201503917 - Laserfiche WebLink

Browse

��15�3917 c�nt�nue�o pay�� Lender the am�unt of the separa�ely des�gnat�d payrnen�s that were du�when the insurance covera�e ceased��be in effec�. L.�nder w�ll accept, use and retain these payments as a non-refunda��e lass reser�e in�ieu of Mor�gage Insuran�e. Such�oss reserve shall be nan-refundab�e, notwiths�anding the fact�ha�the Loan�s ult�mately paid in fuil, and L�nder sha�l no�be required�o pay Borrawer any �nteres�or earnings fln such�oss r�serve. Lender can no �on�er r�quire Iass r�ser�e paymen�s if Nlor�gage Insurance coWera�e�in th�amoun�and far th�periad that Lender r�quires} pr��ided by an �nsurer selec�ed b� Lender again becomes a�ai�able, is ob�ained, and Lender requires separa�el�d�signated pa�men�s f�ward�he prem�ums for N�or��age�nsurance. If L.ender required Mortgage�nsurance as a conditi�n of rnaking�he Loan and Borrower was required�a make separate�y designated payments tflward the prem�ums for Mar�gage �nsurance, B�rrov�er shall pay the premiums required to mainta�n Mor�gag� �nsurance in effe�t, or ta provid�a non-refundable�oss reserve, un�i� Lender's r�quirement for M�rtgage Insurance ends in accardance wi�h any v�rr�tten agreement betw��n Borrower and I�:nder pra�id�ng for such term�nat�on or unti� termination is required by Appl�cable Law. Nathing �n th�s S�ction 1 D affec�s Borr�wer's obliga�i�n to pa�interest at the rate pra�vided in�he N�te. Mor�gage�nsurance reimburses Lender�or any ent�ty�ha�purchases�he Note} for c�rtain�osses i�may incur �f Borrower does n�t repa�the Laan as agreed. Borr�wer is not a par�y�o the N�or�gage �nsurance. Mor�gage insurers e�a�uate their�nta� risl�on all su�h insurance�r�force from time�o�ime, and may enter in�o agreements with ather parties �hat share ar modif� the�r risk, or reduce�oss�s. These a�reements are�n �erms and c�nd�t�ons�hat are sat�sfactory to the�nor�gage insurer and the ather par�y�or par�ie�}ta th�se agreem�nts. These agreemen�s may require the mortgage insurer�o make pa�rmen�s using an� sflurce of funds that the mar�gage�nsurer ma�have a�ailab�e �whi�h may inc�ude funds ab�ained fram Mor�gag� Insuranc� premiums}. As a r�suit�f�h�s�agreem�nts, Lender, an�purchaser of the Note, another insurer, any re�nsurer, an�other ent�ty, �r any af��a�e of any of the forego�ng, may re�eive�direc��y or indirectly} amaunts tha�deri�e from �or might be charac�er�zed as� a p�r�ion of Borrav�rer's payments f�r N�flr�ga�e�nsurance, in ex�hange for shar�ng or modif�ing the martgage insurer's risk, or reducing lasses. If such agreement prov�des tha�an af�iiate af Lender�akes a share af the insur�r's risk�n exchange for a share of�he pre�niums paid to the �nsurer, th�arrangemen�is often termed "�apt��e reinsurance." Fur�her: - �a� Any such agreemen�s w��l no�affec�the amount��ha�Borrower has agreed�o pay for IVlor�gage Insurance, or any o�her ter�ns of�he Loan. Such agreennen�s wi�l not increase the amount Borrower wil�owe for Mortgage Insurance, and they will not entitie Bnrro��er to any refund. {!�} Any such agreemen�s wi�� no�affect�he rights Borrower has-if any �-with respect�a the 1Vlartgag�In�urance under the I3axneowners Pra�ec�ian Ac�of 199$or any other�a►�v. These righ�s may include the r�ght to receive certa�n disclosures, �o request and oh�a�n cance��ation of the �Vlor�gage Insurance, to ha�ve the Mortgage Insuranc�terminated autom�.a��ca�Iys andlor to rece��e a refund af any Mortgage Insurance premiurns that were un�arned a��he��me of such �ance��ation or termxnati�n. �'1. Ass�gnment of tU�isce��anevus Pra�eeds; Forfeiture. A11 Miscellaneaus Proceeds are hereby ass��ned to and shall b�paid to I�ender. �f�he Praper�y�s damaged, such M�scellaneous Proceeds sha��be appiied�o restoration or repa�r�f the Pr�per��, if�he res��ra�ion or repair is ecflnomica��y feas�b�e and L,�nder's secur�ty is not�essened. Dur�ng such repair and restorat�on period, Lender shall ha�e the righ�to ho�d such M�scel�aneous Proceeds until Lender has had an oppor�un��y�a inspec�such Proper��o ensure�he v�ark has�een cornple�ed ta Lender's N�BRASKA-5ingle Family-�ar►n�e Mael�reddie Mac UNlFQRM�NSTRUM�NT Farm 34�8 11f3� VMP� VMP6(N�y f'I3�21 Woiters Kluwer Ftnan�ial Ser�ices Page 9 af�7