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201407587
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Last modified
7/20/2017 10:09:29 PM
Creation date
12/2/2014 11:39:23 AM
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201407587
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��14�7557 <br /> Insu�-ance previous��� i�� effect, a� a cos�subs�a.z��i�l��� equi�Ta�en1�to th� cos�to B�rr�ower of the Mor�ga�� Insuran�� <br /> previ��.�sly in eff�ct, f.rom ar�a��er�a�e mc�r��age insur.er seIec��ed b� .Le�der. If subs�a.n��ally= e�u��a�en� Mo.rt�a�e <br /> Insurance caverage is not ati•�ilab�e, Bo.rro���r s�al�con�inue��pay�a Lender���e amoun�of t�e separa�el�de�igz�ated. <br /> pa��ments thafi were due«�hen th.e i��surance cover�.ge c�as�d�a be�n eff�c�. Lend�r�v�ll accep�, use an�.re�ain thes� <br /> pay�n.en�s as a nan-ref�.�ndable lass r�ser�e in���u�f M�}r��abe�r�surance. �u�h �as�rese�-ve shall be non-refunda�ble, <br /> notv������standii��;�he fac�thdt�he L�an is��iti�nately�aid�r�full, ���d L�nder shall not be required�o pa�Bo.rra��r an�� <br /> ����eres��r earnin�s on su���loss reser�e. Lender can no�on�er re�uire lass reserv�pa�ments�f Mar��a�e �nsur�.nce <br /> ���erage�in �he a�na��n� and fnr the period thaf���n�ler requires}p�•�v�ded by ar� ins��rer �e�e��ed �y Lender agai�� <br /> �ecomes avai�ab�e, is ob�a�r�ed, and L�n�.er requ�res se�arately d�s���ated pay�-�en�.� �o��ar� the pre�x�iu��s far <br /> Il��rtga�e �nsura��ce. �.f Lender reyui�•ed 1'+I�ort�a�e I�sura���e as a c����di�ion c�f makin�the Laan and Bor�-o�rer r��as <br /> re�uirec�to��ake separatel�c�esi�natecl paymen�s�o��vard th�p�-erniums fo��Mor�ga�e�n�uran�e, Barrati�er s�a�l paW <br />- th�pre�niums required to mai�tain Mort�;a�;� Insuranc�in effect, ar t�pr��•�de a rion-refundable loss res��-��e, un�i� <br /> Lende�•`s requi.re�nent for Mar��a�e��Zsuranee enc�s�n a���arda�ce w��h any��vr�#�en a�ree�nen�be�ttiveen B�r.r�v��er and <br /> �end�r providi�� for such termination or un�i� �errnina�ian is r�c�uired��r App�i�ab�� La�nr. No�hing �n�h�s S��c��on <br /> �� affects Borro��Jer's�b�iga�ion �a pa� �n�e�est ��the ra�e p�-��vided �n �he N�te. <br /> IU�€�rtbabe Insurance r�ir�burses Lende.r (ar any en��� that purcl�ases�l�e Note} far cer�ain lasses it may incur <br /> �f B�rrav��er d�es��at repay��e La�r��s a�ree�. Bor.r�wer i s��a�a���r�v ta the M.t}r�ga�� Insurai�ce. <br /> Mor��abe insu�-ers�va�ua�����eir���a� r�s���al� suc� �ns�ran�:e in far�e fram�im�to��me, and rnay enter ir�tc� <br /> a�reem�nts��v�th athe�-parties tha.�share o�-mad�.�� t��i��-is�f c�r redu�e�asses. T���se ag�-e���ents�.r�o� �erms and. <br /> c�ndi�io�s tha� are sa�isfac�a�-y �❑�he ma�•taa�e �r�s�re� ar�d��e o��e.r pa� ��r par��e��t�z�hese a��reen�rent�. T'hes� <br /> a�r�e��ents�na�re�u�.re�he���-tgage�.��s�.