Laserfiche WebLink
2� 15�8598 <br /> con��nue�o pay�o Lender�he amount of the separately designafed pay�men�s that were due when the <br /> insuran�e co��rage ceas�d�o be in�ffect. Lender v�rili accep�, use and reta�n these payments as a <br /> nonwrefundab�e�oss reser�e in��eu af N�or�gage�nsurance. Such loss res�rv�shal�be non-refundable, <br /> notwi�hs�anding the faGt��ia�th� Loan is ultimately pa�d in full, and L.end�r sha��n��be required�o pay <br /> B�rrawer any interes�ar earnings on such loss reserve. Lender can no �onger requzre loss reserve payments <br /> if M�r�gage�nsurance ca��rage�in the amoun�and for the per�od tha�Lende�requires}pro�id�d by an <br /> insurer se�ected by Lender again becomes ava�labie, is ab�ained, and Lender requires separatel�designated <br /> pay�men�s���ard the premiums for Mor�gage�nsurance. If Lender requ�red N�or�gage�nsurar�ce as a <br /> cflndi�ion of mak�ng the L.�an and B�rrnwer was required �o make s�parate�y designated payments�a�nrard�he <br /> pr�m�ums for Martgage Insur�ance, Borr�wer sha�l pay the premiums required to ma�nta�n Mo�gage <br /> �nsurance�n effect, �r to pravide a non�refundabie Ioss res�r��, un�il Lender's requirem�n�for Mortgage <br /> �n�urance ends �n acc�rdance wxth any wr�tten agreement betv�r�en Barrower and L,ender pro�iding for such <br /> termination or un�i��ermination�s requir�d b� App��cable Law. Nothing �n th�s Section 1D affec�s <br /> Borro�er's obiigation t�pa}� interest at the rate pro�ided �n the Note. <br /> M�r�gage�nsurance reimburses L�nder��r an}�entity that purchases the Note} far c�r�ain�osses it may incur <br /> �f Borrov��r does no�r�pay�he Loan as a�reed. Borrawer is nat a par�y to�he Mortga�e�nsurance. <br /> N�o�gage�nsurers�valuate�heir total risk on aIl such insurance in farce from time�o��me, and may enter <br /> into agree�men�s w�th�ther par�ies that share or m�dify their r�sk, ar reduce l�sses. Th�se agreemen�s are on <br /> terms and conditions that are sa�xsfaetory to the mnr�gage insurer and the other par�y �or par�ies}to�hese <br /> agreements. These agreements ma� require the�nor�ga�e�nsurer ta make pa�rr�ents us�n� an� source�f funds <br /> that the mortgage insurer ma�have availa�le�v�hi�h n�.ay �nc�ude funds o��ained from Mnrtga�e �nsuranc� <br /> premiurn�}. <br /> As a resul�of�hese agreemen�s, Lender, any purchaser of the N��e, another insurer, an�reinsurer, any other <br /> enti�y, or any af�iliat�of any of the foreg�ing, m.ay r��e��e (d�rectl�or indirec���} amaun�s�hat deriv� from <br /> �or migh�be charac��rized as� a por��on of Borr�wer`s paymen�s for Mor�gage Insuranc�, in exchange far <br /> sharing or mad�fying the m�r�gage insurer's r�sk, or r�ducing lass�s. �f su�h agreemen�pra�ides tha�an <br /> aff��ia�e of Lender takes a share of the insur�r's risk in exchan�e for a share of�he premiums paid�o the <br /> insurer, the arrange�.ent is of�en termed "cap��ve reinsurance." Further: <br /> �a� An�such agreemen�s wil�not affec��he amaun�s tha�Borro►��ver has agreed ta pa�for�Vlar�gage <br /> Insurance, or any o�her terms of the Loan. Such agreemen�s��vi�I no�increase the amount <br /> Borrower►w���owe fvr�Vlortgage Insurance, and�hey wi�l no�en#��Ie B�rra►wer fo any refund. <br /> t b� Any such agreemen�s�vill na�affec��he rights Borrower has�if any�-w��h respec��o the <br /> Mortgage Insurance under the I3ornea�vner5 Pro�e���ou Act of 1998 or any o�her law. These r�ghts <br /> may inc�ude the r�ght to reCei�e certain disclos�res, tv reques� and obtain c�ncel�ation of�he <br /> Martgage Insurance, to ha�e�he Mor�gag�Insuranc�termina�ed automa�icai�y, andlor ta rece��e <br /> a refund of any Mor�gage Insurance prem�ums tha� were unearned at�he t�n�e of such <br /> �ancella�ion nr�ermina�ion, <br /> '1'1. Assignment of Nl�scel[aneous Proceeds: Forfeiture. All Mi�ce�laneous Pr�c�eds ar�h�reby assigned to <br /> and shali be pa�d�o Lender. <br /> �f�he Property �s damaged, such Miscel�aneous Pro�eeds sha��be applied�o res��ra�ion or repair of�he <br /> Propert�, �f the restora���n�r r�pair�s ec�nomically feasi�le and Lender's security is not lessened. During <br /> such repair and restoration per�od, L�nd�r sha��have the r�gh��o hald such N��sce�laneaus Proceeds unti� <br /> Lender has had an opportuni�y �� inspect such Proper�y�o ensure th�work has been completed to Lender's <br /> N�BRASKA-Singie�a�nily-Fanni�MaelFreddie Mac UN1��RM INSTRUMENT Fc�rm 3028 11D3 <br /> VMP� VMPfi�NEi{i 3�2} <br /> Walt�rs Ktuwer Fir�ancial 5er�ices Page 9 of'�7 <br />