201501804 - Laserfiche WebLink

Browse

��15�15�4 con�inue to pay to L,ender�he amoun�of the separa�e�y des��nated payments that�vere due when the insurance c��verage ceased�o be�n effect. Lender vvi�� accept, us�ar�d retain these paymen�s as a non-refundab�e�oss res�r�e in l�eu of Mar�gag� �nsurance. Such Iass reserve shall be non�r�fundab�e, notwithstand�ng the fac��ha��he I.�an is ul�imate�y paid in fu��, and Lender�hail no�be requir�d�o pay Borrower any interest or�arnin�s�n such los� reserve. Lender�an no longer require loss res�rve payments if Mor�gage �nsuranc�coverage�in the amoun�and for the per�od that Lender requ�res}pro�ided�� an insurer se�ected by Lender again becomes avaiiable, is obtained, and L,end�r requires separa�el�d�signa�ed payments tov�rard the prem�ums f�r Mortgage�nsurance. �f L.ender requir�d Mor�gage�nsurance as a condition of mak�ng�he Loan and Borrov�rer was requ�red�a make separate�y designa�ed payznen�s�oward�h� premiums far Mortgage Insurance, Borrower sha��pay the pr�m�ums required�o maintain IVior�gage Insurance in effect, or to pravide a nan�refundable�oss r�ser�e, unt�l Lend�r's requirement f�r M�r��age Insurance�nds in acc�rdance w��h any written agreement�e�vveen Borrawer and Lender provid�ng for such �erminat�on or until t�rmina��on is required by App�icable La�r. Noth�ng in this Sec�ion 1�aff�c�s Borrower's obligation to pay in�erest at the ra�e pro��d�d in the Nflte. M�r�gage Insurance re�m�urses I�ender�or an}� enti�y�ha�purchases�he Nate} for cer�a�n losses xt may�ncur �f Borrower does not repay the Loan as agreed. Borrov�rer is nflt a par�y ta the Mor�gage�nsurance. Martgage insur�rs e�alua�e their�ota� risk on a�l such �nsuran�e�n for�e from tim��o �ime, and may enter in�o agreemen�s wi�h�ther par��es tha� �hare ar m�dify their r�sk, or reduc��osses. Th�se agreements are on terms and condi��ons tha� are sat�sfactary to �he mortgage insurer and the other party tar par�ies} to these agre�men�s. These agr�emen�s may requ�re�he mortgage insurer�o make pa�men�s using any saur�e of funds that th�martgage insurer ma�ha�e a�a�la�le�vvhich ma�include funds obtained from Mor�gage Insurance premiums}. As a result af�hese agreemen��, L�nder, any purchaser of�he Note, another insurer, any r�insurer, an�r other en�ity, or any aff�liat�of any of�he foregoing, may receive�dire�tly or indirectiy} amount��hat deri�e from �or migh�be characterized as} a port�on of Borrow�r's paym�n�s for Mor�gage �nsurance, in exchange f�r �haring�r modifying the mor�gage�nsurer's risk, or reducing �osses. If such a�reement pr�v�des tha�an af#iliate of Lender takes a share of the�nsurer's risk in exchange for a share of�he premiums paid ta�he �nsurer, �he arrangem�nt is often t�rmed "capt��e reinsuran.�e." Fur�her: �a} Any such agreements will na�affect the amoun�s�hat Borrower ha�agre�d�o pay for Mor�gag� Insurance, �r any other terms vf the Lnan. Such agreemen�s will nat increase#he am�unt Borrower wil� o�ve for Mor�gage Insurance, and they will no� entit�e B�rrvwer�a any refund. �b� Any such agreernents will not affe�t the rights Barrower has�if any-� w��h respec�to the Mortgage Insurance under�he Hameowners Pro�ect�on Ac�of 1998 ar any other�aw. These rxghts may�nc�ude the right to rece��e cer�ain disclosures, to request and ob�ain can�ellation of�h� Mortgage Insurance, to ha�e the Mortgage Insurance�erm�na�ed au�omaticai��, andlor�o receive a refund of any Mor�gage Insurance pr�miums�ha� were unearned at the t�me of such cance��a��on or�er�nina��on. "1'i. Ass�gnment of tll�isce[�aneaus Proceeds; F�rfeiture. A�� M�sc��ianeous Proc�eds are hereby assigned �o and shall be paid to L�nd�r. �f�he Proper��r is damaged, such M�s��ilane�us Proceeds sha11 be applied�n restoration or repair of��.e Pr�per�y, if�he r�st�rat�on or repair is econom.�ca�ly feasib�e and Lender's security is not lessened. During su�h repair and res�oration perifld, Lend�r sha�l ha�e the righ��o hold such M�scel�aneous Proce�ds un��l Lender has had an opportun�ty t� inspect such Prnpert�� ensur�the work has been complet�d�� Lender's NEgRASKA-5ing�e�amily-Fanr�ie Mael�reddie Mac UNIFDRM lNSTRUMENT �arm 30�8 11�1 VMP� VMPSZNEf�i 3q2f Walters Kluwer Financial 5er�ices Page 9 nf 17