�rer�o make p�av�nents u�����an�sc�ur�e af fur�cis�ha��he mortgage�nsurer <br /> ma}�haue a�ailab�� �v�rhich may�nclud�funds ob�ained �rom Mor#�a�e I��s�urance premium.s}. <br /> As a result of th�se a�;r�e�nents, L�n�ier, a��purchase�•of the No��, ano�her insurer, any reinsurer, any o�her <br /> enti�y�, or anrr aff lia�e of any af�he foregoin�, may rec�ive�dire��lv or iridirectly}amoun�s that ci�ri�e f�om�o.r mi�h� <br /> be characterazed as}a por#ion Qf Barrav�rer's payme�ts f`a�•I�or��age Insur�flce, in exchange far sha�-�.ng or modity�in� <br /> �he mor��age insurer's risk, or.reducing los�es. �f such aareen�e���pr��ides��a�ar�affi�iate af Lender takes a share <br />- Qf���e i��sure�•'s �-isk in exchang� f�r a s�are of the prer��iurns paid�o �he insurer, th� arranbemen�is a�ten�ermed <br /> "�ap�i��r�insur�pce." Further: <br /> ��� Any �uch �gr�e�n�n�s �i�� n�� �ffe�� th� am�u�ts tha� �B�rra�er I�as �gre�d to pa� f�r �a�tg�g� <br /> ��su�-�r��e, or any o�her�erra���f th�Lo�,�. S�ac�h agre��ents►��il� �ot��cr�ase�he���un� �3orr�wer v����� ow� <br /> f��- �a�r�gage ��sur����e, ��d �h�y v�ri�l ���ern�i��� �3Q�-ra��er t� �n�� ref��d. <br /> ��) Any, such agreea�e�ts ��i�l a�at a�feGt the r��h�s �arrower has- ��a�� - �v��h r�p�ct#��he��rtga�e <br /> i.�n5ur�n���nder the�om�e�v�vners.Prat�c��a� ,��#off:��9S v�-�n�•�ther l�w. 7��lese r�g�t5[�1ay�nCl�d��he a�i�h� <br /> t� re��i�?e �er�ai� �.�scl4��r�s, �� reque�� and ��ta�n �ar���l�����n �f �he N��rtg��e In�urance, ta ha�°e t�a� <br /> N�ortga�ge I��urance�erm�n�ted au��ma�ecal�y, �n�lor t€�r��e��v��r�fund�f a�y�ar��age Insuran�e prerr�ium� <br /> �h��w��re�n��rn�d at the�i�e�f such �a�eel����on ��r term�na�ian. <br /> �X. Ass�g���nt af N��s�����ne�us �'race�ds} Forfe��u�e. A�� ��sce�laneaus Praee�ds are hereby ass��;ned�� <br /> anc� shall be pa�d�o Lender. � <br /> �fthe Prapert��is dama�e�,such Mis�el�aneous�'ro�eeds shal�b�applie�.�fl r�st�rat��n�r re�air of�he Property; <br /> if�he restoratian ar repair �.s economical�� f�asib�e a�.d Lender's secu.r.i�y is not lessene�.. Dur�r�g such repair an� <br /> �-es�ora����� period, I�ender s��all ha�re �he Y-�b��t �fl hc�ld suc� lU��sce��aneo�us Pro�eeds �nti.l ��ender has had an. <br /> oppor�uni� �c� insp��;t such P�•opert��a epsure�he�var�has b�en c�mple���.�a Lender's sa��sfac�i�n, p�•a��ded�ha� <br /> such i��spec�ion shall b�u��d�rtaken p.rompt�y. �..ez�der ma}�pay for the r.epai.rs and�•�stara��on ir�a si�gle dis��.�rsemer�� <br /> or�n a series af pra��-e�s pa�ments as�he�ia�•k��co�np���ted. ����s�an a�r�ernr�nt is in�de in���ritin��r App���a�l� <br /> Laa�.requ�x-es i���eres�to be pa��an such Miscellane�us Pr�ceeds, Le��der shall���t b�r��ui.red to pa��Bar�•Q��e�-an�� <br /> in�er�s� o.r earn�ngs an such. Misce�laneous Pro�eeds. ���he resto�a��or� c�r r�p�ir is no� ecant��r�ical�� feas���� ar <br /> �,�nder's s�cur��y�vQu�d be�essened,the lu[isce��aneous Pr�ceec��sh�.��be applied�a���e sun�s secured bgr�h�s S�curi�� <br /> I��st�-u�n�nt, �he�her�r nat�hen due, ��i����he ex�ess, if an��, pa�d t�� ��orrav��er. Such N1i�cel�an�ous Proceeds sha�� <br /> he applied in the order p.rawide� fa.r i�� S���i�n�. .� <br /> NEBF�ASFCA-�Single Famiiy--Fannie II�Ia�lFreddie �iiac JNIF�RI111 INSTRl�I11iE�lT - �tl�ERS �����C�� <br /> Fo� 3�Z$ �1�� �age 8 0� �5 t�vww.r�ocmag�c.cvr� <br /> . <br /> � <br />
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