201602563 - Laserfiche WebLink

Browse

2� 1 ��25�3 con�inue�o pay to Lender�he am�unt of the separatel�de��gna�ed paymen�s �hat wer�due when�he insurance coverage ceas�d�o b�in effec�. Lender will accep�, use and re�a�n�hese pa�m�n�s as a non-refundable lass reserve�n�ieu of Mor�gage�nsurance. Such�oss reser��shail be non-refundab�e, n��withstand�ng the fac��ha�the Loan is ul�zmate��paid �n fu��, and L.ender sha�� nat be required to pay B�rrower any�nterest ar earn�ngs vn such loss reser�e. I.end�r can no �onger requ�re loss reser��pa�rn�ents if M�r�gage�nsurance�o�erage��n the a�mount and for the per�od�hat Lender requ�res} pr�vided by an insurer sel�cted b� Lender agaxn becomes ava�lable, is obta�ned, and Lender requ�res separate�y designated payments�av�ard the prem�.ums for Mor�gage �nsuranc�. If Lender r�quired Mor�gage Insurance as a candition of mak�ng the Loan and Barrov�er was requir�d�o make se�arately designated payments t�ward the premiums for Mor�gage Insurance, Borro�er shall pa�the premiums required�o ma�ntain Mortgage �nsuran�e�n effec�, or ta provide a non--refundab�e Ioss r�serve, until L.ender's requirement for Mortgage �nsurance ends in accordance w�th any wr�tten agr��ment between Borrov��r and Lender pr�vid�ng f�r such �ermina��on or un�il�ermination is r�quired by App��cab�e Lav�. Nothing �n this Sectian ��aff�c�s Borrower's ob��gation�o pay �nterest a��he ra�e provided �n the Nate. N�or�gage Insurance reimburses L�nder��r any�n�it�that purchases�.�Note} for�er�a�n Ioss�s it may incur if Borrower does not repay��ie I..�an as agreed. B�rrower is no�.a par��to the Mor�gage�nsuran�e. Mortgage insurers e�a�ua�.e th�ir t��a� r�sk�n a11 such �nsurance in farce from t�me�o time, and may en�er �nt� agr�ements with o�her par��es tha�share or mod�fy�heir rzs�, ar reduce losses. These agreemen�s are on �erms and cond�t�ons tha�are sa�isfactory�o the mortgage insurer and the other par�� or par�ies}to these agreemen�s. These agreements may requ�re the mortga�e insurer��make pa�men�s using an�source af funds that�he martgage insurer may hav�avai�ab�e�which m�ay �nc�ude funds obtained from Mor�gage Insuranc� premiums}. As a resu�t of these agreements, L.�nder, an�purchaser of the Note, ano�h�r�nsurer, any re�nsurer, any o�h�r en�i�y, or any affiZ�a��of any�f�he foregoing, may recex�e�dir��tly�r indire��} amounts that derive from ��r might be cha�-ac�er�zed as} a por�inn of Borrawer's pa�men�s far Mor�gage�nsuxar�ce, �n exchange far shar�ng or mod�fying�he mor�gage�nsurer's risk, or reducing�flss�s. �f such agreement provides that an af��ia�e af L�nder�akes a share of��e�nsurer's risk in e��hange for a shar�of�he prem�ums paid ta�he insurer, �he arrangem.ent�s often termed "�apt�ve reinsuranc�." Fur�.her: �a� Any such agreem�n�s w��n.ot affect the amounts that Barrower has agreed to pay for Martgage Insurance, or any other term.s oF the Loan. Such agr�e�nents wili not xncrease the amount Borrower w��ow�for�Vlortgage Insurance, and they ►�v�ll not entitle Borrow�r ta any refund. �t�3 Any su�ch agreen�ents wx��nat affect the r�gh�s Borrower has-�f any -with respec��o the N�ortgage Insuran�e under the H�meowners Prote�tion Ac�of 1998 or any a�her�aw. These righ�s rnay inc�ude the rxgh�to receive certain disclo5ures, ta request and ob�a�n cance��ation of the Mortgage Insuranc�, �a ha►�e the M�rtgage Insurance term�nated au�oxnatxca�iy, andl�r to recei�e a refur�d of any Mortgage Insurance prem�ums that were unearned at the time of such cancella�ion or termination. �'1. Ass��nm�nt af Misce�lar�eous Proceeds: Forfeiture. All Misceiianeous Pr��eeds are hereb�ass�gned�o and sha�l be paid to i,ender. �f t�.e Proper�y �s da�maged, su�h M�scellan�ous Praceeds sha��be appiied�.o res�aration or r�pa�r of th� Proper�y, xf�he rest�ration or repair�s ecanam�ca��y feasi�le and Lender's security is no��essened. Dur�ng such repa�r and res��ration peri�d, Lender shall have�he r�gh�to h��d such Mis�ellaneaus Praceeds un�� Lend�r has�ad an�pp�r�unx�y to inspec�such Property��nsure the wark has�been comp�eted to Lender's N�BRASKA-5€ngl�Famity-�annie MaelFreddie Mac UNIFQRM INSTRUMENT �orm 3�28 11�1 VMP[� VMPfi[NE}{13�2y Wvlters K[�wer Financiaf 5er�'sces Page 5 af 17