201504944 - Laserfiche WebLink

Browse

��15�4944 cont�nue to pay to Lender the amount af�h+e s�paratel�designated payments tha�were due when the insuraaace c�verage�ea�ed t�be in�ffect. Lender will acc�pt,use and retain these payments as a non--refund.a.ble lass reserve in�ieu of Martgage�nsurance. Such loss reser�ve sha�I b�non-refundab�e, notw�thstanding the fact that the Loan is ultimate�y paid in full, and Lender shall not�e requ�red to pay Borro�rer any interest ar earnings on such l�ss reser�e. Lender can n�l�nger require�o�s reserWe payments if Mor�gage Insurance c�verage��n the arnount and for the periad ihat Lender requires}provided by an insurer selected by Lend�r again bec�me�available, is obtained, and Lende�-requires se�pai.-ately d�signated payments to�ard the prem�urns fvr Mortgage Insurance. �f L�nder re�uired Mo�tgage Insurance as a condition af rnak�ng trie Laan and Borrt��ver was requ�red�o make separa�ely designated payments toward the premiums far Mortgage Insuarance, F3orrawer shal�pay the premiums required to ma�n�ain Martgage Insurance in�fFect, or t�provide a non-refundable loss reserve, until Lender's�aquir�ment for Mortgage Insurance ends in accordanc�with any writtex�agreement�between Borraw�r and Lend.er provid�n�for such termination or unti�termination is required by Applicable Law. Nothing in this Section 1�affects Borrower's v��igat�on to pay interest at�a�rate pro��ded in#h.e Note. Martga.ge Insurance reimhurses Lender�or any en�ity that purcha�es th�1`�Tote}for certain l�sses it may in�ur if Barrawer does not repay�he Laan as ag�reed. Borrower is nvt a party ta the Martgage�n�u�rance. Mortgag��nsurers eva�ua.t��heir tatal risk on a��such insuarance in force fram�ime t�time, and may enter �nto a�reernents with�ther parties�ha�shar�or madify their r�s�, or reduce�osse�. These ag�reements are an �erna�s and conditions�hat are sa�sfa�tory ta the mortgage insurer and the other party�or parties}tQ these agreements. These agreements may re�uire�he mortgage insurer tv make payments using any source of funds that�he m�r�gage insurer may have ava�lable�which n�a�}ne�ude funds obta.in�d from Martgage I�nsura�ace �remiu�ns�. As a resu.it af these agr�ements, Lenr�er, any pwchas�r of#h�No#e, ano�her insur�r, any reinsurer, any ather entzty, or any affiliate vf any of the foregaing, may rece�ve�direct�y or ind�rec�y�amounts that derive fram �or might�e characterized as�a por��on of Borrower's paymen�s far Mortgage Insurance, in excha�ge far shar�ng ar modif�ng the mor�gage insurer's risk, or r�ducing�os�es. If such agreernent pra�ides tha�an af�i�iat�vf I�nder takes a share af the insurer's risk in exchange for a share of th�premiums�aid to�he insurer, the arrangemen�is af�en termed"�aptive rein�urance."Fur�her: �a} Any su�h ag�eements will na�affect the amounts that Barrnw�r has agreed to pay for Mortgage Insuranc�, ar any o�her terms of the Loan. Such agreern�nts v�il�nat increase the amount Barrower will awe�or Mor-�gage�n�urance, and th�y will nat entit��B�rra�ver to any ref und. {b} Any such agreements will nat af fe�t Ehe right�Borrower has-if any-with respect ta the Mortgage Insurance under tl��Fiomeowners Protection Act of 19�38 or any vther law. These rights may�nclude tbe right to re�eiv�certain disclosures, ta request and obtain cancellation of the Mvrtgage Insuran�e, tv have the Murtgag�Insurance terminated au�omati�ally, andlor ta recei�e a refund of any Mortgage In�urance premiurns that w�re unearn�d at�he time af such cancellat�an or terminat�on. 'I 1. Ass��nment vf M iscellaneaUs P�c�ceeds; �orfei#ure. Al�M�,sce�laneau�s�'rocee�s a�e�er��ass�g�ed to and sha�l be paid to Lender. �f�he Property is damaged., such Misc��aneous Proceeds sha1�Ue applied to res�aration or repair af the Prvpe�ty, if th�restoratian ar repair is econnmically feas�b�e�nd Lender's security is not lessened. I3uring - such repau and restaration p�r�od, Lender shall ha�e the right ta hoid su�h Mis�ellaneous Proceeds untii Lcnder has had an appartuni�y to inspect such Property��ensure th�wark has been camp�et�d t�Lender's �sa��7s�� ❑vsNE NEBRASKA-5ingle�amily-Far��ie MaelFreddie Ma�UN#FdRM lNSTRl1MBVT Fvrm 30�8 11Ui IIVoI er�s!{iuwer Fin�nciaE Ser�ices V� �a9�}��