201601184 - Laserfiche WebLink

Browse

i 2� 1 �� 1184 dez•ive from �or m�gh�b�c�.arac-�erized as}a.por�i4n of Borro�er's paymen�s fo�Mor�gage Insurance, in ex��ange�'o�shar��g o�•moc��fying�h�mor��age z�.su�•er's r�s�f,or reduc�ng losses, If such ag��e��1en� pr��ides�ha��.n af.��ate of Lender��.��s�.share of�he�nsL�rer's ris��i�exc�aange fo��a s�lare of�he premi�.��rns�a��.to��.e i�.st�rer,�he arran�erne��is often termec�"�aptiiv�re�r�st�ra�ace,"Fur�her: (A}An�such agreements Vvill nat affect the am�u�ts that 13arrower h�� agr�ed t�p�y for MQrtgage Insurance,or any other t��°rr�s�f the La�n. Su�h agr�ementS�v��not�ncrease the amflux�t]3�xrower w��X o�v��or Mortg�ge Insurance, and they wi�X not ent�tXe�orrower to any refu,nd. (B�Any such agre�x�ent�w��n�t�ffect th�r��hts�orrow�r ha5��f any�w�th resp�ct to the Mortg�ge Ix�Sur�nce�nder the�Iom�o�vners Protection Acx of 1998 or a�y other I�w.T�ese rxgh�;s m�y in�lu��e the r�ght t�r��eive��rt��. c��sc�osures,ta reque�t anc�o��aix� cance�IatYan of the IVlortgag�Insur�n�e,to have th�Il�Iortgage Insurance term�nated automatical��, andlor�o _ rece�v�a r�fi�nd of any Tl�Iortgage Ir�surance premxums that were une�rned at the�ime of�uch ��ncellat��r� or terrnination. 'I'�. As�i�r�rr�� f IV�iscellan��us Pr��d�; Fc�rfeiture. A11 Miscellaneous Pr�ceeds are herel�y assignec��o an�sha11 be pa�d.�o�.end��. If tihe Pro�er��is damaged, such Miscellaneot��Pr�cee�:s�h�.��be a��ed to res�or�.t�on ar re�a�r of the Pro�erty,if th��•es��ra�ion o�r rep�.ir is eco�amic�.��y feas�b�e a��.Le�lde�r's s�cur�ty�s no��esse�.ed. During su�h repa�r and res�ora�i�n pe��i�d,Ler�c�er sha��have��a.��gh�to ho�d st�.ch M�sc��a�.e�t�s Proceeds un�i�Le��der has h�,d�.n opp�rtt��.��y��inspec�sL�c�i Prap��'�y�a ensure the w��I�has been ��- complete�t�Lender's s�.�isfactio��,�arov�d�d�ha�such i�spection shall be u�der��Ife��pr�mptiy.Lender m�.y p�.y for th�repa.irs and�esto�•�.ti�n z��.sxr�gl�disburseme��t ar in�.series of progres�paym�n�s�.s the w�rl{is c��mple�ed,Unl�ss an agreerr��n��s xnac�.e in�rrit�ng or Applicable Lav��eq�.�ires in�e�:es�to be paic�.��st�ch 111�is�eila�eo.us Proc�e�.s;I��nc�.�r shal�r�ot be rec�uired�o pay Borr�wer any ir�teres��r earr�ings on sL��h 1Vlisce��aneoL�s Pro�eed�, If�h�restora�ion o�repai�•is�o�economically feasible o�� Lend�r's s�cu�°i�.y�v�lild be 1ess�ned,th�M�5cel�ane�L�s Proceed� shall be app�ied to�he surns secured by�his S e�t�r��y I��r�.�men�,whe�her or no��he�dL�e,�i�h�he excess,if a�y,paic��o B�r�ower. Such Miscellane�us I'�o�e�c�s shaZ�be app�i�c��z��he or�.er pravided for in Sec�ion 2. In�he even��f a��tal��.1��.�g, des�r�.�ctio�, or�oss ir�value�f�lle Proper�y,�he Miscell�.r��ou�Proceeds sha�1 be appliec�t�a�he sl�ms sec�.��d by�h�s S�c�.�r��y�nstrumen�,tiv�le�her�r n��hen dL�e,�i�h the excess, if�.ny,paid�o Borr��er. Ir��he ev�n�of a p�,r��:ial tal�ing� C��'S�PCl.C��11� flr�oss in v�l�.�e of�he Proper�y in vvhich�he fair m�.rket val�.�e of the Property�mmed�at�ly b�fore�.he p�.r�xa��.kxr�g, �.estruc��or�,.or loss�n v�lue is ec�ual ta or gre�.��h.axa.�he�.rx�ouzzt of�h�sumr.s secured b�r�h�s SecL�rit�Ins�rumen�imxnediat��y�before the par�ial takx�.g, d�stru.��., or l�ss zx�valu�,un�es�Bor�ovver anc�Lender ather�vise agree in�vri�ir�g, the su�ns sec�.�red by�h�s Sect�r�ty Ins�zti�n�zen�s�.al1 b�rec�t�ced by�he arn�unt�f�he Misce�lar�eot�s Pracee�s mt�Itipli�d by�11�follo,wing frac��on: ��.}�he ta�al�.mot�n�of�he s�.�ms seci�r�c�in�rnediately befor�the pa��ia1 t�.king, d�s��.�ction, ar loss in�ra1t��divided Uy��}the fair rr�arket v��t�e nf�he Proper�y�n�med.i�,��y before��e partiia��a�i�g, �estz�.�ct�an, ar�oss�n valu�� Ar�y ba��.�ce shal�be p�.�d to Borrov�er. HCFG-�d3v9 N�BRAS}tA-5ingle�amiiy�Fannie MaelFreddle Mac UNIFORM INSTRUMENT Farm 3028�J�� VMP� 14115 Wolt�rs K[uwer F�i�anGial 5ervices 20�802�2�5,3,�,3355-J2��5103aY Page��of 17 *284 $0 � 2 2*