Laserfiche WebLink
2� 1 ��8��2 <br /> con��nue�o pa��a Lender�he amoun�af the separatel�designa�ed paymen�s that vvere due when the <br /> insurance co��rage�eased ��be in effec�. Lender wili a��ep�, use and re�ain these paymen�s as a <br /> non-refunda�le�oss reser�e in Iieu of Mortgage�nsuran�e. Such�ass reser�re sha�l be non-refundab�e, <br /> not���hstand�ng the fact tha��h� Loan is ultimateiy paid in fu�l, and Lender shal� no�be required to pay <br /> Borrawer any �nterest ar earnings on suGh�oss reser�e. L�nd�r can no longer require�oss rese�-ve payments <br /> if Mor�gage�nsurance�overage�in�he amoun� and f�r the period�hat L,ender requires}pro�r�d�d by an <br /> insurer se�ected by Lend�r again be�omes ava�lab�e, is obtained, and Lender requires separat��y d�signa�ed <br /> pa�ments toward the pr�miums for M�r�gage�nsurance. �f Lender r�quired M�rtgage Insurance as a <br /> cand�tion of mak�ng��I..aan and Borr�wer v�►las required�o�m.a�e separa�e�y designated payments tov�rard�he <br /> premiums for M�rtgage Insurance, Borr�wer shall pa�r�he premiums required to maxnta�n Mor�gage <br /> Insurance in effect, ar�o pr��ide a n�n�refundable l��s reserve, unti�Lender's requir�m�n�for Mortgage <br /> Insurance ends �n accordance with any writ�en agreexnent between Borrower and I.�nder pro�iding f�r su�h <br /> terminat��n or un�il ternuna�ion is r�quir�d�y Applicab�e Law. No�hing �n th�s Sectian �.� affe�ts <br /> Barrovver's o�Iiga�ian to pay interest at the ra�e pro��ded in the No�e. <br /> M�r�gage Insuran�e r��mburses L�nder�or any ent�ty tha�purchas�s �he No��} for�ertain loss�s i�may�ncur <br /> �f Barro�rer daes not repay the Loan as agree�. Bflrr�w�r is no�a par�y to the Mortgage Insurance. <br /> Mortgage insur�rs eva�ua�e�heir�o�al risk�n ai� such insuranc� �n force from time t���me, and ma�enter <br /> into agreemen�s vvith other parties�hat share or mod�fy their risk, or reduce lasses. These agreemen�s are an <br /> terms and cond�tions�hat are sat�sfactary�o the r�or�gage insurer and the other par�� �or par���s}t��hes� <br /> agreements. T�es�agr��men�s may require the mor�gage insur�r to ma�e pa�ments using any saur�e of funds <br /> �ha��he mor�gage insurer may ha�e available tv�h�ch may �nc�ude funds obta�ned from Mart�a���nsurance <br /> premium�}, <br /> As a result�f�h�se a�reemen�s, Lender, any purchas�r of the N�te, another�nsurer, any reinsurer, any o�h�r <br /> �n��ty, or any af��iate of any�f the foregoing, ma� recei�re�dir�ctly or ind�rect��} am�unts that der��e from <br /> �or might be�harac�erized as� a por�ion of Barrov�rer's pa�men�s for Mortgage �n�uran.��, in exchang�for <br /> sharing or m�dif�ing the martgage insurer's risk, �r r�ducing l�sses. �f such agr�en�.en�pro�ides��a�an <br /> affiliate of Lender takes a share of the insurer'� r�sk�n exchange for a share�f the premium�paid�o �he <br /> insurer, �he arran�ement�s often termed "capti�e re�nsurance." Fur�her: <br /> �a3 Any such agreemen�s w��l not affec�the amounts tha�8orrower has agre�d�o pay for Mor�gage <br /> Insurance, nr any o�her terms of�he L�an. Such agreements �vil�not increase the amaunt <br /> Barrower��v���owe for Mvrtgage Insurance, and they ��vii�nat entit�e B�rro�ver to any refund. <br /> �h� Any such agreemen#�wi�� �.ot affect the righ�s Borrower has-�f any -w��h respect�o the <br /> Mor�gage Insurance under�he Homeowners Pro�ec�ion Ac�of 1998 or any other�aw. These rights <br /> m��includ��he r�gh��o re�ei�e certain disc�osures, to request and obtain cancellation of the ' <br /> Mor�gage Insurance, f�have�he Mor�gage Insurance terminated automatica�ly, andlor to rece�►ve <br /> a refund of any Mor�gage Insurance premiuxns tha���vere unearned at the time of such <br /> cancellatian or t�rmina��on, <br /> �'I. Assignment af M�scellaneous Proceeds; Forfeiture. A11 Miscellaneous Pr�ceeds are hereb�assigned to <br /> and sh a��be p aid�a Lend�r. <br /> �f the Property is damaged, such Miscel�an�ous Pro�eeds shail be applied to res�ora�ion or repair af the <br /> Proper�y, if�he res�ora�ifln or repair�s e�onomica�ly feasib�e and Lender's securit� is no�Iessened. During <br /> such repair and restorat�on per�od, L,ender shali ha�e the r��ht�o hold such Miscellaneous ProCeeds unti� <br /> Lender has had an appor�uni�y ta inspec�such Prop��r�y��ensure�he work has been comple�ed to L�nder's <br /> N�BRASKA-Singte�ami�y-Fannie MaelFreddie Mac LJNi�ORM fNSTRUM�NT Fvrm 3�28 1ID1 <br /> VMP� VMP6tNEf{13n23 <br /> Waiters Kluwer Financiai Ser�ices Page 9 of i 7 <br />