201109127 - Laserfiche WebLink

Browse

201109127 continue to p�y to Lender tlie amount of the sepas•ately desigizated paymants thlt were due when�he insurance coverage ceased tio be in effect. Lei�der will accept, use and ret�irl these payments as a non-i�efunda�le ross i•�serv�in lieu of Mortgage Instirance. Such loss reserve sha11 be non-refunclable, notwithst�ndirlg the fact that the Loan is ultiinately paic�in fii11,and Lender sha11 not be required to pay 13orrower any iizterest or earnings on such loss resei•ve. Lender can iio lon�er require loss reserve payinents if Mortg�ge Insurance cover�ge(in the ainount and for the period t11at Lander req�lires)proviclec�Uy an insurex seleotecl by Lender again beco�nas available, is obttiined, and Lender requires separately designatied payments toward the preiniums for Mortgage Instu�aiice, If Lencler reqtlired Mortgage Insurance as a eondition of inalcing the Loan anc�Borrower was required to malce separately designa.tecl payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiuins rec�uired to maintaiu Mortgage Tnsurance in effcct, or to provide a non-ro�txndable loss resarve, until Leiider's reg�iii°ementi for Mortgage Insurance ends in accordance witli any written agreeinent Uetween Borrower and Lender provicling for such teriniiiatiou or until termiila�tion is requirecl by Applica�ble Law. Nothitig in this�Sec�ion 10 affects Borrower's ablig�tion t'o pay interest at the rate provided in the Note. Mortgage Insurance reimUtu�ses Lenc�er(or auy eiltity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party tio the Mortgage Insurance, Mortgage ulsurers evalttatie theii total rislc on a11 suoh insurance in force froin tiiile to time, and may enter into agreemen�s with other parties that share or modify their rislc, or redttce losses. These agreeinents are on terins and conditions that are satisfactory to tihe inortgage insLtrer and the otlier party(or p�rties) to these agreements. These agreements inay rec�uire the nlortg�ge insurer to m�tice payments usiiig any source of funds that t11e iilortgage inst�rer n7�y have availaUle(w�iich inay inclltde f�nds obtained fi•oin Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, �ny reinsurer, any other entity, or any affiliate of any of the Coregoing, inay receive(directly or indirectly) �inounts that derive�i•o�i7 (or inight�e characterized as) a portion of Borrower's payii�ents for Mori:gage Instiu•ance, in exahange for sharing or inodiFying t1�e mortgage insurer's rislc, or reducing losses. If such agreement provides tliat an affiliate of Lender tialces a share oi'tihe insttrer's rislc in exchange for a share of the�remiLnils paid to the insurer, tlie arrangement is often termed"captive reinsurance." Further: (a) Auy sucli;►greeinents will not affect tl►e amoiuits tlilt Borrower lrns �greed to p�y for Mortg�ge Insurance, or nny otlier terms of the Lo�u. S�ic�i agreements will uot increRSe the;tinonnt Borrower will owe For Mortgnge Insiu��uce, and they will not e�ititle Borirower to 1ny refuud. (b) Auy sucli Rgi�eeinents will not�ffect tlie rights Borrower hns-if�ny-with respecl;to the Mortgage Iiisurince under the Hoineowners Protectiou Act of 1998 or;tny otlier lnw. These rights ni�y iuclude the ri�lit to receive cert�►iu disclosnres, to req[test aud obtlin clncellntion of the Moi•t�age Insur�nce, to h�ve the Mortgage Insurnnce termi�inted�titom�ticnlly, �iid/or to receive a reftmd of�ny MortgRge Insni��nce preminms tliat were tmelrned nt the time of such c�ncellntiou or terminntion. 11, Assignment of M i5cellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are liereUy assigned to and sl�all be paid to Lenc�er, If the Property is damaged, such Misaellaneous 1'roceeds sha11 be applied to restoration or rep�ir of tlie Proper�y, iF the restoi ation or repair is economic�lly fe�siUle aizd Lender's security is not lessened. D�iring stitch repaii�asid r�estoration period, Lender shall have the ri�;11t to hold such Miscellaneous Proceeds t�ntrl Lender has had�n op�ortmuty to inspect stich Property to etisure the worlc has been completed to Lender's 231230 NEBRASKA-Single Fam ily-Fannie M aelFreddle M ac UNIFORM INSTRUM ENT Form 3028 1/01 VM P� VM P6(NE)(1105) Wolters Kluwer Financial Services Page 9 of 17