201600514 - Laserfiche WebLink

Browse

2� 1 ��514 Any amounts disbursed by Lender und�r this Section 9 shall becom�additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable,with such�n�erest,upon natice fram Lender to Borrow�r requesting payment. �f this Seeuri�y Instrum�nt is on a l�asehold, Borrower shall comply with a��the provisions of the lease. If B�rrower acquires fee title to the Property,the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 'I�. Mort�age Insurance.If�.e�d�r req�.i�ed Mortgage Insurance as a condition of making t�.e Loan, Borrower sha11 pay the premiums r�quired ta mainta.in the Martgage Insu.rance �n effect. �f, for any reason,the Mortgage Insurance co�erage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borro�uer vvas required to make separately designated payments to�vard the premiums for Mortgage Znsurance, Borrawer shal�pay the premiums required to obta.in co�erage substan�ially equivalent�o�he Martgage Insurance previously in effect,at a cost substant�ally equ�valent to the cost to Borrower of t�.e Mortgage Insurance previous�y in effect, fram an al�emate mortgage insurer seiected by Lender. If substantially equivalent Mortgage Insuranee coverage is not avai�able,Borrower sha�� continue to pay to L�nder the amount of t�.e separatety designated payments that were due�hen the insurance caverage ceased to be in effect. Lender�ri11 accept,use and re�ain these payments as a non-refundable toss reser�e in lieu of M�rtgage Insurance. Such loss reserve sha11 be non-refundable, notwith�tanding the fact that the Loan is ultimately paid�n fu11,and Lender shall not be r�quired to pay Borrower any�nterest or earnings o�.such loss reser�e. Lender can no Ionger requ�re 1o�s reser�e payments if Mortgage Insu.ran�e co�erage(in the amount and for the perind that Lender requires)provided by an insurer selected by Lender again beeomes ava�lable, is abta�ned,and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage�nsurance as a condition of making the�.aan and Barrovver was required to make separately designated payments toward the �remiu��for�ortgage Insurance,Borro�er sha��a�the p�emiur�s�eg�ired to rnaintain Mortgage Insurance in effec�, or to provide a non-refundable loss reser�e,until Lender`s re�uirement for Martgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termin�tion o�u��i1 tern�inatian is required by Applicable Lav�.l�othing in t�his Sect�on 1�affect� . Borrower's obligation�a pay interes�at the rate prov�ded in the Note. Mar�gage Insuran�e rei�nburses Lender�or any enti�y that purchases the Note)far certa.in losses it may�ncur if Borrower does not repay the Loan as agreed. Borrower�s not a party to the Martgage Insurance. Mortgage insurers e�aluate their tatal risk on all such insurance in force from time�o time,and may enter into agreements�rith other parties that share or modify their risk,or reduce lasses. These agreements are on terms and conditions that are satisfactory to the martgage ixzsurer and the other party(ar par�ies}to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have availa��e(whi�h may inclu�e funds obtained from Mortgage Insurance premiums). As a result of these agreements,�ender,atxy purchaser af the Note,another insur�r,any reinsurer,an� other entity,or any affiliate of any of the foregoing,may receive(du'ectly or indirectly}amounts that deri�e from(or might be characteri�e�as}a portion of Borrower's payments for Mor�gage Insurance, in exchange for sharing or modifying the mortgage insurer's risk,or reducing 1oss�s. If such agreement pro�ides that an affiliate Qf Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer,the arrangement is of�en termed"capti�e reinsurance."Further: q�3351642�2� ��33 238 4917 NEBRASKA-Single Family-Fannie MaelFr�eddie Allac lJNIFORM INSTRUMENT WiTH MERS Form 3428 1141 VMP� VMPfiA[NE3(1302}.0� Woiters Kluwer Financial Servi�e� Page 9 of 17