200213845 - Laserfiche WebLink

Browse

200213845 16600066 lo. Mortgage insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower s hall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effort, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the schroately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non - refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be nun - refundable, notwithstanding the fact that the Loan is ultimately paid in full, and [.ender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Tender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Tender required Mortgage Insurance as a condition of making the Loan and Burrower was Tequired to make separately dcsigmatcd p overseers toward the premiums for Mortgage Insurance, B orrower shall pay the premiums required to maintain Mortgage Insurance i n effect, or to provide a nun - refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance r eireburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may 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 umy, require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result o I these a greements, Lender, any purchaser of die Note, another insurer, any r einsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or night 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 provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the prenuums 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 In as — if any — with r enpect to t he Mortgage Insurance under the Homeowners Protection A ct o 11998 or amy 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 l nsurance 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 arc hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds slmll be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's s ecurity is not lessened During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds 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 of progress payments as the work is completed. Unless an agreement is inside 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. if the restoration or repair is not economically feasible or Tender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by NEBRASKA - Sin&le Foer, Fannie Mee /FrNtlir MU. UNIFORM INS] RUMEN' 1' Form 30281/01 uocoure� (Page 9 of 13 Pagu) nornunv.vxx vonenoo: