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201208123 <br /> continue to pay to Lender the ainount oP the separately designeCed paymants that were due when the <br /> iiisuranco cc�verage ccased fo Ue in effect, f,ender will accept, use avd retain these payinents as a <br /> non-refiu�c{al�le loss reserve in]icu of Mortgage I�isurance. S'uch loss reecrvo s7�a➢be non-refturdab1e, <br /> noiwitl��etanding the fact that the Loan ia ultimately paid in fiill, and Lender sh�l1 not be required fo�ay <br /> Boraower any iuterest or earnings ou such loss raserve. Lendee cz�i uo longer require loss resarve pu�ments <br /> if Mortgage h�surancc covcrabe(in tl�e amount a��d for�thc pc�iod that Lender requires)provided by an <br /> inaiu�er seleeCed by Lendex again beoomes nvnil�ble, is obtained, and Lender recluires se}�eraCely designaled <br /> paymenta towerd the premiums for Nlortgage Insw•a�ice. I£Lender required Mortgage Ineurance as a <br /> condition of inaking the Loan and Borrower was required to make separafely cieeignated payments towaA'd thc <br /> prc,nniums for M ortgage inaurance, Borrower shnll pay tho prr��niums requircd to mainYain MorCgagc <br /> Hi�urance in effect, or Co provide a non-refundable loss res�rve, uutil Lender's requiremenC for Mortgage <br /> I�isixrance ends iu accordance witli any wriEtian agreement betweeu Borrowa� and Lender providing tbr sttch <br /> terniinatiion or uuCil Terminakion ie required by Applicable i,aw. Nothiug in fl�is Section 10 afFcete <br /> Borrower's obligation to pay interest at the rato provided in Che NoCe. <br /> Morfgage lnsurance reimbw ses Lcndcr(or any sntity fhat pi�rohases Lhe NoCe) �Por oeatain losses it inay incur <br /> if Borrowor does uot repay the Loan as ngreed. ISorrower is not�parry to the Mortgaga IlisuraAiee. <br /> Mortgage ineueers evaluate their totnl xiek on all such insurance in force f'rom time to time, aaid inay enter <br /> into ngreemeute wiYh oYher parties that ehaaa or modify their rislc, or reduce losses, ".Chese agrcements arc on <br /> terms and conditions tl�at are satisfactory to Yhe i�iortgage ivsurer and fhe ollier party(or pu�ties) to�liese <br /> ragreements, I'hesa agrce�ncnts may rec�uirc tihe morCgage insm•er to meke paymetits using auy eource oF funds <br /> Uiat fl�c morCgago inaurer n�ay hnve n�railable(which may include funds obtained from Mortgaga Insurance <br /> preiniuma). <br /> As a rcault oP t�eee ngreeuzents, Leuder, any purchaser of the Note, another insurar, any reinsmer, any oU�or <br /> entity, or any effiliaYe of any o�F the foregoing, may receive(flireetly or indrrcctly) amoimts tl��tt derive fi�oin <br /> (or iniglit be cl�aracterized as) a portion of Burrower's paymenla for Mortgage Insurence, in exehange for <br /> sl�aring or anodifying lhe u�ortgage insurex's riek, or reducing losses. IY such agreement provides Uiat an <br /> afFiliata of Lender tAkes a shtu�e of the insurer's risk in exohangc for a share of the�rcmiume paid to tl�e <br /> insurer, t7�e acrangement ie ofte�i termcd"captivc rcinsnr�nce.° PurCher: <br /> (a) Any such agreexneuCs will not affect the nmomits Ylint I3orrower l�ae agreed to pny fm�Mortgage <br /> Insurance, or any other tet�ns of tlte Loan. Snnh ngrcemcnts n911 noC increase Nie xmount <br /> Borrower will owe Par Mortgago Insuranco, nud they will noE entitle f3o�mower to ai�y refm�d. <br /> (b)- Any snch 1gi•eements will not affect tl�e rights Borrower has -if�iny-witli res�ect to the <br /> Mortgagc Itt�m•nuce nnder the Fiomeowners Protection Act of 199R or any oCher law. Th�se rigltts <br /> m:ig include tl�e right to receive corCain disclos�u�es, to reqneeE and obYai�� canccllation of thc <br /> MorCgage Insm•mice, to Lave the Mortgage Insnrnuce termivaCacl antomaticully, nnd/or tu receive <br /> n rePewd of any D'Iortgstge Insm':ince premiums ttint were unetirned aC Che time of sncli <br /> cancell�ifion or terminatioy�, <br /> 11. ,4ssignment of M iscellaneous Proeeeds; ForFeiture. All Miacellnneous Praceecls are hereby nssigned to <br /> and shall be paid to Lender. <br /> If the Property is c3amaged, s�tcl�M,iecellaueoua Prooeeds ahell Ue t�pplied to restorAkion or rapair of the <br /> YroUorty, iPtihc r�Coration or repair is economically Peasible and Lender's sectuity is not lesseved. During <br /> euch repair ni�id reetoration periotl, Lender shall have flie righf fo l�old sncl� Misce1lancous Yrocccds u�2Ci1 <br /> Lendar has had an opportunity fo inspeot such Pro�crty to ensure the work has been completed Eo Lender's <br /> znaozxan <br /> NEeMSKA-Single famlly-Gnnnle Mae/Redtlle Mec UNIFOkM INSTRUMEN7' Form 3020 1101 <br /> vws P� vM Ne�Ne���t os� <br /> Woltere Kluwer Flnenclnl5ervlces Page 9 0�1� <br />