201605631 - Laserfiche WebLink

Browse

2� 1 ��5�31 con�inue to pa� �� Lender th�amoun�of�he separate�y designa��d pa�ments that were due when�h� insura.nce co�erage ceased to be in effec�. Lender w��l accept, use and re�ain these paymen�s a� a nonWrefundable�ass reser�e�n l�eu of Mor�gage�nsurance. Such lass reser�e sha�l be non-refundab�e, no�withstand�ng�he fac��hat the Loan is ultirniately pa�d �n ful�, and Lender shal� no�be required�o pay a B�rrov�rer any �nterest or earnings on such loss reserve. Lender Gan no Ianger re�u�re�oss reserv�paymen�s � if Mor�gage�nsurance coverage ��n th�amount and for the per��d that L�nder r�quires} p�ro�ided by a� �nsurer se�e�ted hy Lender again bec�mes avai�a�l�, i�obtained, and Lender requires separa�ely des�gna�ed payments to�ard the prem�ums for Mortga�e Insurance. If Lender required N�art�age�nsurance as a condit�on of making �he Laan and Borr�wer was requ�red to make separately des�gna�ed payment�toward the premiums for N�or��age Insurance, B�rr�wer sha�l pay the premiums requ�r�d�o maintain N�or�gage �nsuran�e in�ffec�, or to pro�v�de a non-r�fundable loss reserve, un��l L.end�r's r�quirement for Mor�gage Insurance end� in accordanc�with any written agreement betwe�n B�rr�wer and Lender pra�iding for such term�nat��n or un�i� termination is required by Applicable Law. Noth�ng �n this Sec�ion 1�affec�s Barrower's o��igation to pay interes�at�he rate pro�id�d in the No�e. Martgage Insurance reimbur�es Lender�or any entit��ha�purchases the N�te} for�ertain�osses it may incur if Borrower do�s not repay the L�an as a�reed. Borrower is no�a par�y to�he Mortgage �nsurance, Mor�gage insurers e�a�ua�e their tota� risk an a�� such �nsurance �n force from�ime to timie, and may ent�r �nto agr�em,�nts v��th other pa�ies tha� �hare�r m.ad�f�their r�s�, �r reduc�lasses. These agre�ments are on terms and cond��ons tha� are sat�sfactory�� he mortgage insurer and the o�h�r par�y �ar parties} �o these a�reements. These agreem�n�s ma� r�qu�re the mortga�e insurer ta make pa�m�nts us�ng any source of funds �hat the m�r�gage insurer ma�hav�a�raila��e�vvh�eh may inc�ude funds ob�a�ned from Mor�gage Insurance premiun�s}. As a result of�hese agreem�nts, L�nder, an}�purchaser flf the Note, another insurer, any reinsurer, any other �nt�ty, or any affilia�e of any of th�fore�a�n�, may recei�e �d�rec�ly or�ndir��i�} amounts that deri�ve from �or m��ht be characterized as} a por�zon of Borrov�►rer's paymen�s for Mor�gag� �nsurance, �n�xchange for sharing�r modifying�he mortgage�nsur�r's risk, or reducin� �os�es. If such agreement pro�ides tha� an af��iia�e of L.ender takes a share of�he insurer's risk in�xchan�� for a share of the prem�ums pa�d ta the insurer, �he arrange�m�n�xs of��n termed "captiue re�nsuranc�." Fur�her: �a� Any such agreements wi�l no�affect the amounts tha� Borro«�er has agreed to pay for Mor�gage Insurance, or an�� ath�r terms of the Loan. Su�h agreemen�s �c�il� n��n�rease�he amount Borrawer w�li v��Q for Mor�gage Insurance, and#h�y v��l�nof en�i�Ie�orrower to any refund. �h� Any such agreements wi�I not affec��he rights Sorrower has -if any-with r�spec�t��he Mor�gage Insurance under��e IIomeo�vner� Protectiion Ac�of 1998 or any o�her iaw. These rights may include the right to rec��ve�erta�n d�sc�osures, to request and obta�n cancellat�on of the �Vlor�gage Insurance, to have the N�ortgage Insurance t�rmina�ed au�nrnatica��y, andlar to re�e��e a refund of any Mortgage Insurance premiums tha� were un.earned a��he time of such cance��a�ion or tern�ina��on. 'I�. Assignment af M�scellanevus Praceeds; Farf��ture. A�� Miscel�aneous Proc�eds are h�r�by assigned to and shall be paid to I,..�nder. �f the Property is damaged, such M�sc�l�aneaus Proceeds shail�e appl�ed�� res��rat�on or repair af the Property, if'the res�oration or repair is ecanomica�ly feas�ble and Lender's se�urity �s not lessened. During such repair and res�oration p�riod, Lender shali have the r��ht t�hold such Miscellaneous Proceeds until Lender has had an appor�un�ty t� inspec�such Praper�y to�nsure the work has been compl�ted to Lender's NEBRASKA-Single Family-Fannie Mael�reddie Mac UN��RM INSTRUMENT Forrr�302$1141 VMP;� VMPS[NEf�13�23 Wo{ters Klt�wer�inar�cial Ser�ices Page 9❑f i 7 -