201501912 - Laserfiche WebLink

Browse

��15�191� pa�ments that were due vvhen the insu�rance ca�erage ceased ta be i�effect.Lender wi11 accept,us�and retain these payment�as a nan-refundab�e lass reserve in iieu af M�rtgage Insurance. Such loss reserve sha�I be non-refundable,notv�ithstanding the fact t�iat the Lvan is u�timately paid in fu11,and Lender shali not be required to pay Borrovver any interest or earnings on such loss res�rve.Lender can n��onger r�quire lflss reser�e pa�ments if Mort�a�e Insurance ca�r�rage�in the amvunt and far the period that Lender requires}provided by an insurer sel��ted by Lend�r again becomes a�aila�le,is�bta.ined,and Lender requires sepaxately designated payments taward the premiums f�r Mortgage Insurance.If Lender re�uired M�rtgage Insurance as a conditior�o�making the L�an and Borrovver vvas required to make separately designa�ed pa�m�nts taward the premiums for Mor�gage Insuran�e,B�rrower shall pay the pr�m�ums required to maintain Martga�e Insuranc��n efFe�t,or to provide a n�n-r�fundable lass reserv�, until Lend�r's requirement far Mortgage Insurance ends in accordaxi�e vvith an�vvritten agreement betvveen Borrower and L�nder providing for su�h terminat�on�r unt�l termination is required by Applicable Law. l�othing in this Section ��a�'e�ts Bvrrower"s ob�igat�vn to pay interest at the rate prv�ided in th�I�ote. Mortgage Insurance reimburses L�nd�r(or any entity that pur�hases the Note}fnr certain�osses it may in�ur if Borr�v��r dae s nat repay the Loan as agreed.Borrower is not a party to the Martgage Insurance. Mar�gag;e insurers e�aluate th�ir total risk on a11 such�nsura.n.�e in force fram tim�ta tirne,and may enter into agreemen�s with other part�es that share ar m�dify their risk,or reduc�losses.These agreements are �n terms and�anditians that are sati�f_aCtary to the mvrtgage insu�rer a�d th�ot�ier party�or paxti�s�ta these agreements.These agreements may require the mortgage insurer to mal�e payments using an� sour�e of funds that th��n�rtgage insurer may ha�e availa�ie�which may include funds obtained from Martgage Insuraxlce premiums}. As a result�f these agreements,Ler�d�r,any purchaser of the Nate,another insurer,any reinsurer,any other entit�,or any affiliate af any of the fvregoing,may receive�d�rect�y or indirectl�}am�unts that derive from�or might�e�haracteri�ed as}a portivn�f Bvrrovver's pa�ments far Mar�gag�Insuran�e,in exGhange for sharing or modifying the mortgage insurer'�risk,or reducing los�es. If such agreement pravides that an a�'�liate of Lender takes a share of the insur�r's risl�in exchange for a share of the prem.iums paid to the insurer,the arrangement is vft�n termed"capti�e r�insuran�e." Further: �A} Any �urh agreement� will not affe�t the amaunt� that Borrower h�.s agreed to pay for Mortgage I�t�urance, or any �ther terms vf th� i.loan, Such agre�ments wi�l n�t increase the arnnunt Borrower will vwe for M�rtgage Insurance, and they w�ll nat entitle Bor�-�wer t� any refund. �B} Any such agreements will n ot affect the rights Barrawer has - if any - with r��pect ta the Martgage Insurance under the �Iomeowner5 Pr�tection Act af 1998 or any ather law. TheSe rig��s m ay include the right t� x�cei�e cer�ain di�clasu res, to request an d �btain �ance�latian of the Mortgage Insurance, to have the M�rtgage In�urance ��rminated autamatically, andlor to recei�e a refund af any M�rtgage Insurance premium� that were un�arne� at the time vf such cancellatian or term�nation, '1�I.Ass�gnmer�t�f M iscellanevus Proceeds;ForFei#ure.Al�Mis�ellaneous Prviceeds are her�b� assigned to and shall be paid to Lender. HCF�-OD:i59 iV�BRASKA-Sir►gle Family-Fannie MaelFreddie Mac UNIFgRM INSTRUNfEMT Fvrm 3�28'l101 VM P� 09113 Wafters Kluw�er Financial Services 2014E15D94.'1.7.26B9-J2Q131029Y Page 9 of 17 "1'1741�114�7 7*