201500011 - Laserfiche WebLink

Browse

��15��11 continue to pay ta Lender the amount of t�e s�parate�y desi�nated payments tha�were due whe�n the insurance cov�ra�e ceased to be in ef�ect. Lender w�ll a�cept, use and retain these payme�ts as a nan-refundable lvss r�ser�ve in lieu of Mortgage Insuranve. Such lvss rese�ve sha�l be n�n--refundable, natwithstanding th�fact tha�the Loan is ultimately gaid in fu11, and Lender sha11 not be required ta pay Barr�wer any interest or ear�aings on such loss resezve. Le�nder cat�na Ivnger r�quire��ss reseive payrnents if Mortgage I�ance coverage�in the am�unt and f�r the period that Ler�der r�quires)prov�ded by an insurer selected by Lend�r again becames a�ai.lable, is obta�n�d., and Lender requires separate�y desig�ated payrnents�oward the premiums for Mortgage Insurance. If Len�er required Mvrtgage Insura�nce as a eondi�ion of making the Laan and Borr�wer was requi.re�to make separately desi�nated payments tvwar�l the pre�miums for Mortgage Insuranre, B�rr�wer sha11 pay the premiums requued t�maintain Mortgage Insuranc�in�ffect, or t�pr�vide a n�n-refundable loss reserve, until Le�nder's requirement far Mortgage Insurance ends in accordance with any written a�reement betw�en Borrower and Lender pr�vidin�f�r such termination or until termination is required by App�icable Law. Nathing in this 5ection 1D afFects Borrower's obligation ta pay interest at the rate prov�ided in the Note. Mort�a�e Insurance reimburses Lender�or any e�ntity that pu�rchases the Note}for cer�ain�osses it may incur if Borrower does nat repay the Loan as agreed, Borrower is nat a party tv the Mor�gage xr�sLuance. Mvrtgage insurers evaluate their total ri sk an all such insurance in force from time ta time, ax�d may enter intv agreemexits with other parties that sh�re or madify their risk, or r�duce lasses. These agre�am�nts ar�on t�rms aald conditions tha�are sati sfactory ta the mort�age insurer and t�e other par��r parties]to these agre�e�me�ts, These agre�e�m�nnts may r�quire the mortgage�nsur�r to make payrnents using any source of funds that the mart�age insurer m�y have available(which m.ay include funds obta�ned from M�rtgage�nsurance prenziums). As a result of these agre�ements, Lender, auy purchaser of the No��, anather insurer, any reinsur�r, any other en�ity, or any affiliate of any nf the f�reg�ing, may receive{direc�tly or indirectly}amounts that denve from �or might be chara.c�eriz�ed as�a portion af Barrawer's payments for Martgage Ir�surance, in exchange for sharin�or mo�lifying thhe martgage insurer's risk, vr redu.�ir►g�osses. If such agre�em�nt prvvid�s that an a.�iliate af Ler��er takes a share of the insurer's risk in exch,ange far a share of the premiums paid t�the insure�r, the arran�eme�t is aften termed"�aptive reinsurance." Fur�her: ta} Any such�greements wi�i nvt affect the am�unts tbat Borrower ha�agreed to pay for Mortgage Insurance, ar any other terrns af the Loan. Such�greements wi�l nvt increase the amount Borrower will owe fQr Mortgage Insur�nce, �nd they will not entitle Barrower to�ny refund. �b} Any su�h agreemients will not affect the rights Borrower has-if any-wi.th respect ta the Mortga�e Insur�nce under the I3omeowners Protection Act af 1998 or any other law. These right� may include the right to receive certain disc�osures, to request�nd obtain cancellat�on of the Mortga�e Insurance, to bave the Mortg�ge Insurance terminated�utvmati�lly, andlar ta recei�e a refund of any Mvrtga�e Insurance prerniums that were unearned at the tim�af such can�ellation ar terminatian. 'I'I. Assignment �f !IA�sCe#�aneous Proaee�s; Fvrfe�ture. All Miscel�ax��vus Pr�ceed.s are hereby assigned to and shall be paid to Lender. If the Prop�rty�s damaged, such Mis�e��aneaus Proceeds shall he applied tv restorativn or repair of the Praperty, if the restoration or repair is economi�ally feasible aud L�nder's security is nat Iessened. During such repair a�d r�storatian period, Lender shall have the right to bold such Mi�cellaneous Pr�ceeds unt�l I,�der has had an oppvrtunity to in.spe�t su�b Propert.y to ensure the work has heen camplet�d to Le�n�ler's 23�D353487 D V�NE NEgR►45KA-SinQle Femity-Fannia MaelFreddEe Msc UNIF�RM IN5TRUMENT Fvrm 3d2g 11D1 VMP(�} VMPB{NE}�13DZj Wvlter$Kluwer Financial 5en►ices Pape 9 v#17