201501762 - Laserfiche WebLink

Browse

��15�17�� Any amoun�s d�sbursed by.Lender under th�s Sec�ion 9 shall become addxt�ona� deb�of B�rrower secured by this Securi�.y�nstrumen�. These amoun�s sha�� ear in�erest at the Note rate from the date of d�sbursement and sha11 be payab��, v�rith sueh ir��erest, upon no�ice frQm Lender to Barro�nrer requesting payment. If this Security Ins�rument is an a leasehold, B�rrovver sha�l comply�v�th all the pro�ris�ans of the�eas�. �f Borrov�rer acquires f�e title ta the Property, the l�asehold and the fee�itle shall not merge un�ess Lend�r agrees�o the merger in v�r�ting. . '�D. M or�gage 1 nsu rance� �f Ler�der required�Mortgage Insurar�ce as a coridi�ian of making the L�an, Bflrrawer shal� pay the premiums required to ma�ntain the Martgage Insurance in effec�. If, ft�r any r�ason, the Mortgage Insurance cav�rage required by L�nder ceases to be a�rai�able fram the mor�gage insurer that pre�iau�ly pravid�d such insurance and Borrower v�as requ�red tfl make separately designa�ed payments �ovtrard�he pr�miums for N.�ortgage Insurance, Borr�wer sha��pay the prem�ums requ�r�d to ob�a�n coverage �ubstant�a��y equivalent to the Mor�gage Insurance previously in effect, a�a cost substantia�ly equivalen�to �h�cost ta Borrovver af the Mor�gage�risurance prev�ously in effect, from an a�terna�e m�rtgage�nsurer s�lected by Lender. rf subs�antia�ly equivalent Mortgage�nsurance co�erage�s not available, Borrower shall continue�o pay ta Lender�he amount of�he separa�ely designa�ed paymen�s that were due when the insurance co�erage ceased to be in eff�ct. Lender v�ili accept, use and re�ain�hese payments as a non-refun�able loss reser�e�n 1i�u�f Mor��;age�nsuranc�. 5uch loss reser�re shall be non�-refu.x�dable, . notwz�hstand�ng�he fac�that the Laan is ultimately paid in fu��, and Lender sha1��not be required�o pay Borrov�er any �nterest ar earnings ori such 1�ss reser�e. Lender can no longer require�oss�r�ser�e paymen�s if Mortgag�Insurance c�verage(in the amaunt and for the period that Lender requires}prav�ded by ari insurer selec�ed by L�nd�r aga�n becomes a�a��abl�, i�obtaxned, and Lender requires separately designated payments t�.ward�he premiurns for Mortgage Insurance. �f Lender required Mor�gage�nsurance as a Gondition af making the Laan and Borrower was r�quired to make separately d�signated paymen�s��ward�he premiums far Mor�gage�nsurance, Borro�rer shal�pay the premiums required��maintain Mortgage Insuran�e�n effect, or t�pravide a n�r�-refundable loss reserve, until Lender's requirernent for Mor�gage Insurance ends in a�cordance vvith any v�rritten agr�em�nt betv�reen Borrov��r arid L�nder praviding far such termina�i�n ar until termina�ion is requ�red by App�icab�e Lavv. Nothing in�h�s 5ectian �� affec�s Borrower's ob�igation�o pay interest a�the rate pr�vided in�he Note. Mor�gage�nsurance r�imburses Lender�or any entity tha�purchases the Note} for ce�tain�osses �t may incur if Borrower dae�not repay the Loan as agreed. Borrower is na�a party to the Mortgage�nsura�ce. Mor�gage�nsurers evaluate the�r to�a1 r�sk on all such�nsura�nc�in force from time�o tim�, and may enter �nto agre�men�s v�rith oth�r par�ies that share or modify�he�r risk, �r reduce�osses.�.These agreements are on terms and condi�ions that are satisfac�ory to�he mortgage insurer an�the other party�or parties�to these agreemen�s. Thes�agreements may requ�r�the martgage �nsurer to make paym�n�s us�ng any source of funds that the m�rtgage insurer may have avai�a�le(�nrhich may�nc�ude funds ah�ained fr�m M�rtgage Insuran�� prerniums�. As a result of these agreements, Lender, any purchaser of the Note, an�ther insurer, any reinsurer, any ather ent�ty, ar any affi l iate of any af the faregoing, may r�ceive�directly or indirectly} am�unts that derive fram�ar might be chara�teriz�d as� a por�iQn af Borrower's paym�n�s f�r Mortgage�nsurance, in exchang�far shar�ng�r m��fying the moYtgage insurer's risk, or reducing l�sses. If such agreemen� pro�ides�ha�an aff�iate of Lender�akes a share�f the insur�r's risk in exchange f�r a s�are of the premiums paid to the insurer, th�arrangemen�is aften termed."captive r�insurance." Further: � e 8801585495 88D1685�95 NE8RA5KA�Sing��amify-Far�nie NfaelFre�die Nlac lJN1�ORN1 1NSTRUMENT W1TH MERS Farm 3028 �10� VM P D VM P�A�NE}�13fl2) Woiters Kiuwer Finar�ciaf Services Page 9❑f 17 . r>