201608846 - Laserfiche WebLink

Browse

2� 1 ��884� continue��pay to Lender the amaunt of the separa�e�y designated payments that were due yvh�n the insurance coverage ceased�a be in effect. Lender will accept, use and retain these paymen�s as a non-refundable loss reserve in lieu of Mortgage Ynsurance. Such 1�ss resezve shal.�be non-refundable, notwithstandxng the fact that the Laan is u�timately paid in fu11, and Lender shall not be required to pay Barrower any interest or earnings on such loss reserve. Lender can n�1Qng�r require loss reserve payments if Mor�gage�nsurance coverage��n the amount and for the perio�i that Lender requxres}provided by an insurer sel�cted by Lender again b�comes ava.ilabl�, is obtained, atld Lender requires separately designated payments toward th�premiums for Mortgage Insuranc�. If Lender required Mor�gage Insurance as a condition of making the Loan and Borrower was required t�make separately d�signated payments toward the premiums far Mortgage Insurance, Borrawer shall pay the premiums required to maintain Mortgage Insurauce in.effec�, or ta pr��ide a non-refundab�e loss reserve, until Lender's requirement for Martgage Insurance ends in accordance with any written agreement l�etween Borrawer and Lender providing for such tern�ination or unt�l termanation is required by App�icable Law. NothYng in this Section 1�affects Borrower's ab�igation to pay interest at the rate provided in the Note. Martgage�nsurance reirnburses Lende.r�or any entity�hat purchas�s the Note} for certain lasses it m�.y incur if Borrawer daes not r�pay the Loan as agreed. B�rr�wer is nat a party to the M�rtgage�nsurauce. Mortgage insurers evaluate their total risk on a11 such insurance in force from time ta time, and may enter inta agreements with other parties that share or modify their risk, or r�duce losses. These agreements are on t�rms and cond�tions th.at are satisfactary to�he martgage insurer and the other party�or parties�ta these agreernents. These agreemen�s may require the martgage insurer ta make payments using any source of funds that the mortgage xnsu�er may ha�e availa�le�which may inc�ude funds obtain�d from Mortgage Insu3rance premium�s�. As a resu�t of�,hese agreements, Lender, any purchaser of the Note, an�ther insurer, any reinsurer, any other entity, ar any affi�iate af any�f the foregai�g, may recei�e�directXy or indxrectly} amounts that derive from. �or xxught�e charac�erized as� a portion of Bvrrower's payments for Mortgage Insurance, in exchange for sharing or m�difying the mortgage insurer's risk, or reducing losses. If such agreement pro�ides that an affi�iate of Lender takes a share of th�insurer's risk in exchange fvr a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: �a� Any such agreements will not affect the amounts that Borrower has agreed t�pay for Mortgage Insurance, or any ot�er terms of the Loan. Such agreements will not increasQ the amount Bvrrower wil.l owe far Mortgage Insuranc�, and they wi��not entx�le Rorrower to any refund. �b� Any such agreemen�s wi.11.not affect the ri.ghts Borrower has�if any-with respect�a the Mortgage Insurance under the Homeowners Prote�tion Act of 1998 ar any other law. These rights may�nclude the r�gh�to recei►ve certain disclosures, to request and o�tain cancellatian of the Martgage Insurance, to have the Martgage Insurance terminated automatical.ly, andlor to recei�e a refund of any Mo�-tgage Insurance premiums that were unearned at the time af such cancell�tion or termination. 17. Assignment of M�sce�laneous Proceeds; F�rf�iture. A11 Miscellaneous Pr�ceeds are hereby assigned ta and shall be paid to Lender. If the Pro��rty is damag�d� s�ch Miscellaneous Proc�eds shall be applied�o restoration or repair of the Properf.y, if the restaratian or repair is economuica�.�y feas�ble and Lender's securi�y is no�lessened. During such repair and re�toratxan period, Lender shal�hav�the right to hold such Miscellaneous Proceeds unti� Lende�has had an opportu.nity ta insp�ct such Praperty to ensure the work has been completed to Lend�r's NEBRASICA-Singie�amily-Fannie MaelFreddie Mac 11NIFORM INSTRUMENT Farm 3�28 71D1 VMP� VMPfi�NEy t'{3�Z� W�iters Kluwer Financial Ser�ices Page 9 ot Z 7