201605214 - Laserfiche WebLink

Browse

2� 1 ��5214 contxnue to pa��o L.�nd�r�he amaunt�f th�separately d�signa�ed pa�rmen�s tha�were due vvhen the insurance coverage ceased�o be�n effec�. I.�nder wiil accept, use a�.d retain�hes�payments as a non-refunda�le lass reser�e xn��eu af Mor�gage�nsurance. Su�h�ass reserve shal�be non-refundable, no�wi�hstand�ng�he fact�hat�he Loan �s u�tima�ely paid �n fu��, and Lender shal� n��be required�o pay Borrawer any �nteres�or earn�ngs an such�oss reserve. Lender can no longer r�qu�re�oss reser�re paym�nts if Mor�gage�nsurance cflv�rage�in�he a�noun�and for the peri�d that I,ender requires}pro�ided b�an insurer select�d by Lender aga�n bec�naes available, is ab�a�n�d, and L�nder requ�res separa��y designated paym�nts t�ward�he prenaYums f�r Mar�gage�nsurance. �f Lender required Mo�r�gage�nsurance as a candit�on of making the Loan and B�rrower was rec�uired ta rna�e separa�ei�des�gnated paymen�s�oward the premium� for Mor�gage�nsurance, Borrower sha��pay the premiums required t� main�a�n Mortgage �nsuran��in effect, �r�o pr�vide a nonWrefunda��e loss reserve, un�il Lend�r's requiremen�far N�flr�gag� Insurance ends in accordance wi�h any v�ri�ten agreement betwe�n Borraw�r and L�nder pr�viding for such �erm�na��on flr until�errn.�na��an is required b� Appi��ab�e Law. Noth�ng in�h�s S�c�i�n �.D affe��s Borro�er's ob�igat�on to pa�r�n�erest at the rate provided in the No��. N�or�gage�nsurance reim�urs�s L�nder�or any ent�ty�ha�purchases the Nat�3 for certain�osses �t may incur if Borr�w�r does n�t repay�h�Loan as agr�ed. Borrawer is not a par�y to�he Mar�ga�e Insurari.ce. Mor�gage�nsurers e��luate their to�al risk on a�l such�nsurance in force from�ime to time, and�nay enter in.�o agreements with o�her par�ies that share ar modify their risk, or reduce I�sses. These agre�m�n�s are on terms and candi�i�ns that are sa�isfactor��o the mor�gage insurer and �he o�he�par�y ��r par��es}�o these agre�men�s. Thes�agree�ra.ents may requir�the mortgage insurer to make pa�ments us�ng any saurce of funds that the mor�gage insurer may have available twhich may inc�ude funds abtained froxn Mortgage�ns�ranc� prem�.ums�. As a result�f�hese agreemen�s, L�nder, any purchas�r af�he Note, another insurer, any re�nsurer, any o�her entity, or any af��iate�f an�r�f�he faregoing, may reGeive�directly or ind�rec��y} amaun�s�hat deri�e fram. �or migh�be chara��erized as} a port��n�f Borraw�r's payments for M�r�gage Insurance, in e�cha�.ge far sharing�r madifying�h�mor�gage insurer's r�sk, or reducxng Iosses. If such agreemen�pro�ides that an affilia�e�f Lender takes a share of�he�nsurer's risk in exchange far a share of the premiums paid to the �nsurer, �he arrangement is often termed "cap��ve reinsurance." Further: �a� Any�uch agreements wil� not aFf�ct the amounts that Borrower has agreed�o pay for Mor�gage Insurance, or any other terms af the Loan. 5uch agreemen�s w�Ii na�increase the amaunt Borrawer will owe for Mor�gage Insurance, and�hey will not entr��e Borrower to any refund. �b� Any suCh agreements wi�l not affec�the righ�s Barrower has �if any- with respect to the Mor�gage Insuranc�under the Homeowner5 Pratection Act�f 1995 or any other law. Th��e right� may include the r�ght to recei�e cer�ain disc�vsuresy to request and a�ta�n cancel�ation of the Mor�gage Insurance, to have the Mortgage In�urance termina�ed autamat��a�ly, andlor�o rec�ive a refund of any Mor�gage Insurance premiums�hat were unearned at�he#�me of such cance��atxon or terminat�on. �7. Ass�gnment af Ni�scellaneous Proceeds; Forfe�ture. All Misce�laneous Proceeds are h�reby assxgn�d�o and sha��be paid �o L�nder, �f�he Proper�� is damag�d, such Mi�ceilaneous Proc�eds sha�� be appl�ed to restaration or repair of the Proper�y, �f�he res�oration or repair is economica�ly f�asible and L.ender's s�curity is not lessened. Dur�ng such repair and res�oration period, Lend�r shal�ha�e the ri�ht�a ha�d such Misc�llane�us Proceeds un�i� Lender has�ad an oppor�unity to inspec�such Praper�y to ensure the wark has been comple�ed�a Lender's NEBRASKA-Single Family-Far�nie MaelFreddie Mac UNIFORM iNSTRUMENT Farm 3�28 11�1 VMP� VMPfi�N�)t 1302y Walters Kluwer Finan�ial 5er�ices Page 9❑f 7 7