201603460 - Laserfiche WebLink

Browse

2� 1 ��34�� pr�vides that an affil�ate of Lend�r ta�es a share of the insurer's risk il� excl�ange for a share of the premiums paid to the insurer, the arrangemen� is aften ter��ned "capti�e reinsurance." Further: �A}Any�uch agreements w�l�not affec�:f:he amounts that Borrower has agreed �o pay for Mortgage Insuran�e, or any o�her terms of thc Loan. Su�h agreements will not increa�e th� amount Borrawer will owe for Mortgage Insurance, and they will nat entitle Borrower ta any refund. (B�Any such agreements will not affect the right�Borrower has- �f any-with respect to �he Mvrtgage Insurance under the Homenwner5 Protectian Act of 19�8 or any vther law. These rights may in�lude the right to recei�e certain disclasures,to request and obtain �anCellation af the Mortgage Insurance,to ha►ve the Mortgage Insurance terminated automaticalZy,andlor ta recei�e a refund of any Mortgage InSurance premiums that were unearned at the time of such cancellativn or term�nation. '11. Assignment af Miscellaneous Proceeds; Forferture. A�l Miscellaneous Proce�ds are hereby assigned ta and sha11 be paid�o Let�der. If the Praperty is damaged, sucl� Mrscellane�us Prfl�eeds shall be applied to restora�ion or repair of the Proper�y, if the r�storation �r repair i5 ec�nomically feasible a»d Lender"s security is not lessened. Dur�ng such repair a��d restoration period, Lender sha�� ha�e the right to l��ld such Miscellaneous Proceeds unti 1 Lender has had an apportunity t� ii�spect such Pr�perty to ensure the work has been completed�o Lender's satisfa�tion, pro�ided that suci� inspecti�n shall be undertaken prompt�y. Lender may pay for�he repairs a�zd restora�i�n ir�a single disbursemen�or in a ser�es�f progress payments as t��e �vark is comple�ed. U��less ai� agreemer�t is made i�1 writi��g or Applicable Lavv r�quires �nrerest t� be paid on such Miscella��eaus Pr�ceeds, Lender shal� nat be required ta pay Barrovver any ipterest or earnings on such Miscella��eous Proceeds. If�he res�ora�ion or repair is not economically feasi�le o� Lender's security vvould be lessened, the Miscel�ane�us Proceeds shal l be app�ied to the sums secured by this Security Instrument, whether❑r not then due, with the excess, if a��y, paid to Borrovver. Such Miscellaneous Pro�eeds shal� be applied in�he�rder�ro�ided for in Section 2. In the e�ent of a total taking, des�ructi�n,�r loss in�alue�f the Property,the Miscellaneous Proceeds sha�l be appl ied�a the sums secured by th i s Securi�y Instrument, whether or nat then due, with the excess, if any, paid to Borrower. In the e�ent of a partia�taki��g, destructioi�, or loss ix� �alue of the Praperty in �vhicl�the fair market �alue of the Praperty i�nir�ediately before�he partial �aking, destructian, or l�ss in�atue is equa� to or grea�er than the amount of tl�e sums sec�.�red by tl�is Security Instrutnen� immediate�y before the �artial taking, destruction, or loss in �alue, un�ess B�rrower and Le��der other�vise agree in writing, the sums secured by this Security Instrument sl�all b�reduced by�he arnoun�of the Misce�laneous Proceeds �nu�tipl�ed by the fallawing fractio��: �a}th�total amoui�t of�he sums secured irnmediately before the par�ial taking, destruction, or loss in�alue di�ided by �b�the fair markef�alue of the Property immediately before tl�e partia� taking, destructian, or�oss in �alue. Any balance shall be paid ta Borrower. In the e�ent of a partial taking� C�eS�I'L1C�1QT7y or loss in�alue of the Proper�y in which the fair market �a�ue of the Property immedia�ely �efare t��e partial taking, destruction, or �ass in �alue is less�han�he HCFG-0�359 NEBRASKA-5ingle Family-�annie MaelFreddie Mac UN�FQ{�M INSTRUMENT Farm 3028 11�� VMP� 11115 Walters�C3uwer Fir�anciaf 5ervices ��16�52115.3.�.35�9-J�Q160��DY Page 1�af 1'7 ' 853716�13*