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20�20134�
<br />conditions that are satisfactory to the mortgage Insurer end the ather parry (or parties) to thase agr�ments. Theae
<br />agreements may requfre the mortgage i�urer to make paymerits usir►g any sourca of funds that the mortgage lnaurer
<br />may have available {which may include tunds obtafr�ed from Mortgage lnsurance premiums�.
<br />As a resuit of thess agreaments, I.ender, any purchaser of the Note, another Insurer, any reinsurer, any other
<br />entity, or any affAlate oi any of the foregaing, may reoelve (dlrecNy or indlrectly} arnounts that defire from {or mEght be
<br />charac4erized as) a pordon of Borrower's paymerris for Mortgage Insuranc�, in exchangs for sharEng or madliyfig tfie
<br />mortgage U�surer's risk, or redudng tosses. If snch egreement pmvida4 tfiat an affUlate of Lender takes a shere of the
<br />Insurers �Sic in exchange for a shara of the premiums paid to fhe insurer, the artangemerrt 1s of�en termed °�ptNe
<br />reinsurance." Furtl�er.
<br />{a} Arry suct� agreemerds will noE affect the amoums that Borrower t�as agreed to pay for Mortgage Insurance, or
<br />amr other terms of the Loan. Sueh agreemerits wUl nof lrtcrease the emnunt Borrower will owe for Morigage Insurance,
<br />and they wili not entltle Borrcvvsr Eo anyr refund.
<br />(b) Arry such agreementa wiU noi effect !he righ4s Bocrower has - H any - witii respect tc the �lortgage Irisurance
<br />uMler the Homeawners Protactlon Act of 1998 ar any other law. These rights �y include ti�e rlght to recehre ce�tatn
<br />disclosures, to ra�ues�t and obtain cancsl[atlon of the Mortgage insurance, M have tise Nfo�fgaga Insur�ce te�minated
<br />automatically, and/or to recehre a refund of arry Mortgage Insurance premiume that were tateamed aY the dme of such
<br />e�neellatioa or terminatlon.
<br />11. Asstgnrt�nt vf Miscellaneous Proe�eds; Forfellure: All Miscellaneous Proc:eeds are hereby assigned to and
<br />sheA be paid to LendBT.
<br />If the Property Is dart�ged, sud� MVscellan� Proceeds shap be appAed to restora8on or repalr of the Property, [f
<br />the restaatton or repalr Es eaonamEcaUy feasible and Lenders security is not lessened. During audi tepair and
<br />restoration period, Lendrer shaU have tha dght to hold such Miscellaneous Procseds undl Lender has had an opportun(ty
<br />to Inspect such Aroperty to er�sure the work has been campleted to Lende�s sati,sfecUon, provided that such inspectton
<br />shall be underteken promptly. Lender may pay for �e repelrs and restoraUon in a single dls6ursemerrt or in a serles of
<br />progress peyments as the work Es complated, Unless an agreement�ls mede in wridng or Appliceble L.aw requirss
<br />ir�ters�t to be paid an such Miscellar�eous Proceeds, Lander ahaII not be required to pay Borcowsr any interest w
<br />samir►gs on such Miscellaneous Proceeds: If the restorat�n or repair is not ecanomlcatiy feasible or Lender's setwrity
<br />wrould be lessened, the Miscallar�us Proceeds shall be applied to the sums seaued bp this Security Inshument,
<br />whether or not then due, with the excess, If any, paid to Borrower. Such Miscellaneous Proceeds shall be appiiad in
<br />the order provided for fn Sedion 2.
<br />ln the everrt of a total taking. destrudion, ar I�s ln value of the Property, the Miscslta�eous Proceeds shaA be
<br />applied to tl�e sums secxareti by thts Secutity ]nstrument, whetber or not iher► due, wrlfh tha excess, tf anY. paid to
<br />Borrower.
<br />In the event of e partial ta�ing, desdvCtton, or loss in vatue of the Property in whird� the fair �rtcet value of the
<br />Properly Immedlately before the partfal taWng, destrucdon, or loss in vafue Is equal to or greater than fhe amourrt of the
<br />sums secured by thls Securfty Irsstfumerrt immediately before the parttal taking, destructlon, or los.s in vatue, �mless
<br />Bortawer and Lender otherwlse agree in writl�, die sums secured by this Se�urity tnsErument shaA be reduced by the
<br />amount of the MlswUansous Procree�s mulUplied by the followir►g fractton: (a) the total amount of the sums secured
<br />immedtately before ihe part�aJ tafdng, destructlon, or I�s in velue divided by (b) the fair market walue oi the Property
<br />immediately befare the partlal taktny, deskudion, or loss in vatue. Any balance shap be paid to Borrower.
<br />In the event of a partlal taidng, destrucNon, or loss tn value of the Property in whtch tha (aFr markst value of the
<br />Property Immediately before the parflal taldng, destruction, or loss in value Is I�s than the amount of the sums secx�red
<br />hrunedately before the partial taking, destructfon, ar luss in value, unl�s Borraw+er and Lender otherwlse agree in
<br />wriNng, the Mis�llaneous Proc�eds sFiaB be applEed bo ihe sume secured by this 3ecurtty lnstrument whether or r►ot the
<br />sume are then due.
<br />If the Propeity ts abendoned by Borrawer, or If, efter noUce by Lender to Borrower that the Opposing Party {as
<br />deflned in the next senienca) offers ta make an award #o settle a claim for damages, BoROwer fa(Is to respond to
<br />Lender within 30 days after tne date the notic;e is given, Lender fs authorizerl to collect and apply the Miscellaneous
<br />Proceeds elther to rea�oratinn or repair of the Property or to fhe sums secured by fhis SecuritY Insirument, whether or
<br />not then due. °Opposinp Party° means the third perty that owes Borrower Miscellar�aous Proceeds or the party against
<br />wham 8orrowar has a rlght of acHon in regard to Miscelfaneous Proceeda.
<br />Bocrower sha� be In detaulE if any acNon or proceedEng, whether cfvp or aiminal, Is be�un Urat, in Lander's
<br />Judgment, could result In forfeiture of the Pmperty or other material impeirmertt of Lender's Ir�terest in tha Properly or
<br />rights urider thls Securtty Instrumerrt. Borrower can cure such a default and, I� acceleratlon has ocxuRad, reir�stete as
<br />provided in Sec1lon 19, by cansing the adian or proc�eding to be di'srtdssed"with a nrling that in Lenders judgmerrt.
<br />predud� forfeitura of the Property or other rr�ateriat hrtpairmenE of Lendar's Irrterest in fhe PropaAy or rfghis under this
<br />Security Ir►strument The prooeeds of any award or dahr► for damages that are at4ibutabie to the impairment of
<br />Ler►der's interest (� � Praper#y ara hereby asslgned end shall be paid to Lender.
<br />All Mqswtlaneous Procesds that are not applied to �[oradon or repalr of the Property shaU be appaed M the order
<br />provtded for fi Se�ion 2.
<br />12 Borrower Not Released; Fo�rbeara��ce By lender Not a Wafver. Extension of titie Ume for payment or
<br />modffication of amortizatlon of �e sums secured by thls Secxuit�+ I�brumer�t granted bY Lender to BoRawer � any
<br />Suc�or In Irrterest of Bomawer shaU not operate tio release the QebUfty of Barrower or any Sucxessors in Interest of
<br />Borrawer. Lender sheQ not be required to cammenc� proceedEngs against any Sucxsssor in Intarest of Borrovder or to
<br />tefuse to extend time for payment or othe� modify amortlzatlon oF the sums seaired by this Securily tnstrument by
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