201108435 - Laserfiche WebLink

Browse

20�108435 continue to pay 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 ihese payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the L,oan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve pay�nts- 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 abtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of nnaking the Loan and Borrower was required to make separately designat� payments toward the premiums for Mortgage Insurance, Borrower shall pay the preniums required to maintain Mortgage Insurance in effect, or to provide a non-refundable Ioss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing far such terinination or until ternunation is required by Applicable Law. Nothing in this Secrion 10 affects Bonower'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 Bonower dces not repay the Loan as agree�. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to tirne, and may enter into agreements with 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 (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may ha�e a�ailable (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, I,ender, any purchaser of the Note, another insurer, any reinsurer, any other entiry, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower'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 affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiuins paid to the insurer, the arrangement is often termed "captive reinsurance. " Further: , (a) Any such agreements will not affect the amounts that Borrower l�as agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the a�nount Borrower will owe for Mortgage Insurance, and they wili not entitle Borrower to any refund. (b) Any such agreeanents will not affect the rights Borrower has - if any - with resped to the Mortgage Insurance under the Aomeowners Protection Act of 1998 or any othex law. T� rights may include the right to receive certain disclosures, to reques# and obtain cancellation of the Mortgage L�ur�nce, to have the Mortgage Insurance terminated automat�cally, and/or to r�ive a refund of any Mortgage Insurance pretniums that were unearned at the time of such canc�lation or terminat�on. 11. Assignmen# of Miseetianeous Proceeds; Forfeiture. All Miscellaneous Procceds are hereby assigned to a�d shali be paid to L�nder. If the Pzoperty is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, iP the restoration or repair is economically feasible and Lender's securiry is not lessened. During such repair and restoration period, L,ender sha11 have the right to hold such Miscellaneous Proceeds until I.ender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's NEBRASKA-Siogle Pamily-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1101 VMP B VMP Page , 9 of� 7 �WO(ters Kiuwer financiat Services �� ei 1i �' � �,t '� «►•. . .