Laserfiche WebLink
��14�5�1� <br /> ��14�4�54 <br /> �ontinue to pa��to Lender�he amoun�of the separately desi�nated payments that were due vvhen the <br /> insurance covera�e�ea�ed to be in effect. I.ender��il� a��ept, use and retain these payments as a <br /> non-refundab��l�ss reser�re in Ii�u of Mort�age�nsurance. Su�h I�ss reser�re sha�l be non�refundables <br /> not�ithstar�ding the ia�i tl�a� t��e Laan is ultimate�y pai�in fi��l y and L.�nder shall nat be required to pay <br /> �orrower any interest o�earnings an such loss reserv�. Lender�an no Ion�er require�oss reser�e�aymen�s <br /> if Mor�gage Insurance coverage�in the amount and far the pe�iod ihat Lender requxres}prQvided by an <br /> insu�r�r selected b� Lender a�a�n b�comes availab�e, is abtain�d, and Lender requ�res separately desi�nated <br /> ` payments�oward the pr�m�ums for Mor�gage l�n�uran�e, �f Lend�r requxred Mor�gage�n�surance as a <br /> condi�ion of making the Loan an�Borrower was requ�red to make separately designated payrnents taward tl�e <br /> premiums for Mor�gage�nsurance, �oxro�uer shall pa��he pr�miums r�quired to maintain�ortgage <br /> Insurance in effec�, or to pra�ide a non-refundab��lass reserv�, unti� Lender's requir�ment fflr Mor�gage <br /> Insurance ends in a���rdanee with any written a�reement�etween Barrawer and I.ender providin�f�r such <br /> terminatio��t�r un��� ter���ina�ion�s r�quired by Appl�cabie La��. Nathing�n th�s Sec�ion lfl affec�s <br /> �3o�-rower's ab�igation to pay interest a��he rate pro�rided in the Nate. <br /> Mor��a�e�nsurance reimburses �:n�er�o�an�entity tha�purchases the Iva��}f�r certain�oss�s it may incur <br /> �f B�rrov►rer does no�.r�pa�r the Laar�as agre�d. B�rrou�er is no�a par[�ta the Mortgage�nsurance. <br /> Mor�gage�nsur�rs��aluate�heir total risk an al�such insuran�e in force fr�m t�me to�ime, a�r�d may�nter <br /> into agr�ements with other par�ies tha�shar�or modif� ihe�r risk, a�r reduce��sses. Thes�agr�ements are an <br /> ��rms and�onditi�ns that are�at�sfactor� �o the mor��a�e insurer a��d the o�her par�y�or part�e�}�.o�h�se <br /> agreements. Ti��se agreements may require the mortgage insur�r to make paymen�s usin�any source of funds <br /> that the mart�age insurer may hav�availabl���h�ch may inc�ude funds obtained fram N��rtgage Insu�anc� <br /> premiums}. <br /> As a resul�of these agr�ement�, Lender, any purchaser�f�he Note, another insurer, any reinsurer, any other <br /> en�it�, ar an�r affiiiate of an�of�he foregoin�, may rece�ve�direct�y or indirec���}amounts that deri�e�'rom <br /> �or m��ht be�harac�e�-ized as�a port�an of Borrovver's payments for Mortgage�nsuranc�, �n�xchange for <br /> sharing or modifying the mortgage insurer's risk, or reducing �osses. �f su�h ag��ement prov�des�ha�an <br /> af��iiat�of L.�nder takes a sha�re�f the irisurer's�risk�n exchange for a share af the premiums paid to�he <br /> insurer, the arran�ement is often termed "captive reinsurance." Further: <br /> �a� Any such agreemen�s��ri��not affec��he amoun��that�orr���er has agreed to pa3T fvr�or�gag� <br /> In�urance, or an�a�her�erms of�he Loan. Su�h agrecments��vx��no�increase fhe am�un� <br /> Borro►��cr►��i�l o�ve fo�r�Vlar�gage Insu�ance, and the�w���nv�en����e�orro►�ver��any refund. <br /> �t�� Any suCh agreemen�s��ill no�affec��he rights I3orrow�r has-iF any�-r�vi�h respec� tv�he <br /> �or#gagc Insu�rance under thc Hvm�Qwners Pra�ec�ian Ac� af��9$�r any a���er�aw. These righ�s <br /> may�nclud��hc righf to re�e��e cer�ain disc�vsure,5, tv request and ob�ain can�e�la�ion af t�e <br /> Mar�gage Insura��ce3�o hav�the Mortgage�nsurance terminated automat�e�liy, andlor�o rece�vQ <br /> a refund af any Mar�ga�e Insurance premiums�ha���ere unearned a�the time of such <br /> �anc���a��an or�ermina��on. <br /> ��. Assignmen� �f M�scel�aneous Pr�ceeds; Farfeiture. �1I�Miscel�aneous Proceeds are h�reb� assigned ta <br /> and sha���e paid to I,ender, <br /> �f the Proper�y is dan�aged, such Misceilan�aus Proceeds sha�i be applied ta �res�oration or repair af�he <br /> Praperty, �f���e res�oratian or repair�s economicaliy feasib�e and L���d�r's security is not lessened. �]ur�ng <br /> su�h r�pair and re�to�a�ion period, Lender shail have the righ�to ho�d su�h Mis�e�laneous Pro��eds unti� <br /> Le��d�r�aas had an o��artunity to inspec�suc�Prflper���o ensure�he wark has b�en c�mpleted to Lender's <br /> N�g�iASKA•Singl��ami�y-Fannie M�elFreddi�M�c tJNI�dRM€NSTRUM�NT Farrn 3D2$114i <br /> VMP C�; VMP�i�N�p�'�3�2} <br /> Wv�ters Kf�wcr�inancia�S�ryices Page 9�!1 T <br />