201605149 - Laserfiche WebLink

Browse

2� 1 ��5149 �ontinue ta pay to Lender the amount of the separate�y des�gnated payments that w�re due when the �nsurance coverage ceased to�e in effect. Lend�r v�ill accept, use and re�ain�hes�payments as a nan-refundabl�lass reser�e�n��eu of M�r�gage Insurance. Su�h l�ss reserve sha�� b�non-refundab�e, notw��hs�and�n� the fact�ha��he L.�an�s u�tima�ely pa��. in fuli, and Lender sha�� nat�e requir�d�a pay Borrower an�r interest or ear�nings on such��ss reserve. Lender can na lang�r r�quire�oss reser�e payments if Mortgage Ynsurance coverag��in th�amoun�and for�he per�od that Lend�r requ�r�s}provided by an insurer selec�ed by Lender aga�n i�ecomes availab�e, is o��ained, and Lender re�uires separa�el�desxgna�ed pa�men�s toward the prem�ums for Mor�gag�Insuran��. �f Lender required Mortgage�nsurance as a c�ndit�on of mak�ng�he Loan and Borrower was requir�d�n make separa�ely des�gna�ed payments toward�he prem�ums for Mort�a��nsurance, Borrawer sha�1 pay�he premiums requ�red�a mazntain Mor�gage �nsurance in effec�, ar to pro�r�de a nonWrefundabie l�ss reser�e, un�il Lend�r's requiremen�for Mor�gage �nsurance ends in accordan�e w��h any v�rit�en agreemen�be�ween Borrow�r and I.�nd�r pro�iding for such ter�n�.na�ion or unt�l termina�ian�s required by Appiicable Law. N��hing �n this Se�tion 1� affec�s Borrower's obiigatxon to pay in��res�at�he ra�e pro�r�ded in�h�No�e. Mortgage Insurance reimburses Lender�or an�ent�ty�ha�purchases the Note} for cer�ain i��ses xt may �ncur if Borrower dves no�repay�he Loan as agreed. B�rrov��r�s n��a par�y�o the Mortgage xnsurance. Mor�gage�nsurers eva�uate�he�r ta�al r�sk on a11 su�� insurance in force fram�ime to�rme, and may enter in�o agreements wi�h other par�ies that share or modif�r their r�sk, or reduce losses. These agreements are on �erms and cond�tians that are satisfac�ary to the martga�e�nsurer and the other party �or parties}�a these agre�men�s. Th�se agreemen�s may require the mar�gage insurer to make paymen�s using any saurc�af funds �hat th�mor��age insurer ma�ha�e a�ailable(�rhi�h may�nclud�funds o�tained fr�m Mor�gage�nsurance premiums�. As a result of these agreements, i.�nder, any purchaser of�he Nate, another insurer, any reinsurer, any other ent�t�, or any affi�iate of any of the faregoing, may rece��e�d�rec��y or indirectly} amounts�hat deri�e from �or might�e chara��er��ed as} a por�ion of Borr�wer's payments for N�ar�gage Insurance, in�xchange for sharing or modYfy�ng the m�r�gag�znsurer's risk, or reduc�ng ��sses. �f such agre�ment provides that an af�iiate�f I.ender takes a share nf�he insurer's risk in exchange for a share of�he pr�miums paid ta th� �nsurer, �he arrangemen��s of��n�ermed "captive re�nsuranGe." Further: 4a} Any such agreexnents w��I not affect the amoun.ts�hat Borrower has agreed�o pay for NYvr�gage Insurance, or any other term�s of the Laan. 5uch agreements w��n.ot�nCrease the amount Borrawer wi�� owe for Mortgage Insurance, and they wil�n�t ent��e Borrower ta any refund. t b� Any�uch agreements will not affect the r�gh�s Borrower has-if any -vv��h r�spect to the NTortgage Insurance under the Homeawners Pro#��t�on Act of 199$or an�other law. These r�tgh�s rnay�nc�ude the r�ght to rece��e certain disc�asure�, to request and ob�ain cancel�at�on of the Mor�gage Insurance, to have the Mortgage Insurance terminat�d autamatical�y, andlor to recei�e a refund af any Mortgage Insurance premiums tha�were unearned at the time of such cance��at�on ar�erm�nat�an. �'1. Ass�gnment of MisGelianeous Praceeds; Forfeiture. A�� Miscel�aneaus Praceeds are hereby assigned�o and sha1� be pa�d to Lender. If�he Property �s damaged, such Misce��ane�us Praceeds sha�1 be applied t�rest�ration or repair of the Propert�, if�he rest�ra�ion or repair is econ�micaiiy feas�b�e and Lender's securi�� is no�lessened. During such repa�r and res�oratian periad, Lender sha��have the right to hold such Mxs�ellaneous ProCeeds unti� Lender has had an opportun�ty to inspect such Prope�y�o ensure th�wark�ias been comple�ed to L�ender's NEBRASKA-Singte�arnily-Fannie MaelFreddis Mac UNIFQRM lNSTRt1M�NT Fvrm 3�2$�IQ1 VMP[� VMPfi�NE1(13�2� Wolters Kluwer Finar�cia!Ser�ices P��af��