201507173 - Laserfiche WebLink

Browse

��l 5�71 73 continue t�pay ta Lender the arnoun�of the separa��y des�gnated payments that vvere due when the insurance ca�erage ceased�o be in effec�. Lender w�il acc�pt, use and retain the�e paym�nts as a nonwrefundable lass r�ser�e�n lieu af Mor�gage�ns�rance. Such�ass reser�e sha�l b�n�n-refunda��e, no�v�ri�hs�and�ng the fact�ha�th�Loan�s ultimately paxd in full, and Lend�r sha11 not be required�a pay B�rr�w�r any�nt�rest or earnings on such�oss res�rv�. Lender can na longer requ�re l�ss reser�e payments if Mar�gage In�urance co�ez�age(�n�he amount and far the periad�hat L.�ndcr requires}provided by an �nsurer selected b�L�nder again becom�s avai�ab�e, �s obtained, and Lender requires separa�ely des�gnated paymen�s to�vard�he prema.ums for Mor�gage�nsuran�e. �f Lender required Mor�gage�nsurance as a c�ndition of makin�the Loan and Barrower�vas required�o make separately des�gnat�d payments toward th� p�emiums for Mor�gage�nsurance, Barrovcler shali pay the p�remiums requir�d to maintain Mortgage �nsurance in effect, ar ta pra�r�de a nQ�--refundabie�ass reserve, un�i� L�nder's requir�ment fvr M�rtgage �nsurar.�ce ends in accordance with any written agreernent be�vveen B�rrower and Lender pr�vzd�ng for such �erminati�n or unt�l terminat��n is required�y Applicable La�r. No�h�ng in�h�s Sec��an ��affects Barrower's obl�gat�on t�pay in�erest at�he ra�e pravided in�he Not�. Martgage Insurance re�mburses Lender�or any en�i�y�hat purchases the No�e� for cer�axn lasses i�may incur �f Borrav�er does na�repay th�Loan as agreed. Borrower�s n��a par�y ta the Mortgage�nsurance. N.�ortgage insur�rs eva�uate�heir to�al risk on a1I such�nsurance in force frflm time�o tirnc, and may enter in�o agree�men�s vv��h o�her par�ies that share ar modify their r�sk, or r�duc��oss��. These agreem�nts are Qn terms and cand�t�ons�hat ar�sa�isfactQry ta the mortgage insurer and the o�her party�or par�i�s}�o the�e agreements. These agree�x�.ents may requir�the mor��a�e in�urer�o make pa�ments using any source of funds �hat the mar�gag�insurer m�ay ha�e avai�ab�e�which may inc�ude funds obtained frflm Mor�ga�e�nsurance pr�mi.ums�. As a result of�hese agreements, Lender, any purchaser af the Na�e, anoth�r insurer, any r�insurer, an�r❑�h�r entity, ar an�affi�ia�e af any of�he fo�-egoing, may recei�e�directi�r ar indirectly}arnoun�s tha�derive fr�m �or might b��haracterized as}a por�ian of Borro�rer's paymen�s far Mor�gage Insurance, in exchange for sharing or nladify�ng�he mortgage�nsurer's r�sk, or reducing Iasses. If such agre�men�prfl�ides�ha�an aff�l�ate of L,�ncier takes a share of�he zn�ur�r's risk in exchange for a share�f�he premiums paid�o the �nsurer, the arrangemen�is of�en terrned "ca��i�e reinsurance." �urther: {a� Any su�h agreements�vi��na�affe��he amoun�s tha�Bvrrow�r has agreed ta pay for Mortgag� Insuran��, or any o�ther terms of�he Loan. Such agr�emen��wii�not�ncrease the amount I3orravver w�.�l awe far Mortg�ge Insurance, and�hey will nat enti��e Barrower to an�refund, �b y Any such agreements w��no�affect�he rights Sarrawer has�-xf any�-with resp��t ta the IVlor�gage I�urance under�he II�meowners Pratection Act of 1998 or any other�aw. These r�gh�s may�nclude the right��rece��e cer�a�n d�sc�.osures, �o reques�and ob�ain can�e��atin�vf th� 1Vl�rtgage Insurance, ta have the Martgage InsuranCe term�na�ed autarna�icaily, andlor to recei�e a refund vf any�Vlor��age Insurance premiums that►were unearned at�he time af su�h Gan��llation ar�erm��.ation. ��. Assi�nment of Misce��aneous Praceeds; Farfe�ture. A�l N��sce�laneous Pr�c��ds are h�r�by as�i�ned to a.�d sha��be paid to L�nder. If the Proper��s damage�., sucl�Mxsce�lan�ous Pr�ceeds sha��be appli�d t�restoration or repair of�he Property, if�he res�ora��an or repair�s ec�nomicall�feasible and Lender's securit�is no��essened. During �uch repa�r and restoration per��d, Lend�r sha11 have�he righ�to ha�d such N�isce�laneous Prac��ds until Lender has had an opp�rtuni�y ta inspec�such Proper�y to ensure�he work has been comple�ed to Lfender's N�6ftA5KA-Single Fami�y-Fannie Mael�reddie Mac UNIFQRM€hfSTR�MENT Farm 3D2$1IQ'€ VM P� VMPB�€V�)�13423 Wolters K�uwer Financi�l 5er�ices Page 9 af 17