201700005 - Laserfiche WebLink

Browse

2� 17��5 continue�o pay�o Lender�he amaun�of�he s�para�e�� designa�ed pa�m�n�s that were due when�he insurance co�erage ceased�o�e�n effe�t. Lender v�i�� accep�, use and re�a�n�hese payrr�ents as a non-refundab�e loss reser�e in li�u of Mor�gage�nsuranc�. Such��ss r�ser�e sha�l be non-refundable, notv�ithstanding the fac�tha��he Loan�s ultima��y pa�d in ful�, and L.ender shal� no�be re�u�red to pay Borrower any �nteres�or earn�ngs�n such lass reserve. Lender can no ion�er requir�loss reser�e paymen�s if Mor�gage�nsurance co�erage�in t.he amoun�and far the perifld tha��.ender requires�pra��ded by an �n�urer selected by Lender again becomes avai�ab�ey IS��ll7.f,'�I, and Lender requires separately d�s�gnated paymen�s�oward the pren�iums for Mor�gage�nsurance. �f I.�nder requ�red Mor�gage Insurance as a c�ndition of making�he Loan ar�d B�rrower was requ�red�o make separately des�gna�ed paymen�s t�ward the prem�um� for Mortgag��nsurance, Barro�ver sha��pay th�premiums requ�red�o mainta�n Mor�gage �nsuranc�in eff�ct, or to prov��e a non--refu�dable�oss r�ser�e, un�i� L�nder's requirem�en�f�r Mar�gage �nsurance ends in accordance v�x�h any wri��en agre�m�n�between Borrower and Lender provxd�ng f�r such terminat�on or until�erm.�nat�on�s r�quired by App��cab�e Law. Nathing in�h�s SeG��on 10 aff�cts Borrov�rer's ob�igat�an to pa�interes�at the rate prov�ded xn the Nate. N�or�gage Insurance reimburses Lender�or any en�ity that purchases t�e��te} for c�r�ain losses�fi ma� incur �f B�rr�wer d��s n��repay�he I.oan as agr�ed. Borro�er is not a par��o the Mortgage�nsurance, Mor�gage�nsurers evalua�e the�r�o�a�risk on a�� such insurar��n force from��ne�o�ime, and may en�er in�o a�reemen�s wi�.o�her par��es tha� share or mod�fy�heir risk, or reduce losses. These agreements�ure on �erms and�andi�i�ns�ha�are sa��sfactory to�he mor�gage�nsurer and the a�her par�y �or�ar��es}��thes� agreements. These agreements may requ�re the m�r�gage insurer�o make payments u��ng any source of funds �ha��he m.ar�gage�nsurer may have availab�e�which may include funds ob�a�ned from Mortgage In�uran�e prem�ums}. As a result of�hese agreements, Lend�r, an�purcha�er�f�he No�e, another�nsur�r, any reinsurer, any other en��ty, or any af��a�e�f any�f the forego�n�, ma�r�ceive�dire��or ind�re��1y} amoun�s�ha�deri�re fram �or m�gh�be chara��er�zed as} a por�ian of��rrower's paymen�s for N.[artga��nsurance, in ex�hange fflr sharing ar modify�ng��e mor�gage�nsurer's risk, or reducing losses. If such agreement pro�ides�hat an affil�ate of Lender�ake� a share af�he insurer's ri�k in exchange for a�hare af the pr�m�ums paid�o the �nsurer, the arrangem�n�is�ften termed "capt�ve reinsurance." Further: �a} Any such agre�ments w��l not afFect t�e amaunts that Sorrawer ha�agreed to pay for Mortgage Insura�ce, ar any other terms�f the L�an. Such agreements wil�not increase the amvunt Bvrr�wer w�ll owe for�Vlortgage Insurance, and they wii�not ent�t�e Borrower to any refund. �b� Any�u�h agreemen�s wi�l no�affect the righ�s Borrawer has-if any-with resp�ct to the �Vlor�gage Insuran�e und�r the�omeowners Protec�ion Ac�of 1998 or any other law, These r�ghts rnay inc�ude the rig��tv rece�ve certa�n d�sc�asures, to request and ob�ain cance�latia�n of the Mortgage Insurance, to have the Mortgage Insurance t�rminated autamat�ca�Iy, andlor to r�ceive a refurid of any N�or�gage Insuran�e prem�uxns that were unearned at the t�me vf such cance�latior�or termination. ��. Assi�r�ment �f Miscel�aneaus Praceeds; Forf�iture. Ali Mis��aneous Praceeds are hereb�assigned to and shai�be paid to i.,ender. If�e Proper�� is damaged, such M�sce��aneaus Praceeds shall�e app��d�o restoration or repa�r of�he Proper�y, �f the res�ora�ion or repa�r is economically feasib�e and Lender's security is no��essened. Dur�ng such repair and restora�ion period, Lender sha��have�he right t�h�ld su�h M�scellaneflus Prflceeds un�il I.,�n�ler�aa�had an�ppor�unity�o insp�c�such Pr�perty to ensure�he work has been cornp�e�e�to Lender's N�gRASKA-Single�amily-Fanni�MaelFreddie Mac UNtFORM iNSTRUMENT Form 3fl28�101 VMP Q VMPfitN�1�13Q2) Woi#ers Kluwer Financiat 5er�ices P�9��'��