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201201691 <br /> c�ntinue to pay to I,e��der thc tuno�mt of tl�c scpaeately designaCeci payments Lhat were due when Ehe <br /> insLU�ancc coverage ceased Ia ba in effaot. I,encier will accept,use And retpin these pa}nnents es a <br /> non-refimdalile loss reserve in lieu of Mortgnge It�sur�nce. Such loss reserve shall be non-iefaidaUle, <br /> uotwidisYandiug the fact thati tihe Loan is ultiinately paid in ftt11, uxl l,eutler shall not be requircd to pay <br /> I3orrower auy intierest or earnings on such loss rescrve. I.ender can uo longc�r require lose resecve pnymei�its <br /> iP Mc�rtgage Insurancc covcrage(in ilie amounk�nd for the pexiod thnk Lender requires)provided by an <br /> ineurei selected by Lender agein l�€comes avnilaUle, is obtained, and Lander requires eeparately designated <br /> pa�yments toward the premiwns for IVlortgage Insw�aaice. lf).,ender rcquired Mortgago Insurance as a <br /> condition of maldng the T.oan tmd Borrower w�e required fo make sep�rnCely de.9ignflted payments toivard the <br /> pre�i�iunis for MorCgage H�sucanoe, Bonrower shall pay the preniiums required to mauitain Mortgage <br /> Tnstu'ance in ePfect, or io provide a non-refimdaUle loss rescivc, until Lcndcr's requiren�ent fot Mortguge <br /> lneul�nce ends in aocordeuzce wit11 zu�y Writte�� agreemenS between Borrowei and Lender providing for siich <br /> tet+iiination or unfil fcrminauon is requited by ApplicaUle L�tw. Nothing in Hiis Section 10 afPecfs <br /> Borrower'e ol�ligation fo pay inlerest at Yhe rate peovided in the Note. <br /> Mortgagc Insurancc rcimburses I,end�r (or nny enrity that purcheses tha Note) fbr certain losses it ivay incur <br /> if Borrower claes not repay the Loan as ag�reed. Borrower is not a p�rty to the Mortgagc Insurance. <br /> Mortgage ii�eurera evahunte their tok�l riak on all sueh uisurenca in force fi�om time to t'rine, and may cnter <br /> into agreemente with other parties that share or moclify their rislc, or rcducc lossee. TheFe agreements �re on <br /> teiins �id conditions that u�e satisfactory to tl�o mortgage insurer uid the o�Fier perty(or perties)Co these <br /> agreements. `Chesc a�rcc�nonte may reqLUre Che lnort�age insurer to make payments using any source aFftinds <br /> 1haC the mor�gage insurer m�y h�ve nvnilnble(which mey include finid9 obtained fiam lwlortgago Iusuranco <br /> premiwns). <br /> Ac n resiilt of these agreements, Lender, �ny purchaser of the Note, euiother insurer, any reii�surer, an�+other <br /> enYity, or any aPfiliate o£any of the foregoing, may receive(dircotly or indircoCly) ainounCS Chat derive�from <br /> (or might be characteri�od as) a portion of Borrower's paymenls for Martgage Inaurance, in exchange for <br /> sharin�;or moclifying the mortgage insurer's riak, or rednoiug lossea I£soch agreement providea that an <br /> nffiliate of Lender tnlces �t share of the insurer's risk in exchange foi a ahare of thc peemituils pnic{to Che <br /> instiuer, the arraugeiaent is often tonned "captivc rainsuranco."�Fm�lher: <br /> (a) Any sach agreemeuES will not nffect the ammmfs tl�at Borrower has agrced to pny fbr Mm•tg�ige <br /> Insw�ance, or any otl�er terms of tlm Lonn. Sncls agreeinents will notincrease the amoimt <br /> Ror�rower will owe f'm•Mm•tgnge Insiu��nce, and tliey will i�ot entitle 13m�•ower I� any refimd. <br /> (b) Auy sndi agre�ments will not affoct Chc rights Bm•rower h�ie-if any-with respect Co the <br /> Mortgage Inearnuce mzder tl�e Humeowners 1'roCeeHon Ac[ ot'199R oe any otlier law. Tl�ese rigLte <br /> mxy inelude the riglit Co receive cerCaiu disslosm•es, to reqnest aud oUtaitt cnncollnkion of the <br /> Mortgage Insar�nce, Co have thc MorCgage,ti�enrauca terminxCed nntmnatic�lly, and/or to receive <br /> a rcfmtd of nny Mortgage Insnc:mce premiums th:it were unea���ed nC Ehe Cime of ench <br /> cancellation ur ferminaC3on. <br /> 11. Assignment of M iscellaneous Proceeds; Forfeiture. All Miscell�uieous Proceeds pre liereby nssigned to <br /> and shall bc��aid to Lcv�der. <br /> 1f the Property is damaged, such Misccllancoas Proceeds shall be applied to restoraeion or repair of Yhe <br /> Property, if the resCoraCion or repair is eoonomiceAy feneiUle �id Lendar's secm'ity is noE lesseved. DLUivg <br /> aueh repair and restoretion period, Lender sht�11 have the right to hold snch Miscell�neous Proccccis tmtil <br /> Lender l�as had au op�ortiuiifp to iuspect euch Proporty fo c��surc the worl<haF been completed to Luider's <br /> zaoaoaav <br /> NC6R1+51(ASingle fainily-Fennie 1�1 aefGreddle b1 ac UNIFORM INSTRUM ENT Form 3020 1101 <br /> VM P� VM P6(NE)('I 105) <br /> Waltere Kluwer Finanafel Sarvices Pege 9 of 7 7 <br />