201406053 - Laserfiche WebLink

Browse

��14��53 continu��o pa� �o Lend�r the amount of the separately designated paymen�s that v�rere due when�he �nsurance co�erage ceased to be in�ffect. Lender wil� accep�, use and retain these pa�ments as a non-refundabie�oss reser�e�n��eu of N�ar�gage�nsurance. Such lass reserve shall b�non-refundabl�, no�wi�hstanding the fac�that�he Loan is ul�ima�e�y paid in fuli, and Lender shall not be required to pay Borrav�er any �nter�s�ar earn�n�s�n�uch��ss reser�e. Lender can no long�r r�qu�re�oss reser�e payments if Mor�gage Insurance co�erage��n the amount and for�he p�r�od tha� Lender requir�s}pr�vid�d by an insurer selected by Lender aga�n becom�s a�ai�ahle, is ob�ained, and Lender require� separa�el�designa�ed pa�ments tov�ard the prem�ums for M�r�gage�nsurance. If Lend�r requir�d �Vlor�gage�nsurance as a condition of mak�ng th�Loan and Borraw�r v�ras requ�red �a make separately designat�d payments toward the premiums for Mor�gage�nsuran��, Borrower shall pay the premiums required�o maintain Mor��age �nsurance in effect, flr to provide a non-refundable�oss reserve, un��1 L.ender's requ�rement for Mor�gage �nsurance ends in acc�rdan�e wi�h any wri�ten a�reement h�tween Borrower and Lender pro�id�ng f�r su�h termina�i�n ar until�er�m�na�ion�s requ�red by Applicab�e Lavv. Nothing in this Section 1�affects Borr�vver's obligation�a pay interes�a�the rat�prov�ded �n�he No��, M�rtgage Insurance r�imburses Lfender(or an�entity �ha�purchases the No�e} for certa�n�osses �t may incur if Borrower does na�repay�he Loan as agreed. Borrov�rer is no�a party to�he Mor�gage Insurance. Mor�gage insur�rs e�alua�e their�flta� r�sk on alI such �nsurance in force from tzme to�ime, and ma�en�er into agreem�n�s v�►r�th o�her parties�hat share or madify the�r r�sk, or reduce lass�s. Thes�agreements ar�on terms and condi�ions that are sa�isfaetory�o�he mor�gage insurer and the o�her part� ��r par�ies} to these agreemen�s. These agreements may require�he mor�gag� insurer�a rnake paymer��s using an� source af funds that the mortgage insur�r may have a�ax�a�Ie�which rnay include funds abtained frflm Mor�gage�nsurance premiumis}. As a result of these agreem�nts, Lend�r, any purchaser of�he Nate, another�nsurer, any reinsurer, any o�her en�ity, or any af��ia�e of any of the foreg�ing, may receive �direc��y�r indirec��y} amounts that der��r� frflm �or m�ght be character�zed as} a por�xon of B�rr�v�er's paymen�s for Mor�gage�nsuran�e, in e�chang�for sharing or m�dify�ng the mortga�e insurer's r�sk, or redu�ing �osses. If such agreen�.ent pro�vides that an affiliate of Lend�r takes a shar�of�he insurer's r�sk in exchange for a share of the prem.i.um.s pa�d�o�h� in�urer, �he arrangemen�is often�ermed "cap�i�e reinsurance." Fur�h�r: �a} An�su�h agreemen�s«ili na�affe�t the amoun�s�hat Borro�ver has agreed�a pay for�Viortgage Insurance, ar any a�her terms of the L�an. Such agreem�n��vii�na�increase�he amount Borrower w�l�ov�e for Martgage Insuran.ce, and th�y wi�l nat en��le Borrower to any refund. �h� An�such agreements wi��no� affect the righ�s Borrovver has��f any �witih respe�t ta�he Mortgage Insurance under�he Homeowners Protecfion Ac�af 1998 or any other law. These rights may in��ude�he righ�to receive cer�a�n disclosures, to reques�and ob�ain cance��a��on of th� Mortgage Insurance, �a ha�e the Martgage Insurance ternn�nated automatically, andlor ta re�e�►ve a refund of any�Vlortgage Insurance premium.s tha� ►were unearned a�the time of such cancel�at�on�r termina�ion. '['1. A�signment ❑f N�isce�lane�us Pr�ceeds; Fvrfeiture. AII M�scel�aneous Pro��ds are hereby assigned�o and sha��be pa�d to Lender. If the Proper�y �s damaged, such M�scellaneous Proceeds shall be applied �o restoration ar repair of�he Prop�r�y, if the restora��an or repa�r is economu.cal�y feasible and L.ender's securi�y is no�Iessened. During such repair and restora��n per�nd, Lender shal�have the r�gh�to ho�d such Misceilane�us Proceeds unt�l Lender has had an�ppo�unity�� inspect such Proper�y�o ensure the work has b�en compl��ed to I.�nder's N�BRA5ICA-Singie FamiIy-�annie Mael�reddie Mac LINIFQRM INSTRUM�NT Form 3fl28 11�7 VMP� VMPfitNEf[1302f Walt�rs Kl�wer Financial 5er�ices Page 9 of 17