|
20]203407
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage
<br />Insurance, or any other terms of the Loan. Such agreements will not increase the amount
<br />Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund.
<br />(b) Any such agreements will not affect the rights Borrower has - if any - with respect to the
<br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. 'these rights
<br />may include the right to receive certain disclosures, to request and obtain cancellation of the
<br />Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive
<br />a refund of any Mortgage Insurance premiums that were unearned at the time of such
<br />cancellation or termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to
<br />and shall be paid to bender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the
<br />Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During
<br />such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until
<br />bender has had an opportunity Lo inspect such Property to ensure the work has been completed to Lender's
<br />satisfaction, provided that such inspection shall be undertaken promptly_ Lender may pay for the repairs and
<br />restoration in a single disbursement or in a series of progress payments as the work is completed. Unlcss an
<br />agreement. is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds,
<br />Lender shall not be required to pay Borrower any interest of earnings on such Miscellaneous Proceeds. If the
<br />restoration or repair is not ceonomically feasible of Lender's security would be lessened, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the
<br />excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in
<br />Section 2.
<br />In the event of a total taking, destruction, of loss in value of the Property, the Miscellaneous Proceeds shall
<br />be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any,
<br />paid to Borrower-
<br />In
<br />orrowerIn Clic event of a partial taking, destruction, or loss in value of the Property in which the Pair market value of
<br />the Property immediately before the partial taking, destruction, or loss in value is equal to of greater than the
<br />amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or
<br />Toss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security
<br />Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following
<br />fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss
<br />in value divided by (b) the fair market value of the Property immediately before the partial taking,
<br />destruction, or loss in value. Any balance shall be paid to Borrower_
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of
<br />the Property immediately before the partial taking, destruction, or loss in value is less than the amount Of tile
<br />sums secured immediately before the partial taking, destruction, or loss in value, unless Ronowcr and
<br />Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this
<br />Security Instrument whether or not the sums are then due.
<br />If the Property is abandoned by Borrower, of if, atter notice by Lender to Borrower that the Opposing Party
<br />(as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to
<br />respond to Lender within 30 days after the date the notice is given, bender is authorized to collect and apply
<br />the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this
<br />8811 11898]3 l ¢ "� �/ 88011898]8
<br />NrPRASKASrngle F.,w, Fann'e Maelrreddie Mac UNIFORM INSTRUMENT WITH M ERS KN Form 1H28 i101
<br />VMP W
<br />IK
<br />VMAINE) 111115]
<br />Woll errs Kluwer roan Gel Servlcee (" Page 10 of 17
<br />
|