200201133 - Laserfiche WebLink

Browse

200201133 Mortgage Insurers eNaluate their total risk on all such Insurance in force flout time to lime, and niay enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include finds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, anypurchaser ofthe note, another insurer, any reinsurei, any other entity, or affiliate ofuny of the foregoing, may receive (directly of indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's pavinents for .Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's I isk, or reducing losses. If such agreement provided that an affiliate of Lender takes a share of tile insurer's risk in exchange for a Shure 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 to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has — if any — with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and /or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and Shall be paid to Lender. Ifthe Property is damaged such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lander shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspectsuch Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, lender shall not he required to pay Borrower any interest or earnings on such Miscellaneous Plucccds. it the restoration 01 repair is not economically feasible of Lenders security Nvould be lessened, the .Miscellaneous PI'LevdS shall be applied to the sums secured by this Security Instrument- whether of not then due, with the excess, if any. paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value ofthe Property immediately before the partial taking, destruction, or loss in value is equal to or gi eater than the amount ofthe sums secured by this Security Instrument immediately before the partial taking destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following traction: (a) tile total amount Of tile sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value ofthe Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partiul taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destrle[IOII, or loss in value, unless Borrower and Lander otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whetheror notthe sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and applythe Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture ofthe Property or other material impairment of Lender's interest in the Propertyor rights under this Security Instrument. Borrower can cure such a default and, ifaceeleration has occurred, reinstate as provided in Section 19, bycausuig the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forteif ire ofthe Propertyor other material impairment of Lender's interest in the Propertyor rights under this Security Instrument. The proceeds of award or claim for damages that are attributable to the impairment of Lendet's interest in the Property are mcb� .rsvgned and shall be paid to Lender. All MisslLmeous Proceeds that arc not applied to restoration or repair ofthe Property shall be applied in thcoider provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization ofthe sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization ofthe sums secured by this Security Instrument by reason ofuny demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising anyright Lit remedy including, without limitation. Lender's acceptance of paynents front third persons, entitles or Successors in Interest of Bat I owes or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or renledy. 13. Joint and Several Liability; Co- signers; Successors and Assigns Bound. Borrow ercc%enants and agrees that Bon -ower's obligations and liability shall be joint and several. However, any Borrower who co -signs this Security Instrument but does not execute the Note (a -co- signer "): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co- signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co- signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights andbenefits under this Security Instrument. But shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the �h:uelna of such lee lender nwy not charge fees th:u are expressly prohibited by this Security Instrument of by Applicable L'm If the Loan is subject to It law which sets maximum loan charges, and that law is finally interpreted s'o that the interest or other loan charges collected or to be collected in connection with the Loan exceed the perrtted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums NEBRASKA - -' m-,lc Family— Fanuic Mae /Freddie ylac FNIFORNI I,NS'FRI d1F:,N'I Fonn 3028 1 /01 pu,�r 5 vl Spugesr 11 r1JSN(' -VU (11) ;1111 W (0(0001610)