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201508691
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Last modified
7/21/2017 2:27:25 PM
Creation date
12/23/2015 1:45:42 PM
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DEEDS
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201508691
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2� 15�8�91 <br /> Ar�y a�x�ou;�ts disbursed by Le��der under�his 5e�tion 9 shall vecon�e addi�ionai deUt of Borrower secur�d by <br /> �his S�curity Instrumer��. T��ese amnunts shaIl vear interest a�the N�fie ra�e fi-om the da�e�f disbut-set��e��t <br /> and shall be payabie, with sucl� i��terest, up�n notice fi-oi��Lender fa Bo�•rawer x•equestil�g payment. <br /> If tliis Secut•i�y Instrumei�t is at� a lease��old, Bo���-owe�-sl�a�1 co������}�wi�l� aI1 �:11e pr��isioiYs of t��e Ie�s�. If <br /> Borrower a�c�uires fe��itIe�a���e Prape�-ty, �he lease��old al�d tlle fee title shall i�ot i���r�e Linless Le��dc�- <br /> agr�es ta the���erger in w�-itii�g. . <br /> 'I�. �lort�a�e Insurance. �f Le�7de�• �-equit•ed Ma�•tgage I�1sui-ancc a� a cotzdi�:io�� �f i��a��ing�he Laat�, Bo�-i•or�vei- <br /> s��a�l pay the premiut��s �-e�uired to ��-�aii��ain the Mnrtg�ge Iizsuran�e ii� e�f'Tect. If, f�r any reas�n, tlle <br /> Mo�-tgage Insu�-ance co�erage r•ec�u i t•ed by Lei�d er�eases to be�Wai]ab 1 e �`ro i��tlie mo�-tgage i��s�i i•el-tliat <br /> pr�vi�usly pro�ided such insu�•a���e and B�r�-ower vvas rec�uired ta ���al�e s�pa�-a�e�y designated payr��e���s <br /> taward the p�-emiums f�r Mot•tgage Insurance, Borrovver sh�Il pay tl�e pt•emiums reqL�ired�:o ❑b�ai1� coWe�•age <br /> substantially e�uivaIent to t��e Mo�-�gage�nsu�-�i�ce pi•evi�us�y i�z effect, at a cas�substai��ially e��ii�aIei1�to <br /> �he cost to Ba�•��ower of the Mortgag�Ir�s����ance prev�ously in effec�, fram ��-� aI�ei•nate m�r�gage ins«�•��• <br /> selected by Lender. If substai�tiaily e�ui�alel�t M�r�gage:Ins�iz•aiice co�e�-age is no�a�ailab�e, B�i•i-owe�-shalI <br /> co��ti��ue to pay to Let�der tl�e a���ou���of the se�aara�ely desig��a�ed pay��zents fl�a�wei•e due wlzei�the <br /> insui-ance co�erage�eased to be in effect. Lend�r will accep�, use a��d ��e�a�n these payr�nen�s as a <br /> n�i�--refundable lass reserve in lieu ❑f Martgage I��s����ance. 5u�h lass reser•ve�hall I�e not��-refu��dable, <br /> notvvithsta��ding the fact tha�th�Loan is uI�imateiy paid in fuIl, ai�d Lez�der slia�I no�b� renuired to pay <br /> Borrower any r��terest❑r �a�•ni��gs on suGh loss �•es�rWe. Lei�der cai� ��a longer�•ec�ui�-e lass �•eset-ve payn�en�s <br /> if Mortgage Insurat�ce coverage�in�I�e ar��ount and far�he�ei�i�d tha�.Lei�det-requi�-es� pra�ided by a�� <br /> insurer selected by Le��der agaiii