201502311 - Laserfiche WebLink

Browse

��15��311 con�xnue�o pay t� Lender�he amoun�of th�separate�y designa��d payments that�vere due when�he insuran�e cn��rage ceas�d to�e in effect. I�ender�rzll accept, use and r�tain these paymen�s as a non-refundabl��oss r�s�rve�n��eu of Martgage�ns�rance. Such �oss r�serve shall b�n�n-r�funda�le, no�w�ths�anding the fac��hat the Loan is u��ima�e��paid in fu11, and L�nder shal�not be required to pay Borr�wer an� interest or earnings�n�uch loss reserve, Lender can na�anger r�qu�re�ass reser�e payments if Mor�gag�Insurance caverage�in the amnun�and for the perz�d tha� Lender re�uires} pro��ded by an �nsur�r se�ec�ed by Lender a�ain b�C�mes ava��ab�e, �s obta�nedy and Lend�r requires separa�ely designa�ed pa�m�nts taward fhe premiums fflr M�rtgage �nsurance. If Lender required Martgage�nsurance as a condition of mak�ng the I,aan and Borrower was required to make separate�y designat�d paymen�s toward th� premiums fnr Mor�gag� Insurance, B�rrower shall pay the premiums requ�red to ma�n�ain Martgage Insurance �n effect, ar t�pro�vide a non-refundab�e�oss reserve, untzl L�nder's requirement for Mor��ag� �nsurance ends in ac�ordance w��h any�vri�ten agree�ment betwe�n Borr�w�r ar�d Lender pro�r�d�ng for such termination or until �ermina�ion is r�quired by Applicab��Law. �Ia�h�ng in thxs Sec�ion ��affec�s B�rr��ver's ab��gat�an ta pay �nterest at�he ra�e prov�d�d �n�he Nate. Mor�gage Insurance reimburses L�nder�ar any entity that purchas�s the Not�} for Cer�a�n�asses it may incur if Barrower dnes not re�ay �he Loan as agreed. Barrower is not a par�y to the Mortgage Insurance, M�rtgag� �nsur�rs eva�uate their total r�sk on a�� such insurance in force from�ime��time, and may en�er �nt� agreements wzth other part�es that�hare ar m.odif� th��r risk, �r reduce lo�ses. These agreements ar�on ��rms and condi�i�ns tha�are sa�isfactory ta th�mnr�gage�n�urer and�he other par�y �or parties} to th�se agre�men�s. These agreements may requ�re�he mar�gag� insurer�a make payments using any saurce of funds �ha�the martgage insur�r am.ay have availab�e�which may includ� funds obtained from Mar�gage �nsurance premiums�. As a r�suit of these agre�m�n�s, Lender, any purchas�r of�he N��, anoth�r�nsurer, any reinsurer, any oth�r ent��y, �r any affzl�at�of any of�he foregQ�ng, �nay recei�e�d�rec�iy or indirectly} am�unts that deri�e from �ar m�igh�be charac�erized a�} a par�ian of Barrowe�r's payments far Mor�gage Insurance, �n exchange �`or shar�ng or modifying th�mortgage insur�r's risk, o�reducing losses. If such agreement pra��des �ha�an aff��iate af Lender takes a share of the�nsurer's risk in exchange for a share of the pre�m.zum�paid to th� insurer, the arrangement�s of�en�ermed "cap�i��re�nsuranc�." Fur�her: �a 3 Any such agreemen�s will nat affect the amaun�s tha�Borro��er has agreed�o pay for Mortgage Insurance, ar any a�her�erms af�he Laan. Such agreements wii�not increase�he am�un� Borrawer wili awe far Mor�gage Insurance, and they w�l�not ent�t�e Borrower�o any refund. 4�� Any such agreernen�s w��i not affect�he righ�s Barrawer has-�if any �wi�h respec��a�he Mor�gage Insurance under�he Hameowners Protecti�n Act of 1�95 or any o�her�aw. These right5 may include the right to recei�e cer�a�n disclosures, �a reques�and ob�a�n cance��ation of�he Mflr�gage Insurance, ta have�he�Vlor�gage Insurance term�na�ed auto�rnaticai�y, andlor�o rece��e a refund of any Nlor�gage Insurance prenr��ums that «ere unearned a�the�im�nf such cance�iation ar terminatian. '['i. Assignment af Miscef�aneous Pro�eeds; �orfe�ture. A�1 M�s�e��aneous Proceeds are her�b� assign�d�� and sha�� be paid�o L�nd�r. If the Proper�y is damaged, such Misce�Ianenus Pr�ceeds shall��appl�ed to rest�ra�ian ar repair of�he Proper��, if the restaration or repair�s econom�ical��r�eas�b��and L�nder's secur�ty �s not l�ssen�d. Durin� such repair and res�ora��on per�ad, Lender sha�� ha�e the righ��a h��d such Miscel�aneous Proceeds unti� Lender has had an oppar�un�ty t� inspec�such Praperty to ensure the��rk has been comp�eted to Lender's NESRASKA-Sin�le Far:-:iEy-Fannie MaelFreddie Mac UN6FORM iNSTRUM�NT Form 3�28 71�1 VMP� VMPfiiNE�413D21 Wofters KE�wer Financiaf 5er�ices Page 9 of 17