201603207 - Laserfiche WebLink

Browse

2� 1 ��32�7 An,y amaunts disbt��e��b�Lender under this S�cti�n 9 s1��1 becon�e additional d�bt of Borro�ver secure�by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement ar�d�sha1�be payable,v►�ith such interest,upon notice from Lender to B�rrower requesting payment, If this Security Instrument is on a leasehold,Barrower sha11 comply with all th�provisions of the lease.If Borrower acquires fee title to the Proper�y,the leasehold and the fee tit�e sha11 not m�rge unless Lend�r agrees to the mergex in�iting, 1 D. Mortg��e In�uranee.If Lent�er required Mortgag�Insurance as a condi�ian of mak�ng the Loan, Borrower shall pay the premi�ms requir�d ta maintain th�Mortgage lnsurance in effect. If, for any reason,the Mortgage Insurance coverage requi.red by Lender ceases to be a��.ilable from th�mor�gage insurer that previously pro�ided such insurance and Borro�ver was required to ma1�e separately designated payments toward the premiums for Mar�gage Insurance,Borrower shall pay the premiums required�o obtain caverage substa.ntially equivalent ta the Mortgage Insurance previously in effect,at a cnst substantially equivalent to the cost t�Barrow�r of the Mor�gage Insuran.G�pre�ti�usly�n effect,fron�a�x alter�ate�ortg�ge insurer se�ected by Lender, If substantially equivalent Mortgag�Insu.rance coverage is not a�ailable,Borrower shal� �o�.tinu�to pay to Lender the amo�.nt of t��sepa.�at�ly designat�ed pa��ts that�r�re dt�e�h�n the insurance co�erage ceased to be in effect. I�ender wi��accept,use and retain these payments as a nan-reft�ndab�e��ss reser�e in lieu of Mar�gage Insu�rance. Su�l�ioss reserve�hali be non-refundable, notwithsta.nding the fact that th�Loan is ultimately pa�d in fu11,and Lender sha11 not be required t�pay Borrower any interest or earnings on suc�h loss reserve.Lender can no Iong�r require t�ss reser�e payments if Mortgage Insuranc�caverage(in the amount and for the period that Ler�der requires}pro�ided by a�. insurer s��ected by Lender again becomes available, is obtained,and Lender requires separat�ly designated payments to�rard the premiums far Mnrtgage Insurance. �f Lender required Mortgage Insu.rance as a condition.of making the Loan and B�rro`uer was required to make sepa.ra�el�designated payments toward the pr�miums for M�rtgage Insurance,Borrower shall pay the prem�ums re�uired to mainta.in Mar�gage Insurance in effect,or to provide a non-refundable loss r�ser�e,until Lender's requ�rem�nt for Mortgage Insurance ends in accordance with any written agreement between Bvrrower and Lender praviding for such terminati�n or until termina�ion is required by Applicable Law.Nathing in this Sectian 1�affects �orr�wer's obligation to pay interest at the rate provid�d�n the 1�Tote. Mortgage Insurance reimburses Lender(or any entity that purchas�s th�Note}for certain losse�it may inGur �f Borrower does no�r�pay the Loan as agreed. Borro�ver is not a party ta the Mortgage Insurance. Mortgage insurers evaluate their total risk on a11 such in.surance in f�rce from time ta time,and may en�er into agreernents�ith other parties that share or modify their risk,or reduce �osses. These agreements a.re on terms a�d condition�that�re satisfact�ry to the mortgage�nsurer and the oth�r party��r par�ies�to these agreeme�ats. These agreements ma�r�quire the mort�age insurer ta make payments using any source of funds that the mortgage insurer may have available�which may�nclude funds obtained from Mortgage Insuran�e prem�ums}. As a result of�hese agreements,Lender, an�pur�haser of the Note,ano�her�nsurerA an.y reinsurer,any other entit�r,�r any affilia�e of an.y of the foregoing,may receive tdirectly or indire�tly}amounts that der��re fram(or m�ght be characterized as}a partion of Borrnwer's payments f�r Mortgage Insurance, in exchange for s�aring�r mod�ifying the mortgage insurer�s risk,or reducing lasses.If such agreement pr�vides tha�an affiliate�f Lender takes a share of�he insurer's risk in exchang�for a share of the premiums paid to the insurer,�he arrangement is often termed"captive reinsurance."Further: q43355355144 �233 351 �917 NEBRASKA-Single Family-Fannie MaelFreddie Mac L1NIF�RM INSTRIJMENT VIf1TH MERS Form 342�1141 VMP� VAllPBA(NE}(�3Q2).�4 Wolte�s K�uwer�ir�anci�l5ervices Page 9 ofi 17