��14�5�75
<br /> Lender v�i1� acc��t, use and re�ain �hese �aym�nts as a n�n�r�funda��� Ioss r�serve in I1
<br /> in s�tranGe, Such �ass res�rv� shall �� nan-�ef�nd�bl� not ' �u a�N��rtga��
<br /> ui�imately �aid �n full, and L�nde� sha � w�ths�and�n� �he �a�t that th� Loan is
<br /> II n�t be requir�d to pay B��r��ver any ��te�est or�a�nings nn suct�
<br /> ��ss r�serve, i��nde� �an nn ionger r�quire ioss res�rv� paym�n�s if Illl�rt a e Insur �
<br /> the amvunt an� fvr th� per�od fhat Lender r�qui�es ��vid�d b an � g � ance cov�r�g� ��n
<br /> be�omes availa � � � y �nsurer s�l�cted by Len�er again
<br /> bl�, is o��a�ned, and Lender r�qu�r�s separately design�ted a ments �owar
<br /> premiur�s fvr Mortgage Insurance. If�.ender requir�� M�rt a � lnsura c � � d the
<br /> Laan and �orrower was r�q��r�d t❑ make s� arate � � n e as a c�nditi�n of makir�g th�
<br /> Il�ior� a � lnsurance Borro � , �y designat�d paym�n�s �award the p�emiums for
<br /> � g +, w�r shalC pay th�prem�ums required to main�ain M�rtgage �nsurance ir� eff�ct
<br /> ar �o prav�de a n�� refundable �oss r�serv�, untif Le�der's requi�ement for IV1�rt a e Insu�anc , �
<br /> ac��r�an�e wi�h any wr�tt�n agr��ment �e�ween �vrr�wer and Lende g � e ends ir�
<br /> un�i! terminat�on is requ�red b A �icable �.aw � � . � ���vld��g for such t�rmination �r
<br /> Y p� , Noth�ng �n th�s Sec���n �U affects �a��o�rer s vbligation
<br /> �o pay inte�est a�tne�ate pr�vid�d �n the IVo#e. Ma�tgags Insurance reimbur��s Lend�r o
<br /> purchases th� N�te} for Ger�ain Iosses it ma in�ur i B � r any�ntft��h��
<br /> E�arrowe�is r�at a a�t � Y f �rrv�ver does not repay the Laan as agr��d,
<br /> p Y t #h�Mortgag� �nsuranc�,
<br /> M��t�age insu�ers evaluate their ��ta� risk on ali su�h insurance in f�r��from t�me �a '
<br /> en�er int� agre�ments w�th oth�r parties �h�� sha�� or mo ` ��me, and may
<br /> d�fy tne�r r�sk, vr r�duc� lass�s, Thes�
<br /> a�reem�nts are or� t�rms and �ond�tians that are satisfact�ry fo �he martg�g� insurer ar�d fh�a�h�r
<br /> �r �r�ies t� �h�s� a r�em�nts. p��y
<br /> � � � � `�hese agr�ements may r� uir� fhe mor� a e '
<br /> �ayments using any sourc� af funds �nat th� mor� a e �n � � � �n�urer �o mak�
<br /> funds o��a�ned from ���t a e �nsuran�e � � sure� �nay have availa�I� �wh�ch may ��clude
<br /> g g pr�miums}.
<br /> As a result vf these agre�m�n#s, L�n�er, any purchaser �f�he N�te, a�ather ins��er an re
<br /> any ��h��en#'rty, or any affiliate af ar�y of�h�far� vin ma r�ce�v� ' • � Y lnsur�r,
<br /> �e�ive fram ��r m� ht be charac�eri�ed as � �` y , �d�r�c�ly or �n�lrec�ly} amounfs th��
<br /> excha � . . } a partion �f B�rrower s payments fo� M��tgage Insuranc�, in
<br /> nge fa� sharin� ar mod�fyin� the martgage 1ns�r�r s r�sk, o� �educing lasses, If such a re�
<br /> provld�s that an aff�liat� of Lend�r takes a shar� �f the insur�r's risk �n ex � m�n#
<br /> premiunns paid to�he insurer, �h�a�ran �men ' Ghan�s for a share of the
<br /> y � t is often t�rmed "ca��iv�reinsuranc�." �urt���.
