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201207026 <br /> eontinue to pxy to Lendec khe auiount of tho separately designAted payments that were ci��e when the <br /> i��suranoe covex�o ceased to be in nfCect. Lender will acce�t, use and ret2in these pn}nnents as a <br /> non-rctfundaUle loss rescrve in lieu af Mortgage Insm ance. Sxich loss reseive shall Ue non-rcfuudnble, <br /> � notwiEhetanding hhe fact Eh�t the Loau is ultimaCelq pnid iu fu11, and Lender shall not be required to pay <br /> Bo�'rower zmy interesE or earnnigs on nuch loss reserve. I.enc�er can no lnnger require loes raserve payments <br /> it Mortgage Ineurauce covera�;c (in Lhe amount and far thc period hhnt Lender requires)providul by an <br /> insurer selected Uy T.endcr again beoomas available, is ol�tnined, and Leuder requires separately desiguflted <br /> paynients towx�rd tl�c�renvums for MorYgage Insurance. Sf Lender required Mortgage Ineuranee as a <br /> condition of mal<ing the Lomi and Boriowcr was required to make separzite;ly designal�d payments Coward tl�e <br /> �remiwns fe�r Morfgage Insw'ance, Rorrower ehall pay tha pxemiums required to meintiaiu Mortbagc <br /> Insuranoe in effeet, or to provide n non-reliuidaU1c loss reserve, unYil Lendar's rcc�uiren�enl for Niortgage <br /> Inswanoe ends in neoordance with auy written agreement between Borrowcr aud Lender providing fm such <br /> termination or utztil tennination is rcq�ured by Applicable Law. Nofhiug in this Section 10 nfFeGts <br /> Boxxower's obligation to pay'interest at the raEe provided in the NoYe. <br /> 1VIortgage Hisw'aaice reimU�n�ses Lender(or uiy entity thaC�urohases tho Note) for cort�lin loases it mny iuctu' <br /> if Borrower doos not repay the Loan�s �grecd. Borrower ie not a party to Yhe Mortgage Isrsurnuce. <br /> Mortgage insurers evaluato Cheir totel risk on all snah ivsueance iu f'orce Prom fimc to Liine, and may enter <br /> into agreeineut� with other pnrtiss that sha�`e or modify their risk, or reduce los�es. These ngreeanents are on <br /> terms and conditions t(iflY ve sarisfactory 40 11ie mortgnge iueurer at�d U�c other p[u•ty(or parrias) to tliase <br /> agrcem�nts. These agreemeuta may require the inortgage innurer Co make pa}nnents ustng anq soi�rce of funds <br /> fhat tkte inortgage ivsurcr may have auailaUle (which inay include fuuds obEainod from Moxtgage Insnrance <br /> preiniuu�). <br /> As a resLxlt of these agreements, Lender, any purcliaser of'tlie Notc, anofl�er insurer, any reivsuror, any oCher <br /> enHty, or any affiliate oL'any of thc�Poregoing, may receive(clirecCly or indireotly) unounts th�t cleriva from <br /> (or might be chaz�acteriacd as) a portion of Borxower`s payments Por Mortga�e insuruuz, in exchanga£or <br /> shering or inodifying Cha mortgage inaurer's ri�k, or reducing losses. If sLich agreement pirovides t1�e�t an <br /> affiliate of Londer eakes a eh[ua of 1ha ineurer'a risk iu exchaaige for a ehare of tho preiniums pxid to thc� <br /> insurcr, lhe arrangemenf i5 often tcrmed "captive reinswat�cc." Fu�ther: <br /> (a) Any ench ngreeinenCe will not affocC tlie �unm�nls tLat Borrowa� lins agreed to pay for Mort�ago <br /> Insm�nnce, or auy other torms of the Lorn. Snch agrocments will noC increase tlm anionnt <br /> Rorrnwer will owc for Mortgage vesm�anac, and they will nod entitle Borrowcr to xny refimd. <br /> (b) Any snch agreeAa�ents wiU not affect tl�e rights Borrower has -if miy -w7th respeck to Ihe <br /> Mortgn�o Insarance nuder tlie IIomcowners Prolecflon AcC of 1998 or �ny uthe��law. T1�esa rlgltts <br /> mn,y l�cCade tl�e riglit to rcccive certnin discloeares, to rcqaesE and obCain cancellatiov of tlie <br /> ulorl:gage Lisnrance, to l�sive N�e Nlortgnge Iusm�nuce terminated nntmnnticnlly, xnd/or to receive <br /> x rePnricl of auy Mortgxge [nsnrflnce premiunts that were miearned aC tho time uY such <br /> c.lnccllnfion or terminatinn. � <br /> 11. Assignment of M iscellaneous ProCeeds; ForFeiture. All Miscell�neous Proceeds arc lierc6y assigned to <br /> and sha11 be�atd to Lendex. � <br /> If khs Propet�y is dari�agecl, such Miscellaneou� L'roceeds shall be applied to restc>raCion or repair of the <br /> Properry, if the restaration or repair is econonucally feasible and Le:ndor's recticity is not lassened. I)Ltting <br /> such re�air �uid restoration period, Lender ehall have tho righC to hold such Miscellaneous Proceeds until <br /> Lender lk�s ha�d an opportmuty to inspecY suc1� VroperCy to enstu�e the worli has becni conipletecl to Lander's <br /> 2noats�s <br /> N EIiRASICA-Sin91e Family-Fannle NI aelFreddie M nc UNIFORM INSTRIIhi[NT Form 3070 1701 <br /> v�mP� vmi i�a�Ne��t�os� <br /> Nlolters Kluwe�flnendnl Servicea Page 9 0�1 <br />