201407825 - Laserfiche WebLink

Browse

��14�75�5 c�n�inue to pay�o Lender�he amoun�of�he separately des�gna�ed paymen�s that were due when the �nsurance caverage ceased to be in effect. Lender w�11 accep�, us�and reta�n�hese paymen�s as a non-refundabie loss reser�e in l�eu of M�r�gag��nsurance. Such�oss res�rve shail be non-refundabl�, no�withstandxng the fac��hat the Laan is ult�ma�ely paid �n fuil, and Lender shai� not be required to pa� Borrow�r any �nteres�or earr�ings an such loss reserve. i.,end�r can no long�r requ�re Iass reser�e paym�nts if N�or�gage Insuran��coverage�in�he amoun�and for th�per�od�hat L,end�r r�qu�res}provided�y an �nsurer se�eGted by Lender a�ain hecomes a�ai�able, is obtained, ar�d Lender requ�res separa�ely desi�nated paym�nts �o�nrard the premuum.s for Mor�gage�nsurance. �f Lender required Mar�gage Insurance as a condi��on of mak�ng the Loan and Borrower was requ�red to make separate��designated payments taward the prem�.ums for Mortgage Insurance, Borrow�r shall pay the premiums requ�red�o m.a�ntain N�or�gage �nsurance in�ffect, or�o prnvide a non-refundable loss reserve, untii Lfender's r�qu�remen�far Mortgage �nsuranc�ends in accordance w�th any wri��en agreement be�v�r�en Borrov�er and Ilender providing f�r su�h term�na�xon tir unt�� terminat�on is requ�red b�App�i�able Lav�. Nothing �n�his Secti�n 1D affec�s Borrower's obligat�on t��ay interest at�he rate pro�ided in the Na�e. Mortgage �nsurance re�mburses Lender�or any en��ty that pur�hases�he Nn�e} for cer�ain�osses it ma�in�ur if Borrower daes not repay the Loan as agreed. Borraw�r is no� a par�y to�h�N�or�gage rnsurance. M�rtga�e insurers e�aluat�the�r total risk�n a�I such �nsurance in force from time�o�ime, and may�nt�r into agreements with�ther part�es that share or modify the�r r�sk, �r reduce�osses. The�e agreements are on �erms and cond��ions that are satisfac�ory��h�mor�ga��nsurer and�he o�her par�� or parties}�o t.hese a�re��m.en�s. These agreements may require�he rnor�gage insurer to make paymen�s using any source af funds �hat the mor�gag�insurer may ha�ve a�va�lable�wh�ch may in�Iude funds ob�ained frorn Mortgage�nsurance prem�ums}. As a resu�t tif these agreements, L.ender, an.y pur�haser af the No�e, anather insurer, an� re�nsurer, any oth�r �n��ty, or any aff�l�ate af any�f the foregoing, may receive�d�rectly or�ndirec�ly} amounts tha�d�ri�e from �or might be character�zed as} a por�inn of Barr�wer's payment� f�r Mor�gage Insuran�e, �n ex�hange for shar�n�or modify�ng the mor�gage�nsurer's risk, or reduc�ng �osses, �f such agreement provides that an af#��I�a�e of Lender takes a share of the insurer's risk in e�.change for a share�f the premiums pa�d to the insurer, the arrangement is often�erm�d "cap�i��re�nsuran�e." Fur�her: �a} Any such agre�m.ents w��not affec�the amoun�s�ha�Borrower has agreed to pay for Mor�gage In�urance, or any ather terms of the Loan. Such agreements w��no��ncrease the amoun� Borrower wil�o�e for Nior�gage Insurance, and�hey�iil no�entit�e Borrawer to any refund. �h} An�such agr�emen�s w��not affect the r�gh�s B�rrower has-if any-with respect to the Mor�gage InSurance under�he IIomeowner�Pro�ection Act of 1995 or any oth�r law. These rights xnay inciude the right�o recei�e cer�a�n disclosures, �o request and ab�a�n cancella�ian of the Martgage Insurance, ta have�he Mortgage Insurance termina�ed automat�cally, andlor tv recei�e a refund af any Mortgage Insurance pr�miums that were unearned at the t�me af such canceiiat�an or terrnination. 11. Ass�gnment of M�sce�laneous Proceeds; Forfe�ture. All Miscellaneaus Proceeds are here��assigned to and shali be paid to L�nder. �f�he Proper�y �s damaged, such Misce��aneous Proceeds shal�be app�ied to res�orat�on or repa�r of the Proper�y, if the restora�i�n or repair is eConomicall�feasi��e and Lender's security is no��ssened. During �uch repair and restoration period, Lender shall hav��he right to ho�d such Miscellaneous Proceeds unti� Lender has had an�pportunit�r to inspect�uch Pr�per�y�o ensur�the work has been comple�ed�o Lender's NEBRASKA-Single�amily-�annie MaelFreddie Mac UNlfiQRM lNSTRUMENT Fvrm 3DZ8 110# VMP Q VMP6fN�y�i 3�2} Wolters Kluwer�inancial Ser�ices Page 9 of�7