201502877 - Laserfiche WebLink

Browse

201502877 continue to pay to Lender the ainount of tha separately designated�ayments that were due when tl�e insm•ance coverage ceased to be in effect. Lender will accept, use and retain these payzne�its as a non-refi�ndable loss resea•ve iu lieu of Mortgage Insurance. S�ch loss rese�ve shall be non-refiuldable, notwithstanding the FacE that the Loan is ultixnately paid in full, and Lender shall not be required to pay Borrower any interest ar earivilgs on such loss reserva, Lender can no longer require loss reserve payments if Mortgage��surance coverage(in the ainount and for the period that Lender requires)provided by an insurer selected Uy Lender again becoines available, is obtained, and Lender requires separately designateci payinents toward fhe�reiniums for Mortgage Insurance. If Lender�•equired Mortgage Insurance as a condition of z�aking the Loaii and Borrower was required to in-►l�e separately designated payineirits toward the premiums for MorEgage Ins►u•�nce, Barrower shall pay the preiniurns required to inaintain Mortgage Insurance in efFect, ar to pro�ide a i1or1-refundable loss reserve, until T.ender's requirement for Mortgage Insurar�ce ends in accordance with any wriCten agreement between Borrower and Lender providin,g for such tern�inatian or until terinination is required by Ap�licable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in tha Note. Mortgage Insur�uice reiinburses Lender(or any entity that purchases the Note) for certain losses it may incur if Borrower does not rcpay the Laan as agreed. Borrower is not a party to the Mortgage Insurance, Mortgage insurers evaluate i:heir total xis�ot�all such insurance in force froyn time to titne, and inay enter into agreeinents with otlzer parties that share or inaclify their rislc, or reduce�osses. These agreements are on texzns and conditions that are satisfactory to the inort�age insurer and tha oklier party{or parties) to these ' agree�nents. Tliese agreeinents inay require the inortgage insurer to make payir►eqts using any source of funds that tlie mot•tgage instuer i�ay have available(which may include funds ohtained froin Morlgage Insurance prei��ivans). As a result of these agreements, Lender, an�purcliaser of the Note, anolher insurer, any reinsurer, any other enkity, or any affiiiate af any of the fore�;oing, may receive(directly or indirectly) alnounts that derive fxoin (or inight be characterized as} a portion of Borrower's payt�aents for Mortgage Insurance, in exchange for sharing or modifying the mor�gage insurer's risk, or reducing losses. If such agreeincnt provides that an affiliate oP Lendar takes a share of tl�e insurer's rislc in exchange for a sl�are of t17e premiums paid to the insurer, the arrangelnent is often fiermed"cap#ive reinsurar�ce." I'urther: (a) A�iy sucli agreeme�its will not affect �l�e amos��a�s t�at�orrower has agreed to pay fo��Mortgage Insm�ance, or auy otpier terms of the]Loan. 5uch agreemenEs will not increTse the aauount Borrower will owe#'oc Mo�•tg�ge Insbirance, and they rvill not entitle Rorrower to nny retu�xd. (b) Any sach �greemcnts wial�xot affect tlie righ�s Borrower laas-if any-with respect to the Mortgage Insurance ivader the Homeowners �'x'otection Act of 199$ar any other law. These rights may include t�e rigl�t I:o raceive certai�i disclosure�, ta request antl obtain ca�tcellation af the Morlgagc Insurance, to 1�xve tl�e Mortg�ge Insur�nce terrnr�iated automatically, and/ar to recei�e fl refund of any li�Iortgage Insurance p��emiums that were unearned at the time of sucli cancellatian o�� termination. 11. A55ignm�nt of M iseellaneou� Proeeed�; i=arfe�ture. All Miscellaneous Pracceds are hereby assigned to and shall be paid to Lander. If the Property is damaged, such Miscellaneous Proceeds shall be applicd to restoration or repair of the Pro�erty, if the restoratinn or repair is econoinically f�asible at�d I,ender's security is not lessened. During such repair and restoration period, Lender shal] have the right to hold suc�i Miscellaneous Proceeds�uitil Lender has had an opport�uiity ta i�ispect such Property to ensure the work has been completed to Lender's 2aoaesso NEBR4SKA-Single Family-Fannie M aelf-'reddie M ec UNIFORM INSTRUM ENT Form 3026 1101 VMP(�n VMP$(NE){1302 Wolters Kluw er Financial Servicas page 9 of 1