201605441 - Laserfiche WebLink

Browse

201605441 Insurance previously in effect, at a cost substan6ally equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substanfially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept,use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ulrimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage(in the amount and for the period that Lender requires)provided by an insarer selected by Lender again bewmes suaila6le, is obtained, and Lender requires separately designated payments towazd the ptemiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borcower was required to make sepazakely designated payments towazd the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insarance ends in accordance with any written agreemert beriveen Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender(or any entity that purchases the Note)for certain losses it may incur if Borrower dces not repay the Loan as agreed. Borrower is not a party to the MoRgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into ageements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are sarisfactory to the mortgage insurer and the other party(or par[ies)to these ageements. 'Ihese agreements may requ've the mortgage insurer to make payments using any source of funds that the moRgage inswer may have availa6le(which may include funds obhained from Mortgage Insurance premiums). As a result of these ageements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other enfity, or any affiliate of any of the foregoing may receive(directly or indirectly)amounts that derive from(or might be characterized as)a portion of Borrower's payments for Mortgage Insurance, in exchange for sktaring or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an�liate of Lender takes a shaze of the insurer's risk in exchange for a shaze of the premiums paid to the insurer, the arrangement is ofYen termed "captive reinswance." FuRher: (a) Any such ageements will not affeM the amounts that Borrower has agreed to pay For Mortgage Insurance,or any other terms of the I oan. Such agreemeuts will not increase t6e amount Borrower will owe for Mortgage Insurance, and they will not entiUe Borrower to any refund. (b) Any such agreements wlll not affect the rights Borrower has - if any-with respect ta the Mor[gage Insurance under the Aomeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellallon ot the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a retund of any MoMgage Insurance premiums that were uuearned at the time of such cancellation or termination. 11. Assi�ment of Miscellaneous Prceeeds;Forfeiture. All Miscellaneous Proceeds aze hereby assigned to and shall be paid to Lender. If the Properry is damaged,such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's secwity is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's sffiisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restorazion in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or eaznings on such Miscellaneous Proceeds. If the restoration or repair is not ewnomically feasible or Lender's security would be lessened,the Miscellaneous Proceeds shall be applied ro the sums secured by this Securiry Instrument, whether or not then due, with the excess, if any, paid to Bonower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. NFERASKA—Single Family--Fannie MaelFedtlie Mac UNIFORM INSTRUMENT- MFRS p�y�� Form 3026 7I07 Page 8 of 15 www.docmagic.mm