201406160 - Laserfiche WebLink

Browse

��14��1�� con��nue��pay�o Lend�r�he amount of the separa�el�r designated payments tha�vvere due vvhen the insurance covera�e cease��o be in eff�ct. Lender wi�� accept, use and r��ain th�se pa�ments as a nan-refundable Ioss r�serve in Iieu of Mortgage�nsurance. Such loss reser�e sha�i be non-refundab�e, n�tv�ithstand�ng�he fac�that�he Loan is ul��mately pa�d in fu11, and Lender sha1� not be required to pay Borrower any �n�erest or earnings on su�h loss reser�e. Lender can no Ianger r�qu�re loss reserve payments if Mor�gag�Insurance cfl��ra�e �in the amount and for�he period that Lender requires}provided by an xnsur�r selected by Lender again�ecomes avaiia�ie, �s�btained, and Lender requires separatei� designated pa�ments toward the premiums for Mar�gage �nsurance. �f Lender required Mor��ag� insurance as a candi�ion of n�aking th� Loan and Borrawer was required to make separately des��na�ed payments tnward the premiums for Mortgage�nsurance, Barrower sha�I pay�he premiums required ta main�ain N�or�gage �nsurance in effec�, or�o pro�ide a n�n-refundab�e Ioss reser�es unt�� L.ender's requiremen�for Mor�gage Insurance ends in accordance w�th an��vri�ten agreement be�v�een�orrow�r and Lender pr�v�ding for such termination or unt�l terminat�nn�s required by Applicab�e Law. Nathing in th�s Sec��an �D affec�s Bflrrower's obiigation to pay �n�eres�at the rate pr�vided in�he No��. Mor�gage �nsuranc�reimburs�s Lender�or any ent�ty �hat purGhases the Note} f�r certain�oss�s i�may �ncur if Borr�wer does not repay the Loan as agreed. Borrower is na�.a party �o the Mortgag� �nsuran�e. Mor�gage insurers evaluate their�ata� risk on al� su�h insurance in force fr�m�ime to�im�, and may en�er �nto agreemen�s v�r��h�ther par�ies�ha�share or madxfy their risk, or reduce�osses. These agr�ements are on terms and c�ndit�ons�hat are sa�isfactory to the mor�gage�nsurer and the other par�� ar par��es} �o�hese agreements. These agreements may require the mor�gag��nsurer��make pa�ments using any sour�e of funds tha��he martgage insurer ma�hav�a�a�lable�which rnay �nclude funds obtained from Mortgage Insurance premiums}. As a resu��of�hese agreements, Lender, any purchaser of the No��, an��her insur�r, an� r��nsur�r, an�a�h�r �ntity, or any aff�liate�f any�f�he foreg�ing, may recei�re (d�re��I�or�ndirectl�} amoun�s tha�deri�e fr��m �ar migh�be charac�eriz�d as} a por�ion of Borrower's paymen�s for Mortgage�nsurance, in exchange for sharing or mod�fying�he mor�gag�i�surer'� risk, ar reduc�ng Iosses. If such agree�men�pr�vides that an af�I�ate o�`Lend�r�akes a share of the insurer's risk in e�change for a share of the premiums paid to�he insur�r, the arrangemen�is often termed "cap��re re�nsuran�e." Further: �a� Any such agreements w�ll not affe�t the a�nounts that Barrower has agreed to pay for Martgag� Insurance, or any o�her��rms of the Loan, Such agreemen�s wiil no�increase�he am�ount Borrv��er wil�owe for N�or�gage Insurance, and�h�y w��i not entitle Barrvwer to any refund. �h� Any such agreements�v��l not affec��he rights Borrower has W if any�w�th r�spec��o the Mor�gage Insurance under the Homeo►��ners Pro�ection Act of 1998 ar any a�her�aw. These r�gh�5 may include the right to recei�e cer�a�n d�scio�ures, to request and obtain Cancella�ion of the Mor�gage Insurance, �o ha�e the Mor�gage Insurance terminated aut�maticaliy, andlor ta receiv� a refund�f any Mor�gage Insurance prem�ums�hat ��vere unearned at�he time of such canc��a�ion ar�erm�nat�on. ��. Assignment tif IV�iscellanevus Proceeds; Forf�iture. A�� M�scellaneous Proceeds are hereb� assigned t� and shail be paid ta Lend�r. �f the Property is damaged, such Misce�lane�us Proce�ds shall be applied�o rest�rat�on or repair af�h� Proper�y, if the restorat�on or repair is ec�nomica�iy feasib�e and Lender's security �s not�essened. During such repair an�.restoration period, L.�nder shali have�he right to�o�d su�h M isce�Iane�us Proceeds unt�I Lender has had an oppor�unity�o inspe��such Proper�y t�ensure�he work has been c�mple�ed t� Lender's NEBRASKA-5ingle�amily-Fannie MaelFreddie Mac UNtF�RM INSTR�MENT �vr:n 302$�1�'f VMP Q VMP6�NEf['�3�2y Watters KEuw�r�inan�iai 5er�ices Page 9 of'�7