201107945 - Laserfiche WebLink

Browse

��1�7�4� continue to pay to Lender the amount of the separately designa.ted payments that were due when the ;nc�*ance 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 non-refundable, notwifi.hsta.nding the fact that the Loan is ultima.tely paid in full, and Lender shall not be required to pay Bormwer 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 Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separa.tely designated payments toward the premiums for Mortgage Insurance. ff Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments towazd the premiums for Mortgage Insurance, Bonrower shall pay the premiums required to maintain Mortgage In.sw�ance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insarance ends in accorda.nce 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 Insura,nce reimburses Lender (or any entity that pnrcha.ses the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a parLy to the Mortgage Insurance. Mortgage insurers evalua.te their total risk on all such insurance in force from tune to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements ase 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 ma.ke 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 of the Note, another insurer, any reinsurer, any other entity, or any aff'�lia,te of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be cha.racterized as) a portion of Bonower'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 aff'�Iiate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement �s often termed "captive reinsurance." Furthar: (a) Any such agreements will not affect the amonnts Ehat Borrower has agreed to pay for Mortgage Tnsurance, or any other terms of the Loan. Sach agreements will not incresse the amount Borrower wilt owe for Mortgage Insurance, and they will not entitle Borrower to any refund. �b1 Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insnrance nnder 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 haoe the Mortgage Insurance terminated automatically, and/or to recei�e a refund of any Mortgage Insurance premiums that were unearned st the time of such cancellation or termination. 11. Assignmen# of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned. to and sha11 be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the 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 Proceeds until Lender has had an opportunity to inspect such Properiy to ensure the work has been completed to Lender's NEBRASKA-Sl�le Family-Fannia Mae/Fraddie Mac UNIFORM INSTRUMENT Form 3028 1/01 vMP � VMPB(NE) {� 7081.00 Wolters Kluqrer Fir�rkial Servicas Papa 8 of 77