201009490 - Laserfiche WebLink

Browse

2oiao�49a amount and for the period that I.ender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the prerniums for Mortgage Insurance. If Lender required Mortgage Insurance as a candition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Martgage Insurance, Borrower shall pay the premiurns required ta maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until the I.ender'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 reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower dnes 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 witll 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 (ar parties) to these agreements. These agreernents 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, L,Qnder, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the faregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Barrower's payments for Mortgage Insurance, in exchange f�rr 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 pre�niums paid to the insurer, the azrangement is often tercned "captive reinsurance." Further: (a) Any such agreements will not affect the amaunts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Sach agreements wi11 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 Froceeds; �'orfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. �' $�.$� — Single Family — Fannk MaelPY�eddie Mac LJNt�'ONM INSTRUMENT Form 3028 1� ,/� � �l .� GCC-G3028-10 (09/Ol) (Aage 10 of 19) Initials: �