201404601 - Laserfiche WebLink

Browse

j ��14�4��1 continue�o pay�o Lender the arn�unt of�he separat�ly designated payments�hat were due v�h�n the xnsurance c�verage c�ased to be in effect. Lender will accept, use and retain these payments as a non-refundab�e loss reserve in�ieu of Mor�gage Insurance. Su�h Ioss reser�e shal�b�non-refundable, notwi�hstanding th�fact that the Loan.is u�timate�y�a�d�n fu�l, and Lender shall na�be required�o pay B�rrower any �nteres�or earnings on such lass reserve. Lender can n�longer require lass reserv�paymen�s �f Mor�gage Insuranc�co�erage�in the am�un�and for�he period�hat Lender requires�provided by an xnsurer select�d by L�nder again be��mes ava�lab�e, �s�btained y and Lender requires separa�ely designated payments t�ward�he premiums far M�r�gag�Insurance. If L�nder required M�r�gage�nsurance as a candi��n�f making�he Laan and Borr�wer was requ�red ta mak�separately des�gna��d paym�nts toward the premiums for Mar�gage Insuranc�, B�rrov�er shal�pay the pre�niums required�.o ma�n�a�n Mar�gage �nsurance�n eff�ct, or to pro��d�a non-refundabl�loss reser�e, unt�I I..�nder's requ�remen�for Mar�gage �nsuranc�ends �n accordance v�ith any wr�tten agr�ernent�etwe�n Borrow�r and Lender providing for such termina�ion or unt��termina�ion is required by Appliea�le Lav�r. No�hing �n thi� Sec��on ��affects Borrower's obl�ga�ion ta�ay in�erest a��he rate provided in the Not�. Mor�gage Insuran��r��mburses L.�nder�or any e�.t�ty tha�purchases the No�e} for c�r�ain losses it ma�r incur if Bnrrflwer does no�repay the L�an as agreed. Borrov�er is no�a party�o the Mor�gag�xnsurance. N.�ar�gage insur�rs e�a�ua�e�he�r�atal risk nn all such�nsurar�ce in force from time�a time, and may enter into agreemen�s w�th other part�es tha�share or m�dify�hexr r�sk, or reduce losses. Thes�agreem►en�s are fln �erms and c�nditians that ar�satisfactory to��e n�.or�gage insur�r and the other party �or parties}�o�hese agreements. Thes�agreements may require the mor�gage insurer to make paym�ents using any sourc�of funds tha�.�he m.or�gage xnsur�r may hav�a�a��able�whi�h may include funds obta�ned from Mor�gage Insuranc� p remiums}. As a resuit�f these agreements, Lender, any�urchaser of�he No��, ano�her insurer, any reinsurer, an�o�her en.�ity, or any aff��ate of any�f the faregoing, ma�rece�ve�direc�iy�r indire�tly} amaunts tha�der�ve from �or might�e charac�er�zed as} a por�ian of Borrower's payments far Mor�gage Insurance, in exchange f�r s�aring�r moc�ify�ng��e mor�gage insurer's r�sk, or reducing iasses. �f such agre�men�pro�it�es��.a�an af��ia�e of Lender takes a share of�he�nsurer's ris��n ex�hange for a share of the prem�unls paid to the �nsurer, the arran�emen�is of�en��rmed "captive reinsurance." Fur�her: �a� Any such agreemen�s wil�nat affec�the amounts that Borrow�r has agreed to pay for Mortgage Insurance, or any oth�r terms of the Loan. Such agreemen�s wi�l not�ncrease the amount Borrower wi�l awe for IVlor�gage Insurance, and they wii�no�entitie Borrawer to an.y refund. �h} Any such agreements wx�I nat affec�the righ�s Barrawer has -if any -with respe�t to the Mortgage Insurance under�he Homeowners Protect�an Act af 19�8 or any other�aw. T�ese r�gh�s may inc�ude the right�o rece��e cer�ain d�sc�osure�, to request and ob�ain cance��ation of the Mor�gage Insurance, ta have the Mortgage Insurance terrninated automaticaily, andlor to receive a refund�f any Mor�gage Insuran�e�r�miu�ns that were unearned at the time of such cancel�ation or termina�ion. �'i. Assignment of �is�ellane�us Proceeds; Fv�feiture. All M�sce�laneous Prac�eds are here�y assxgned to and shall �e paid�a Lender. �f the Praper�y is damag�d, such Miscel�aneous Proc�eds sha11 be app�zed to res�ora�i�n ar repair of�he Property, if�he rest�ra��an�r repair is ec�nomica�ly feasi��e and Lender's security xs n��essened. During such repair and res�ora��on per�od, Lender sha�1 hav�the r�gh��a ho�d such Miscel�aneous Proceeds un�il Lender has had an apportun��r ta inspect such Prop�rt�to ensure the�ork has be�n cnmpleted to Lender's N�BRASKA-5ir�gle�amily-�annie MaelFreddie MaG UNI�aRM lNSTRUMENT Form 302$11�1 VMP O VMP6�NE}{13Q2j Woiters Ktuwer Finan�ial 5er�ices Page 9 of'�7