201505864 - Laserfiche WebLink

Browse

+ ��15�58�4 . Any amounts disburs�d by Lender under this Section 9 shall be�ame additianal debt af Barrower secured by this Security Instrument. These amounts shall bear interes�at the Note ra�e fram the da�e of disbursement and sha11 be payable, with such in�erest, upon notice from Lender to Borrou�er requesting pa�men�. �f this 5ecurity Instrument is on a Ieasehold, Barrower sha�l comply r�vith alI the provisians af the lease. If Sorrower acquires fee title to the Property, the Ieasehold and the fee tit�e shall not merge unless Lender agrees to the merger in writing. 9 a. �IAortg�qe Insurance. If Lender required Mar�gage Tnsurance as a�ondition of making the Loan, Borrawer shall pay the premiums required to maintain the Mortgage In�urance in effect. If, far any reason, the Mortgage Insurance coverage required by Lender c�ases to be a�railable from the mor�gage insurer that previously pro�ided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insuran�e, Borrawer shall pay the premiums required ta abtain co�erage substantially e�ui�aient to�he Mvrtgage Insurance pre�riously in effect, at a cost subs�antially �quz�a�ent to the c�st to Borrawer of the Mortgage Insurance pre�iousIy in effect, from an alternate mortgage insurer selected by L�nder. If substantial�y equiWalent Mortgage Insurance coverage is nat a�ailable, Barrower shall continue ta pay to Lender the amount af the separateiy designated payments that were due when the insurance coverage ceased ta be in effect. Lender will accept, use and retain these pa�ments as a non-refundable loss reserve in Iieu of Mortgage�nsurance. �Such l�ss reser�e shall b�non-refundable, notvvithstanding the fact that the Loan is u�timatel�paid in full, and Lender shall not be required to pay Barrower an� interest or earnings an such Zoss reser�e. Lender can no longer require Ioss reserve payments if Mortgage Insurance coverage�in the amount and far the period that Lender re�uires}pro�ided by an insurer selected by Lender again becomes aWailable, is o�tained, and Lender requires separateiy designated payments toward the premiums for Mortgage�nsurance. If Lender required Mor�gage Insurance as a conditian of making the Loan and Borrower was required ta�nake separately designated payments�oward the premiums for Mortgage�nsurance, Barrovver shall pay the premiums re�uired to mainfain Mortgage Insurance in effect, or to provide a nan-refiandable loss reser�e, unti�Lender's requirement far Mortgage Insurance ends in accordance with any written agreernent between Bvrrow�r and Lender pra�iding for such termination or until termination is required by Appli�able Law. No�hing in this Sec�ion 1�affects Borrvwer's obligation ta pay interest at the rate provided in the Note. Mortgage Znsurance reimburses Lender�or any en#ity tha�purchases the Note}for certain Iosses it may incur if Borrawer daes not repay the Loan as agreed. Borrower is not a party t�the Mortgage Insurance. Mortgage insurers e�aluate their total r�sk on al�such insurance in force fram time�a time, and may enter inta agreernents w�th other parties�hat shar��r modify their ri�k, ❑r reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the ather party�or parties}to these agreements, These agreements may renuire the rnortgage insurer ta make payments using any source of funds �hat the mortgage insurer may have aWailab�e�which may include funds obtained from Mortgage Insurance premiums}, As a result of these agreements, Lender, any purchaser of the�ote, anoth�r insurer, an�reinsurer, any other entity, or any affiliate af any of the foregaing, may recei�re�directly or indirectly}amounts that derive from(�r rnight be characterYzed as}a parti�n of Borrawer's payments fvr Mor�gage Insurance, in exchange for sharing or rnodifying the mortgage insurer's risk, ar reducing I�sses. If such agreement provides that an aff liate of Lender takes a share of the insurer's risk in ex�hange for a share of the premiums paid to the insurer, �he arrangernent is often termed"capti�e reinsurance," Further: 15697468� ��919367�4 NEBRAS�(A-Single Famiiy-Fannie MaelFreddie Mac L1NIF�RM ZlV5TRl1MENT WlTH MER5 Form 3�28 71D1 VMP J VMP6A[{VE)(7302],OD Wolters I{�uwer Finan�ial 5ervi�es Page 9 of"I7