Laserfiche WebLink
2� 1 ��88� 1 <br /> �ontinue�o pa�to Lender the amount of the separa�e�� deszgna�ed pa�ments that were due v�hen�he <br /> insurance co�erage ceas�d�o be�n effec�. Lender w�l� acc�p�, use and retain these pa�ments as a <br /> non�r�fundab�e�oss reserve in lieu of Mor�gage�nsurance. Such��ss res�rve shail �be non�refundab�e, <br /> notwithstanding�he fac�that�he Loan is ultimate�y paid�n fu11, and Lend�r sha�l nat be required��pay <br /> Borrawer any in�erest or earnings on such loss reser�re. Lender can no longer require�oss reser�e paymen�s <br /> �f Mor�gage�nsurance�overage�in�he amoun�and for the per�od�hat L.�nder requires}pro�v�ded by an <br /> �nsurer se�ec�ed b�Lender aga�n becames a�aila�le, is abta�n�d, and Lender requires separately designa�ed <br /> pa�men�s to�rard��prem�ums for Mortgage Insuran�e. If L.�nder requ�red Mor�gage Insurance as a <br /> ca�d��ion�f mak�ng��e Laan and Borrow�r was requ�red to ma.�e s�parately des�gnat�d paymen�s toward�he <br /> premiums for Mortgag��nsurance, B�rro►�ver sha��pay the pr�miums required to ma�ntain N�or�gage <br /> �nsurance in effect, or to pro��de a non-refundab�e�oss r�serve, unt�� L�nder's requ�r�m�nt for M�r�gage <br /> Ir�surance ends in accvrda�ac�with an�v�ri�ten agr��nzen�b��ween Borrower and L�nd�r pr�v�ding for such <br /> �ermi�a��an or until term�na�i�n is re�uired by Appli�ab�e Law. Noth�ng xn this Section 1.�affec�s <br /> Borr�wer's obligat��n�a pay in�er�s�a�the ra�e provid�d �n�he No�e. <br /> Mortgage�nsurance r�zmburses I�ender�or any en��ty that purchases the N�te} far cer�ain�nsses i�may incur <br /> if Borrovver does no�re�ay the Laan as agreed. Barr�wer�s not a party ta��e Mortgage Insurar�ce. <br /> Mor�gage insurers eva�uate�h�ir tota� r�sk�n a�� such�nsurance in force fro�m.t�me to�ime, and may en�er <br /> �n�o agreement��uith a�her par�ies�ha�.share ar modify the�r r�sk, or reduc�Ios�es. These a�reements ar�on <br /> terms and cand'z�ions tha�are satisfactory�o �he m�ortgage insurer and�he ather party ��r part�es} �o th�se <br /> agreemen�s. These agreements may require�he mor�gage�nsurer to make pa�m�nts using any sflurce of funds <br /> �hat�he mor�gage�nsurer�nay ha�re a�ai�abl��which ma� �ne�ud�funds�b�axned from Mor�gage Znsura�ace <br /> premium.s}. <br /> As a resu��of��ese agreements, Lender, any purc�iaser af�he Note, ana�her�nsurer, any reinsurer, any��her <br /> �n��t�, ar an�affiliate�f an�r of�he foregaing, may re�e��e �d�rec�ly or�ndirect�y} amoun�s tha�deri�ve from <br /> �or m�.ght be characterized as} a por�ion of Barrower'�paymen�� for M�rfigage�nsurance, in��change for <br /> sharing ar mfld�fyxng�h�m�r�gage�nsurer`s rxsk, or r�ducing losses. �f such agr�ement prov�des�ha�an <br /> affil�a�e�f Lender�akes a share vf�he insurer's risk�n exchange for a�hare flf the pr�m�ums pa�d to the <br /> �nsurer, the arrangement is aften�erme� "captive reinsurance." Further: <br /> 4a� Any such agre�ments wil�not affect the amoun�s that Bo�rr�wer has agreed tv pay for Mortgage <br /> insurance, or any oiner terms��ihe i�oan. �u�n agreemenis w�i�.n�i��ni�r��s��.�����u�uix� <br /> Borraw�r will owe far N�ortgage Insurance, and they wi��not ent�t�e Barrower to any refund. <br /> �k�3 Any su�h agreemen�s wi�l not affect the rights Borrower has-if any-w�th res�ec��o the <br /> Mortgage In�urance u�nder the I3a�neawners Protec�ian Act of 1998 or any other�aw. Thes�rights <br /> may�nc�ude the r�ght to rec�i�e certain discZosure�, �o request and abtain�ance�Ia�i�n of the <br /> Mor�gage Insurance, to ha��th�Martgage Insuran�e t�rm�nated autnmatica��y, andlor to r�ceive <br /> a refund af a�y Mor�gage Insurance premiums th�at were unearnec�at the time of�uch <br /> cance�la�ion or termination. <br /> �'I. Assignrnent of N��s�e��an�aus Prvc�eds, Forfe�ture. A11 Misc���ane�us Praceeds are herehy assigned�o <br /> and shal�be paid�o L.ender. <br /> Zf�h� Prap��y is da�nage�, such M�scellaneou� Pra��eds sha�� be applied ta res�oration�r repair of the <br /> Proper�y, if the r�s�ora�ion�r repa�r�s ec�namicall� feasible and Lender's s��urit�r is not�es�ened. During <br /> su�h repair and res�ora�ian�er�od, Lender sha��ha�e the right to ha��. such Misce��an�aus Proc�eds until <br /> Lender has had ar�.�ppor�un���t�inspec�such Proper�y to ensure�he wark has been��mple�ed ta Lend�r's <br /> NEBRASKA-Single Fami[y-fannie MaelFreddie Mac UNI�ORM ifV5TRLIM�NT Form 3Q2$11�'� <br /> VMP[�e] VMPS[NEf t7 3Q2} <br /> Wolt�rs Ktuwer Fnancial 5er�ices Pag�9 af 17 <br />