201502875 - Laserfiche WebLink

Browse

��15��575 con�inue�o pay to Lender the amaun�of�he separatel�r designated paymen�s tha�we�-e du�when�he insuran��caverage ceased t�be in effec�. Lender wi�i accept, us�and re�ain these payments as a non-refundab�e Ioss reserve�n Iieu af M�r�ga�e�nsurance. Such Ioss reserve shail b�n�n-refundab�e, notw��hstand�ng�he fac��hat�he Loan is u��imatel�paid in full, and Lender shaii not be re�uired�o pa� Borrow�r any interest or earnxngs on such�oss reser�e. Lender�an no �onger require loss reser�e paymen�s if N�or�gage�nsurance coverage�in the amount and for the period�ha�L�nder requires}pro�ided by an insurer selec�ed by L.ender again becomes available, is abta�ned, and Lender requires separa�e�y designa�ed pa�ments toward th�pr�miums far Mar�gage Insurance. If Lend�r requ�red Mort�a�e Insurance as a cond��ion of making the L.�an and Borrower v�ras required to mak�separately designated payments taward�he prerniums f�r Mort�a�e�nsurance, Borrower sha11 pay t�e premiums required to main�ain Mortgage �nsurance zn effect, or to prn�ride a non-r�fundab�e��ss reserve, un�il I,end�r's requiremen� for Mortgage �nsuranGe ends in accordance vvith an�r written agre�men�be�we�n B�rrow�r and Lender pro��ding far su�h termination�r until termination is required by Appiicabie Law. No�hing �n�h�s Se��ion ��affec�s �orrawer's obl�gation to pa� �nterest at the ra�e prov�ded�n the No�e. Mortgage Insurance re�mburses Lend�r�or any entity that purchases�he Note} f�r certa�n�osses ��may�ncur if Borrow�r d�es n�t repa�the Loan as agreed. �orro�er is not a party to the�ortgage�nsurance. Mort�age insurers eva�ua�e�heir to�ai r�sk on a�� such �nsurance in farce fram�ime t��me, and ma�en�er into agreemen�s w��h o�h�r part�es that share or n�.od�fy th�ir r�sk, ar reduce losses. These agreem�nts are an terms and cflndi�ions tha�are sa��sfactory to�he mar�gage�nsurer and the other par�y (or par�ies} �o�hese agreements. Thes�agre�ments ma� requ�re�he m�r�gage insurer�o make paymen�s us�ng an�r source of funds �hat�he mortgag��nsur�r may have a�ailable�v�rhich may include funds��tazned from Mor�gage�nsuran�� pr�miu�ns}. As a result af these agreenaents, Lender, an�purchaser of�he No�e, anather insurer, any reinsurer, an�other entit}�, or any aff�Iia�e of any of�he foregoing, may re�ei�e�dire��y�r indirectly} amoun�s �hat der�ve from (or might�e characterized as) a por�ion�f B�rrflwer's paymen�s for Mortgage Insuranc�, in exchang�for sharing�r madif��ng�he mnr�gage insurer's r�sk, �r reduc�ng �asses. �f such agreemen�pro�ides �ha�an af��iat�of Lender�akes a share nf the insurer's risk i�.e�.chang�for a share of the premiums paid�a �he insurer, �he arrangement �s oft�n termed "�ap��e reinsurance." Fur�her: �a� Any such agreemen�s will no�affect�he amoun�s�hat Borrower has agreed to pa3r for Mortgag� Insuran�e, ar any o�her terms of the Loan. Such agreements wil� not increa5e�he amount Borrower will owe for Mortgage Insurance, and they will no�en��t�e Borro�ver�o any refund. �E�� Any such agreemen�s wiil n�t affec��he righ#s Borr�vver has-if any-w��h respect to the Mor�gage Insurance under the Hom�owners Protection Act of 1998 or any o�her�a�v. These r�gh�s may�nc�ude�he r�ght to rece��e cer�a�n disc�osure5, to request and obtain cance��ation of the Niartgage Insurance, to ha�e�he�Vlor�gage Insurance�erminateci au�omatically, andlor to re�e�ve a refund af any Mor�gage Insurance premiums that were unearned at#h��ime of�uch cancellation or termina�ion. ��. Assignment af Miscel�aneous Praceeds; Forfe�ture. All Miscellane�us Proce��s are hereb� assigned ta and sha�i be paid�o Lender. If�he Proper�y �s dama�ed, such Mxscel�aneous Proc�eds shal� be ap�Iied t� res�oration ar repair of rh� Praper�y, if the r�s�ora�ian or repair�s economically feaszb�e and Lender's securit� is not�essened. During such repa�r and restara�ian per�od, Lender sha11 ha��he righ�to hnld such M�sce��anetius Prflceeds un�i� Lender has had an opp�rtun�t�to inspect such Property�o ensure the vvork has be�n completed to Lender's N�BRASKA-5ing1��amify-�annis M�el�r�di�M�C UNIFDRM[NSTRUM�NT �arm 3d�8 11D1 VMP Q VMPS�N��1302� Wviters Kl�w�r F�nar�ciaf S�r��ces Page 9 of 17