201506122 - Laserfiche WebLink

Browse

��l 5��1 �� cont�nue�o pay to Lender�he amoun�of�he s�parately d�s�gna�ed payrnents�hat w�r�due when the insuranc�co��rag�c�ased to be in effect. Lender wili a�cept, use and retain th�se paymen�s as a non-refundabie loss rese�rve in�ieu of Mo�gage�nsuran�e. Such Ioss reserWe shal��nan�refunda�le, n�twi�hstanding the fac��hat the Loan is ultimate�y paid in fu�l, and Lcnder sha�l nat be required to pay Borrower any interes�or earnin�s on such lo�s reser�e, Lender can nQ langer requ�re Ios�reserv�payrnen�s if Martgage�nsuranc�cov�rage�in�he amount and f�r the periad that Lender requires}pr��ided by an insurer selected by L�nder again be�omes availabie, is ab�ained, and Lender requires 5epara�ely desi�nated paymen�s taward�he premiums far Mor�gage�nsurance. �f Lender requ�red Mnr�gage�nsurance as a c�ndition of making�he Loan and Borro�er was required�o ma�e�epara��y des�gnated payments to��rard t�e prez�uums for Mortgage�nsurance, Borrower sha�l pay the�rem�ums r�quired�o maintain Mortgage In�uranc��n effect, ar ta pro�ride a non-r�fundab�e loss r�serve, until Lender's requirement far Mar�gage �nsurance e��ds in accordance with an.y wr�tten agreernent betvveen Borrower and Lend�r pra�idin�for such t�rm�natian or unt�l termination is required by Appl�cab�e Law. �o�hin� in�his Section 10 affec�s Borrowe�r's ob��gatian to pay interest a�the ra�e prov�ded in the l�ote. Mar�gage�nsuranc�reimburs�s Lender(or an��ntit�r�hat purchases the Note� for certa�n�osses it may incur �f Borrawer does nat repay the Loan as agreed. Borrower�s nat a par�y�a the Martgage�n�uran�e. M�rtgage ir�surers e�aluate their�atai r�sk on all such insurance in fo�ce fram�in�e�o��me, and may enter into agre�ments with other par�ies that shar��r modif�their r�sk, Qr reduce�osses. These agr�em�n�s are on �erms and conditions�hat are satisfa��ory to�he mor�gage i��surer and�he o�her par�y�or par�i�s}to th�se agreements. These ag�reem�n�s may re�uire the rn.or�gag�insur�r to make payments us�rig any source of funds that th�m�rtgage�nsurer ma�have a�ai�able�which�nay i��ciude funds a�tained froxr�Mar�gage�nsurance premiums}. As a resuit of�hes�agre�rnents, Lender, an�pur�haser of the Note, another insur�r, any re�nsurer, any ather ent�ty, ar a�y aff�Iiate of any of the foregoing, may rec�i�e�d�rec�Iy or ind�rect�y} amounts�hat d�ri�ve from �or m�.�ht be charac�erized as}a pnrtion of Borrawer's pa�ments far Mortgag��nsurance, in e�change ftir sharing or m.od�fying�he mo�#gag��nsurer's risk, or r�duc�ng Ioss�s. �f su�h agreern�n�pro�ides tha�an affil�a�e of Lender ta�es a shar�af th��nsurer's r�sk in exchange for a share ot'the premium�paxd to the �nsurer, �he arrangenzent is�ften term�d "�apt�ve reinsuranc�." Fur��er: ta� Any�u�h agr�emen�s w��i n��affect�hc amounts tha�Borro�er has agreed�o pay far 1Vlar�ga�e In�uranee, or any n�her�erms of�he Loan. Such agreem�nts wil�nat increase�he amaunt Barr�wer wi�l owe�or Mort�a�e Insuran�e, and th�y will not�ntit�e Barrower#o any refund. �!�� Any such agre�men�s w�l�no�affec�the righ�s Borrower has-if any-with respe��o the �Vl�rtgage In�urance under�he Homeowners Prot�ctian Ac�vf 1998 or any ather Iaw. 'The�e r�gh�s may include�he r�ght to rece�v�e cer�ain disclasures, �o request and abtain cance��at�an af the IVlflrtgage Insurance, to ha��the Mvr�gage Insurance termina�ed au�omaticalty, andlor to receive a refund of any Mortgage InsurancQ pr�miurn�that were un�arned a��he time of such �ancel�ation or terminatian. 'i'�. Assignment af iVliscel�aneous Proceeds; F�rfeiture. A�� Miscellaneous Praceeds are hereby assigned to and shall be paid to Lender. If�he Prop�r�y is damaged, such Miscellaneous Proc�e��shal�be applied�o restoration or r�pair of th� Property, if�he re�torat�on ar r�pair is econorni�a�� feasibi�and Lender's��curity is not les�ened. During such r�pair and r�starat�on p�rxod, Lender shal�have�he righ�tfl hold sucl�Miscellan�ous Proceeds unt�l Lender has had an oppor�unity ta�nspect such Pr�perty to ensur�the w�rk has been comple�ed to Lenc�er'S NEBAASKA-5ir�g�e Family-Far�nie Mael�re�die Mac I�NiF�RM iNSTRUM ENT �or�n 3�28�1�1 VMP� VMPfi{N�]{1302} Woiters Ktuwer�inancial Services Page 9 af 17