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201602595
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Last modified
7/23/2017 10:58:39 AM
Creation date
5/2/2016 2:06:22 PM
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DEEDS
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201602595
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2� 1 ��2595 <br /> payments that were duc when the insurance coverage�easec�ta be in e��'ect.Ler�der will accept,use and <br /> retain these payments as a tlon-refi���dable loss reserve in lieu of Mnrtg�ge Ii��uran�e.5uch loss reser�e <br /> sha�l be non-refundable,nntwithstanding the fact that the Loan is ult�mately paid in full,and Lender sha�l <br /> nat be required tn pay I3o�-rnwe�any ir�tere�t nr ear��in�s on suc��loss reser�e.Lender can nn lni��;er <br /> require�oss reserve payments if Martgage�i�suran�e ca�erage(in the amount and for the periad that <br /> Lender requires}pro�ided by�n insurer selected by L�nder a�ain b�comes a�ailable,is obtained,and <br /> Lender requires separately designated payments toward the premiums for'Vlort�a�;e Insurance.If'Lender <br /> required Mort�;a��4��surance as a�ondition ot making the L��an and�3nrrower was required to make <br /> separately designated payments tnward the premiurrts ft�r Mort�age lnsurance,Qorrower shall pay the <br /> pre�niums required to maintain Mn�tga�;e�nsurance i�i et�'ect,ar�o prov�de a nan-r�fundable�nss reser�e, <br /> unti�Le��d�r's reyuire�nei�t tor Mortgage insurar�ce enc�s in accardance with any writte»agreernent betw�e» <br /> Borrower and Lender pro�iding for su�h termination or unti�termination is required by Applicable Law. <br /> Nothin�in this Section 1�at�ects�3orrnwer's Qb�i�atiar�to pay interest at the rate p�ovided in the Nnte. <br /> Mortgage Insuranc�reimburses Lender(or any e��tity that purchases the Nate}for certain losses it may <br /> in�ur if Borrower does i�ot repay the Loan as a�re�;d.Borrawer is nnt a party to the Mnrtgage Insurance. <br /> Mortgage'rnsurers evaluate their tatal risk on al]s�ich insurance i�z f�rce from time ta time,and may enter <br /> into agreements wit�7 other parties that share or znodify their risk,or reduce losses.These agreements are , <br /> on terms and conditions that are satisfaGtary ta the mortgage insurer and the other party(or parti�s}t❑ <br /> �hes�agreements.These agreements may require the mortgage insurer to make payments u�ing any <br /> source of funds that the m�rt�age insurer may ha�e a�ailable(which may include funds obtained fram <br /> Mortgage Insurance prem�ums}. <br /> As a result af these ag�eements,Lender,ar�y purc��aser❑f the Nnte,anat}�er i�lsurer,any reinsurer,any <br /> other entity,or any affiliate of ai�y af the foregain�;,may recei�e(direct�y or indirectly}amounts tl�at <br /> deri�e fram(or might be characterized as}a portion af Borrower's payments for Mor�gage Ii�surance,in <br /> exchan�;e for sharin�or modifying the mor�tgage insurer's risk,or reducing losses.if such agreernent <br /> pro�ides that ati affiliate nf Lender takes a share of the in;�urer's risk in exellan�e fnr a share of the <br /> pre�niutr�s paid to the iiisurer,the ai•rat��er�lent ts nf't�;i1 t�rmcd"captive reinsurance."Further: <br /> �A} Any suc�i agrec�rteiits will «ut affect ttl� amouri�s that Horrower has a�reed tv pay f'or <br /> Mortgage �i�surati�e, or a�iy ❑th�r tcrms o�'the l�oan, Such agreem�i�ts wi�l Eivt iia�rease �h� <br /> amount Barrower will owe for Mortgage liisurai�ce, and they will not cntitjQ �orrower to ai�y <br /> ref'und. <br /> {B} Any such agreements will not atfect the rights Barrower tias - it'any - with respect ta thL <br /> Mortgage ltisurance under #he Homevwners Pratection A�t ❑f' t998 vr any ather law. `�hese <br /> rights may include tt�e right �o rece�ve certa�i� dis�lasures, ta r�quest ai�d obtain ca��cellatioii <br /> of the Mor�gage insuranc�, �a ha�e the 1Vlort�;age f��surance terminatcd automatically, andlor <br /> to re�ei�e a refund of any Martgag� fn�urance premiums tl�at we�-e unearned at the time of <br /> su�h �an���lation or terminaY�on. <br /> 1'I.Assignment of MiscellaneQus Proceeds;Forfei#ure.AIl Mi�cel�ar�eous Prnceed�are 1lereby <br /> assigned to and sl�all be paid t�L�nder. <br /> ��as���s�� <br /> ��n5 <br /> v�+� <br /> Woiters Kluwer Financial 5ervices 2a16A42015.1.0.3112-J2015112AY Initlals: � Page 9 af 17 <br /> `MPk114B557S55 Q233 112` <br /> I <br /> i <br /> I <br />� <br /> I <br />
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