201108126 - Laserfiche WebLink

Browse

201108126 continue to p1y to Leizder the amount of the separately design�teci payments that were due when the iilsitrance coverlge ceased to Ue in effect. Lender will accept, use and retain these payinents as a non-refuizd�Ule loss reserve iii lieu of Mort��ge Insurai�ce. Sitch loss reserve sh�ll Ue non-refiindaUle, notwithstlnding the fact that the Loan is ultimately paid in full, a�1d Lender sha11 rzot Ue required to pay Borrower any interest or elrnings on such loss reserve. Lender cail no longer require loss reserve payments if Mortgage Insuraiice coverage(in tlie ainount anci far the periocl ihai Lender requires)�rovided Uy an insurer selected vy Lender ag�in becomes available, is obt2ined, aizd Lender requires separately designated payinenis towarc�the premiums for Mortgage TnsLira�ice. If Let�cier required Niortgage Insixrance as a condition of malcing the Loan and Borrower was required to malce separately designated payment�toward the preiniYtms for Mortgage Insuras�ce, Borrower sha11 pay tl�e premiums r�qLiireci to i�iaintain Mortgage Insuranee in effeet, or fo provicle a non-refundaUle loss reserve, Ltntil Lender's reqairement foi•Mortgage Insurance ends in accord�nce with any wriiten agreement between Borrower and Leiider providiug for such t'ermination or until termnlation is rec�uired by Applicable Law. Nothing u1 this Section 10 afFects Borrower's obligation ta pay interest at the rate provided in the Note. Mortgage Insurance reiinbui�ses Lender(or ariy�ntity that purchases the Notie) for certain losses it may incur if Borrower does not re�ay the Loan as agreed. Bori•ower is nat a party to the Mortgage Insurance. Mortgage i�surers evaluate their total rislc ori all such iizsui:�nce in force from tin�e to time, ancl may enter into �greements with other p�rties that sh�re or modify their rislc, or reduce losses. Tllese agreeinents are on terms and conditions that are satisfactory to the rnortgage inst�rer and the other partq(or parties)to�tk�ese agreainents. Thesa�greements rnay require tlle mortgage insurer�o inalce payments using any source of filnds that the mortgage iilsurer izaay have available(which ma.y include fuiids obtained fi•oi�Mortgage Insurance preiniums). As�result of these agreeinents, Lender, any purchasei•of tlie Note, another insurer, any reinsurer, any other entity, or any af�liate of any of the Poregoing, may receive(directly or indirectly) amounts that derive fi•om (or nught be characterized as) a�ortion of Borrower's payments fos�Mortgage Insurance, in exchange for sharing or modifying the inortglge insurer's rislc, or reclucing losses. If such agreement provides th�t an af�liate of Lender talces a share of the insnrer's rislc in excha7ige For a share of the premiums paid�o the insurer, t1�e arl•augeii�ent is of�en termed"captive reinstitr�nce." Further: (a) Any such ngreements will not�ffect the�►momits tliat Borrower li�ts ngreed to pay for Mortg�ge Tustiirance, or any otlier terms of the Loan. Suclt ngreeinents will uot increas�tho amotuit Borrower will owe for Mortgage Tusurairce, n�icl tlYey will not enfi�le Bori�ovver to any refuncT. (b} Auy snch agreeinents will not affect the rights Borrower has-if nny-with respect Io the Mort��►ge I�is[u�auce nnclei•tlte IIomeowners Protectiou Act of 1998 ot� :�uy other l�w. These rights inny include t}►e right to receive certain disclosures, to requost nnd obt�iu clncellntioii of tl►e MortgRge Tnsurnuce, to lr�ve the Mortg�rge Insnr;�nce terminatecl Rutom�ticnlly, �nd/or to receive �refnud of any Mort��e Insiu��nce premiw�is tli�t were ime�rned at the time of such cnucell�Cion ot�terinin;ttion. 11. Assignment of M iseellaneous Proceeds; Forfeiture. All Miscell�neous Proceecls are liereby assigned to and sh�11 be ptiid to Lerlc�er. If t11e Propei•ty is clama�ed, such Miscellaneous Proceeds shall Ue applied to restor�tion or repair of the Property, if the restoration or i•epair is ecoiiomic�lly fe�sible and Lender's security is not lessened. During such rep�ir a�id restorltion period, Lender sha11 have fhe right to holcl sLleh Miscellaneous Proeeeds Lintil Lendes•has had��i opporttu�ity to ins�ect such Propeity to enstire the worlt has Ueen completed to�ender's 231199 N EBR4SKA-Single Family-Fannie M ae/Freddie M ac UN IFORM INSTRUM ENT Form 3028 1/01 VM P O VM P�(NE)(1105) Wolters Kluwer Financlal Services Page 9 of 17