201103296 - Laserfiche WebLink

Browse

�o�1u��c If this Security Instrument is on a leasehold, Bonower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Properiy, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of malcing the Loan, Borrower sha11 pay the premiums required to maintain the Mortga.ge 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, Bortower shall pay the premiums r�uired to obta.in coverage substantially equivalsnt to the Mortgage Insurance previously in effect, at a cost substanlially 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 separately designated payments that were due when the insurance coverage ceased to be in effec� Lender will accept, use and retain these payments a,s a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve sha11 be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Bonower any interest or eamings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the a.mount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiwns for Mortgage Insurance. If Lender required Mortgage Ins�uance as a condition of making 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 a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Bonower a,nd Lender providi�g for such termination or until ternunation 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 Insurauce reimburses Lender (or any entity that purcha.ses the Note) for certain losses it may incur ifBonower does not repay the Loan as agreed. Bortower 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 tha.t 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 tke mortgage insurer may ha.ve available (which may include funds obtainecl from Mortgage Insurance premiums}. As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliaf.e of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterize�i as) a portion of Borrower's paymentg 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 sha,re of the 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 sach agreements wiil not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or �ny 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 nat affect the rights Barrower has - if any - with respect to the Mortgage Insurance under the liomeowners Protection Act of 1998 or any other law These rights may include the right to receive certain disclosures, to request and o6tain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatic�lly, and/or to receive a refund of any Mortgage Insnrance preminms that were nnearned 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. HCFG-00359 NWRASKA-Single Family-Fannia MaetFreddie Mac UNIFORM INSTRUMENT Fortn 302$1/01 VMP� Wolteta Kluwer Finerxial Servicea 201104254.0.0.0.4002J20100902Y Psge 7 of 13 9 8•