201006303 - Laserfiche WebLink

Browse

201006303 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 effect, 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 day to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as anon-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be rec(uired to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments tf Mortgage Insurance coverage (in the amount and for the period that Fender requires) provtded by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. IfLender required Mortgage Insurance as a condition ofmaking the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide anon-refundable loss reserve, until Lender's rec)uirement for Mortgage Insurance ends in accordance with any written agreement between Bvrrvwer and Lender provtding 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 reimburses 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 an terms and condruons that are satisfactory to the mortgage insurer and the other party (or arties) 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 funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser ofthe note, another insurer, arty reinsurers any other entity, ar affiliate of any ofthe foregoing, may receive (directly or indirectly) amounts that derive from lot might be characterized as) a portion of Harrawer's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. if such agreement provtded that an affiliate of Lender takes a share ofthe insurer's risk m 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 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. 1 I . Assignment of M iscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restorative or repatr 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 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 widertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series ofprogress payments as the work rs 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 pa Borrower any interest or earnings on such Miscellaneous Proceeds. if the restoration or repair is not economtcally feasible or Lender's security would be lessened, 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. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction. or loss m 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 parttal 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 equal to or rester than the amount ofthe sums secured by this Security Instrument immediately before the partial taking, destruction, yr loss in value, unless Borrower and Lender otherwise agree m 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 vfthe sums secured immediatelybefarethe partial taking, destruction, or loss in value divided byy (b) the fair market value of the Property immediately before the partial taking, destruction, yr loss in value. Any balance shall be paid to Bvrrvwer. In the event of a partial taking, destruction, or loss in value of the Propperty 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 immediately before the partial taking, destruction, ar loss in value, unless Borrower and lender otherwise agree in writing, the Miscel laneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the 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 fvr damages, Horrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured b this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Burrower has a right of action in regard to Miscellaneous Proceeds. Burrower shall be in default if any action or proceedin ,whether civil or criminal, is begun that, in Lender's judgmeet, could result in forfeiture ofthe Property or other material im(airment ofLender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, tf acceleration has occurred, reinstate as pprovrded in Section 19, by causing the active or proceeding tq be dismissed with a ruling that, in Lender's judgment, (trecludes forfeiture ofthe Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment atFender's interest in the Property arc hereby assigned and shall be paid to Fender. All Miscellaneous Proceeds that are not applied to restoration or repair ofthe Property shall be applied in the order provided far 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 an Successor in Interest of Borrower shall not. operate to release the liability of Borrower yr any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest ofHorrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason ofanydcmand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising airy right or remedy including, without limitation, Lender's acceptance of payments from. third persons, entities or Successors in Interest of Harrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (MFRS) Fnrm 3028 1/01 (page 5 of R pages) 12439.CV (1 tl07) 6898908440 Creative Thinking, Inc. GOTO(0028dcdd)