beco�nes avaiiabie, is❑U�ained, and Lei�de�-requ�res se�arately d�sig��a��d <br /> paymei��s��vvard th�pz•�miums fo�•Mortgage Insurance. If L�nder�•en�i��•ed Mortgage Ix�s��r�n�e as a <br /> candi�ioY� of making the Loan and Bor�•owe�-v►tas t�equ�red to make sep��-��eIy desigt�ated payments taw�.rd���e <br /> pt�etn�utns fo�-Mortgag�I��surance, B��•r�wer sl�all }�ay t��e p�•emiums �-eq«i�•ed�o maii��ai�� Mar•�gage <br /> Insurance in effect, flr�� pr�Wide a��oi��refu�zdaE�Ie lass r�ser�e, untii Lei�der•'s t•e��iit�e�-nei�t far Mor��age <br /> II75LiI•�nce e�1ds i�7 ac�o�-dance with ���y wri��ei� agreemei��be�vveen B�rrowe�-ai�d Lende�- p�-o�iding for s��ch <br /> te�•mina�i��� or ut�til tet•minati��i is requii•ed by Appli�able Lavv. Nothing it� �l�is 5ection 1� afFects <br /> Borrowe�-'s obligati�n to pay it�teres�at�he�•ate pro�id�d in �l�e No�e. <br /> 1VMortgage Insurai�ce reimbur•ses Lendet-�or at�y entity t��at ptircl��ses�l�e Note�fnt��e�-tai�� losses it i��ay ii�cu�- <br /> if Borr��wer�does t�ot re�ay�i�e Loan as agreed. Sorrow�r is ��o�����-�y�o�he Mot•tgage Ii�surance. <br /> Mor�gage insurers evaluate their tatal �•is��o�� a�1 �uch insurance in f�rce f�-�tn time�o tiine, and inay en�er <br /> in�a agreem�nts v�rith❑ther parties t��a�sl�are ot•modify �heir��is��, �r z•educe l�sse�. Th�se agreein�t��s ar�on <br /> terms atad conditio��s���a�are sa�i�fact�ry fio the mortgage insurer and the ot��er �arty �ar parties}�a these <br /> ag�•eemet�ts. T�7ese ag�•e�mei��s may rec�uire�l�e i��o�•tgage insure�"�❑ 117a�{e��y1T1eI7�5 uS117g�I1y S�l.irc�of fu�lds <br /> �I�a��he mo�•tgage insuz•�r may ha�e�.�ailable�which may it�clude fui�ds ob�aii��d f�•om Martg�ge In�urance <br /> premiums}. <br /> As a result of�hese agreements, Le��der, a�iy pu�-c��as�r a�f�he No�e, ai�a���er it�surer, any reinsu�-��-, ai�y <br /> ❑�I�er eY1�i�y, �r any affiliate of any of ti�e fat•egaing, t��ay recei�e�di�•ec�ly��- i�zdi�-ectly} a���o��n�s t��at <br /> de�•i�re fram �or rnigh�be�i�at�acte�-ized as} a pot�tion ❑f Bor�•owei'f 5 �c��i7��I7�5 ���I• Martg�ge Ii�surat�ce, in <br /> exchai�ge fa�-sha�-it�g or madifyin�tl�e tnortgage i�-�sur�r's risl�, o�• �-ed�.i�ii�g losses. If s�icl� ag�-ee���e��t <br /> pro�ides tl�a�an aff lia�e of Lei�det•talces a share of�he insur�r's i�isI� in exc��ange f�r a share of the <br /> �remiums paid t❑t��e insurer, �he a�•rangei��ei�t is o�ften ferii�ed "cap�ive reinsu�-ance." Further: <br /> 2�15-�785492 1{��Q49��QQ'1�52�'400 7994 <br /> N�RAS}tA-5ir�gle Famiiy-Fannie MaelFreddie Mac tJNIF�RM INSTR�MENT WITH MERS Farm 3��8 11�1 <br /> VM P QQ VM P6A�N�}�13Q�} <br /> VIlolters Kluw�r Fnan�ial 5ervices 1�1'171��'!5 'I�:�49 AM Page 9 ofi"I� <br />
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