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201601715
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Last modified
7/23/2017 10:18:47 AM
Creation date
3/23/2016 12:40:45 PM
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DEEDS
Inst Number
201601715
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2� 1 �� 1715 <br /> cQnt�nu���pa�to Lend�r the amount of�he separately des�gna�ed paym�n�s that were due when the <br /> insurance coverage ceas�d�o be�n effect. Lender wi11 ac�ept, us�and r��azn�hes�paymen�s as a <br /> non-refundable loss res�r�e in���u of N�or�gage �nsuranc�. �uch Ioss reser�e sha��be nan-refundabl�, <br /> notwi�hstanding the fact that�he Loan�s ul��mately�a�d in fu��, and L,ender sha�� no�be required to pay <br /> B�rr�wer any in�erest ar earnings an such loss r�ser�e. Lender can n��onger r�qu�re�ass reserve paymen�s <br /> if Mor�gage�nsurance c�verage�xn the amoun�ar�d �or the per�ad�ha� L.�nder requ�res}pro�ide�by an <br /> �nsurer selec�ed by I�ender aga�n be�flmes ava�lable, is ob�ain�d, and L,ender requires separately�esignated <br /> paym�n�s �oward �he premiums f�r Mor�gage �nsurance. If Lender required Mor�gage Insurance as a <br /> cond�tion of rnaking the Loan and Borrawer was required��m.ake separately d�signa�e�paymen�s�award�he <br /> premiums f�r Mar�gag�Insurance, Barrower sha��pay�he premiums required to maintain Mor�gage <br /> �nsurance xx�effeGt, or�o pro�ide a non-r�fundab�e lass reser�e, unt�1 Lender's requiremenf for Mortgag� <br /> �nsurance�nds xn accardance w��h any v�ri�ten agreement b�tween Barrower and Lender pro�id�ng far such <br /> �ermi.nation or unt��terminatian�s requ�red by Appl�ca�I� Law. No�hing in th�s Section ��aff�c�s <br /> Borrov�er's�bligation t�pay in�eres�a��he rate pro�r�ded in the No�e. <br /> M�r�gage Insurance reim�urses Lender�or any ent��y tha�purchases the No�e} for certain iosses it may incur <br /> if Bflrravver does no�repay the Loan as agre�d. B�rr�v�er is na�a par�y�o�he Mor�gage�nsuran�e. <br /> Mor�gage insurers e�a�uate the�r��tal risk on al� �uch insuranc�in farce fram��me to�im�e, and ma�r enter <br /> into agreemen�s with ather par�ies�ha�share or madif�r�h.eir risk, or redu�e losses. These agree�nen��ar�on <br /> �erms and cond�tions tha�are sa�isfac�ory to the mor�gage�nsurer and the fl�her par�y ��r par��es}tn these <br /> agre�men�s. These agreemen�s may require the mor�gage�nsurer t�make pa�m�n�s us�ng any snurce of funds <br /> tha��he m�or�gage�nsur�r may ha�re a�ailab���wh�ch may inc�ude funds ab�a�ned fr�m Mor�gag��nsuran�e <br /> premiums}. <br /> As a resuit of�hese agreemen�s, Lender, any purchaser of the Nate, ana�her insurer, any reinsurer, an�ather <br /> �nt��y, or any af�lia�e of any of�he foregoing, may rec�iv��dire���y or ind�rectly� amounts tha�derxve from <br /> �or m.ight be charac�er��ed as} a port�on of Borr��er's paymen�s far Mor�gage�nsurance, in�xGhange for <br /> sharing ar m�difying�he mar�gage insurer's risk, or reducin� Iasses. �f such agreement prov�des tha�an <br /> aff���a�e�f Lender�akes a share af�he insurer's r�sk in exchange for a share�f�he premiums pa�d to�he <br /> insurer, the arrangement is of�en�ermed "captive reinsurance." Fur�her: <br /> �a} Any such agreemen�s will not affe�t the amounts�hat Borrower has agreed to pay far Mortgag� <br /> Insurance, or any other�erms of the Laan. Such agreements wil�nat increase the a�aunt <br /> Borrower wili owe for Niortgage Insuran�e, and they w���not entit�e Borrower to any refund. <br /> 4�� Any such agreements wi�i nat affe�t the rights Borrawer ha5 -��f any-w�th res�ect to the <br /> Mortgage Insurance under�he�Iomeawners Protecti�n Ac�of 1998 or any other law, These rights <br /> may inc�ude the r�gh�ta re�eive cer�ain discl�sures, t�request and obtain canceliatian of the <br /> N�ortgage Insurance, to have the Mor�gage Insuran�e term�nated autama��cai�y, andlor ta receive <br /> a refund af any Mortgag�Insurance prem�ums that were unearned at the t�me of suc� <br /> cancellation or terminatian. <br /> �7. A�s�gnment vf 11l�iscellaneous Pra�ee�s; F�rfeiture. A1I M�scel�aneous Proceed� are herehy assigned ta <br /> and sha11 be paid�a L.�nder. <br /> �f�h�Proper���s dama�ed, such M�s�el�ane�us Proceeds shall be appiied�o restara��on or repa�r of�he <br /> Proper�yy �f th�restoration or repair�s e�onom�ca��y feas�ble and Lender's securi�y is na��ess�n�d. During <br /> suc�repair and res�orat�an period, Lender sha�l have the right to ho�d such M�scellaneous Proceeds un��l <br /> L�nder has had an oppor�uni��to inspect su�h Proper�y to ensure�he work has be�n completed t�Lender's <br /> N�BFiASKA-Single Family-�annie MaelFreddie Mac UN#�ORM iNSTRUM�NT Farm 30�8 11�'i <br /> VMP[re� VMPfi�N�f Z13�2} <br /> Wolters Kluwer Fir�ancial Ser�i�es Page 9�f 17 <br />
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