201109006 - Laserfiche WebLink

Browse

2 4110900G 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 these paytnents as a non-rcfundablc loss rescrvc in licu of Mortgagc Insurancc. Such loss rescrvc shall bc non-rcfundablc, notwithstanding the fact that the Loan 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 paytnents if Mortgage Insurance coverage (in the amouni and for the period that Lender reyuires) provided by an insurer selee:led by Lender again bec;umes available, is oblained, and Lender requires separdlely Jesignatecl payments toward the premiums for Mortgage Insurance. If Lender required Morigage Insurance as a condition of making the Loan and Borrower was required to make separately designated paytnents 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 Insurancc cnds in accordancc with any written agrccmcnt bctwccn Borrowcr and Lcndcr 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 does nol repay the Loan as agreeci. Borruwer is not a party to the Morlgage Insurdnce_ Mortgage insurers evaluate their total risk on all such insurance in force from time to tiine, and may enter into a�reements with other parties that share or modify their risk, or reduce losses. These a�reements are on terms and conditions that are satisfactory to the morlgage insurer and the other party (or parties) to these agrccmcnts. Thcsc agrccmcnts may rcyuirc thc mortgagc insurcr to makc paymcnts using any sourcc 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 enlily, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounls thal derive from (or might be characterized as) a portion of Bonower's payments for Mortgage Insurance, in exchange for sharin� or �nodifying the mortgage insurer's risk, or reducing losses. If such agreeutent provides that an affiliate of Lender takes a share 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 suc6 agrcements will not affcct thc amounts that Borrowcr has agrecd to pay for Mortgagc Insurancc, or any othcr tcrms of thc Loan. Such agrccments will not incrcasc thc amount Borrower will owe for Mortgage Insurance, and they will not entitle Burrower to any refund. (b) Any auch agreements will not affect the rights &►rrower 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. Assignmentof MiscellaneousProceeds;ForFeiture. All Miscellanc;ous Proceeds are hereby assigned to and shall be paid to Lender. If ihe Properly is damaged, tiuch Miscellaneous Proceeclti shall be applied lo realoralion or repair of lhe 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 Property to ensure the work has been completed to Lender's NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Fortn 3028 �/01 VMP � VMPB(NE) (1105).00 Wolters Kluwer Financial Services Page 9 of'17