to�ime, and may e��er in�o agreements with other par�ies tha�share or mod�fy the�r r�sk, or reduce losses. These agreemen�s are�n �erms and c�nditions tha�are sa��sfactory��the znor�gage insurer and the other party�or par�ies}�a thes� agreements. These agre�m�n�s may requ�r�the m�r�gage insurer�o make payments using an�sour�e of funds that the mor�gag�insur�r may ha�e a�ai�ab�e�which may �n��ude funds abtained from Mor�gage Insurance prem�uxns}. As a resu�t of these agreexnents, Lender, any purchaser of the N��e, another insurer, any reinsur�r, any other en�i�y, or any af�lia�e of an��f th�f�reg��ng, ma�rece��e�d�rect�y or indirectly} am.nunts that derive from (or migh�be character�zed as} a p�r�ifln of B�rrower's payrnen�s for Mor�gage Insurance, in exchange for sharing or madify�ng�he mflr�gage�nsurer's risk, ar reducing lfls�es. �f suc�.agreement pro�ides tha�an affiliate of Lender take� a�har��f�he insurer's risk in exchange for a share af�he premiums paid�a�he insur�r, the arrangement is often termed "�aptive re�nsurance." Fur�her: �a� Any such agreemen�s wi��not affect the amoun�s that Borrower has agre�d to pay far Mvrtgage Insurance, ar any ather terms of the Laan. Such agre�m►ents will not�ncrease the arnount Borrower w��l awe for Mor�gage Insurance, and they►wi��no�entitle Borrower ta any refund. �b} Any such agreem�nts w��no�affec�the r�ghts Borrower has -�f any�wxth respec�to the �Vlortgage Insurance under the�-Iaxneflv�ners Protection Act of 1998 or any other law. These r�ghts may include the r�gh�to recei�e�ertain disclasures, to requ�s�and obtain cancelXat�on�f the Martgage Insurance, to ha�e the Mortgage Insurance terminated au�omatically, andlor to recei�e a refund of any Nlortgage Insurance prem�ums that wer�unearned at the t�me of such cancel�a�ion ar terminatian. �'!. Assignment vf Misce��an�ous Proceeds; Fo�rfeiture. A�� N��scel�ane�us Pr�ce�ds are hereby ass�gned�� and s�al�be paid t� Lend�r. �f the Proper��s damaged, such Miscellane�us Proceeds sha��be app�ied to restorat�on�r r�pair af�he Property, �f�he restora�ion or repa�r�s ec�nomica�iy feasibl�and Lender's secur�ty is no�1ess�ned. During su�h repa�r and r�sfiora�ion period, Lender sha��ha�e the right t�ho�d such M�scel�aneaus Proceeds un�il L�n�er has had an�pportuni�y to i�spect su�h Pr�per�y ta ensure�h�work has been completed t� Lender's N�gRASKA-Singl�Family-Fannie Mael�reddie Mac UNI��RM INSTRLIM�NT Form 3�2$114'i VMP[� VMP6=N�}{7 34Z) Wolters Kluw�r Financiaf Ser�ices Page 9 of 17