200206453 - Laserfiche WebLink

Browse

200206453 Mortgage Insurers evaluate their total risk on all such insurance in force from time to time, and may enter tour agreements with other patties first share of 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) an 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 fiords obtained from Mortgage Insurance premiums). As a result ofthese agreements, Lender, any purchaser ofthe note, another insurer, arty reinsw ey anyother entity, or affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provided Thal an affiliate of Lender takes a share ofthe insurer's risk in exchange for 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 to pay for Mortgage Insurance, or any other terms ofthe Loan. Such agreements will not increase the amount Burrower 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 ofthe 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. AssignmentofMiseellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds areherebyassigned to and shall be paid to Lender. Ifthe Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair ofthe Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous PTOCCC S until Lender has had an opportunity to inspect such 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 ofprogress 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 be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds_ Ifthe restoration or repair is not economically feasible or Lender's security world be lessened, the Miscellaneous Proceeds shall be applied to the sums secured byy this Security Instrument, whether or not then due, with the excess, ifany, paid to Borrower, Su ce % ch Miscellaneous Prue shall be applied in the order provided for in Section 2. In the event ofa total taking, destruction, or loss in value ofthe 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 partial taking destruction, or loss in value ofthe Property in which the fair market value ofthe Property immediately before the partial Inking, destruction, or loss in value is equal to or greater than the amountofthe sums secured by this Security Instrument immediately before the partial faking, 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 fraction: (a) the total amount ofthe sums secured mined ialelybefore die partial taking, destruction, or loss in value divided by (b) the fait market value at Property immediately before the partial taking, destruction, or loss in value Any balance shall be paid to Borrower. In the event ofa partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking destruction, or loss in value is less than the amount of the sums secured I before the partial taking destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether ornmt the sums are then due. Ifthe Property is abandoned by Borrower, or if, after notice by Lender to Rormwer 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 suns secured by this Security Instrument, whether or not then due. "Opposing Petty" 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 Properryorrigh6 under this Security Instrument, Borrower can cure such a default and, ifaceeleratiun has occurred, reinstate as provided in Section 19, bycausing the action orprocceding to be dismissedwith amling that, intender 'sjudgnimLprecludesforfeimre of the Property or other neaterlot impairment of Lender's interest in the Property or rights under this Security Instrument. The Eroceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are crcby, as's'igned and shall be paid to Lender. All Miscellaneous Proceeds that arc not applied to restoration ar repair ofthe Property shall be applied in the order Provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension ofthe time for payment or modification uf.ar rti,atilin ofthe sums secured by this Security Instrument granted by Lenderto Borrowerorany Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Leader 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 ofanydemwnd made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including without limitati on, Lender's acceptance of paymen ts from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall net he a waiver of or peed all the exercise of any right or remedy. 13. Joint and Several Liability; Co- signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower'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 coffins 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, for or make any accommodations with regard to the terms offhis Security Instrument or the Now withouttheco, siamher's consent. Subject tothe in ovisions ofSection IS, any Successor in Interest offorrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all ofBon'owei's rights and benefits under this Security Instrument. Borrower 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 ofthis Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of fender. 14. Loan Charges. Lender may charge Rorrower fees for services performed in connection with Borrower's default, for the purpose mfprote:ting Lender's interest in the Property and rights under This Security Instrument, including, intent limited to, attorneys' fees, property inspection and valuation fees. In regard to any other furs, 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 charging ofsuch fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. Ifthe Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest at other loan charges collected or to be collected in connection with the Loan exceed the permitted 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 — Slagle Family— Fannie Mae /Freddie Mat LMFORM ENSI RUMEN 1 Form3028 1101 (pugo5 f8poge,) 9754CV102) GI Ill. GOTO(0M2174e)