<br /> 4a� Any su�h agre�ments w�ll nat affecfi the amoun�s that �3vrr�wer nas a ree �
<br /> . g d �� pay far �
<br /> Illlor�gag� lr�surance, or any other �erms of �h� L.oan, Such agreernents w�il n4# �
<br /> amo�nt Borrow�r will vw� �or l�llortgage fnsurance, and the wi�i � n���ase �h�
<br /> refund. Y at en�itfe Bvrrow�r fo any
<br /> ��a} Any sucn agreeme�t5 will not affect�he r�gh�s E3vrrower ha� � �f an -with re
<br /> 1V�ortgag� �nsuran�e unt�er the Ham�or►�ners f�rate�tion Act r� � �pect to th�
<br /> r�gh�s may �nclude the ri h� �o r�c�i � • f ���� °r �nY ��her law. T"hese
<br /> g rre cer�arn d�sc�osur�s, t� req�uest an� ab�ain cance��a�ion of
<br /> �he N1�r�g�gQ Insuranc�, to harr� th� llflortgage insuranc� ��rminated autom��icall
<br /> rec�iWe a r�fund of any iV[c�r��age In�urance remiu�ms #nat we Y, a�dlvr t�
<br /> ca�nce�la�ion �r tsrm�natian, � r� unearned at �he �ime of such
<br /> 7�i. Assignment of iViiscelianeous Proceeds; �orfe�tur�, Ai! M�sc�llafleous Proce�ds
<br /> assign��to an� shall b�paid �o L�nd�r. ar�e he��by
<br /> If�he Prop��ty is damag�d, sucn Nlisceliane�us Proc�eds sha�l be a lied ta restorat�on o '
<br /> �he �r�per�y, �f th� restaratian or �epair is econom��al# f�asi�� �� � �'�'eparr af
<br /> C3urin� such re a�r and ��storat'o � � � and Lender s se�ur�ty is n�# ��ssen��.
<br /> , � � n pe��ad, Lender shai� hav� th� righ� �� hal� s��h Misc�l�ar�eous
<br /> �'racseds unt�l Lender f�as h�d an opportun�ty �o inspect such P�v ert to ensu�e
<br /> campl�ted �o �.ender's �atisfactivn, rovid�d that su�h ' � Y ��e �vark nas b��n
<br /> � _ , insp�c�ion shall be under�aken prampt�y, Lend�r
<br /> may ��y��r the repai�s and r�s#o�at�on in a single d�sburs�ment vr in a seri�s of rv ress
<br /> the�vorEc is c�mple�ed. Unl�ss an agreem�n� is made in writin or A I�c��� � � �aY��nts as
<br /> pa�d on such M�sce�laneaus Prace�ds Lende � �� � La��������s �nt�rest to b�
<br /> , r sha�l not be requir�d �v �ay Borrower any in�er�s# a�
<br /> earnfngs on such Mis��llan�ous Proc�eds. �f the restorat�Qr� o� repa�r �s na� �canam�ca�i
<br /> Lende�'s s�curity w�uld b� lessene�, th� Mlscel�ar���us �roc���� S y f�asfbl� ar
<br /> ha�l b� app���d #a #h� sums secut�ed ,
<br /> �� thls Secur��y Instrument, wh�th�r or no� th�n du�, w�fih �he �x�ess, �f an ald to
<br /> N��sc���aneous Proceeds snall b�appi�ed �n the order �ovid� • • Y� � Barrower. Such �
<br /> In �he event af a tata! �a ' � , d for�n S�cf�on �,
<br /> k�n�, ��s�r�Gtion, �r l�ss �n value of the P�vper�y, �he Mi��ellaneoc�s
<br /> Proc�eds shall be appii�d tv the sums s�G�red by this Secu�ity Instrument, wheth���r nQ� �
<br /> th��xcess, �f any, pa�d t� �orrower, ther� due, w��h
<br /> in the ev�n# of� parf�al taking, d�s�ruction, or lass in va�u� of#�e P�� ert ln w�ich th� '
<br /> vaiue af �he Prope��y immedia���y bef�r� tf�� ��rt�al takin destr � � Y , fa�r mark�t
<br /> great�r than tn� amount af the sums �eeu � �; u�#��n, vr lass �n va�u� �s equal to ar
<br /> r�d by �his Securi�y �nstrumer�t imrne��ately befare �he parti�I �
<br /> �aking, des#ruc#�on, or i�ss ir� value, uniess Borrow�r an� Len�sr otherwise a re� in ' '
<br /> s�cured by ��is ��curity lns�rum�nt shail be �educed b the a v � . wr�t�ng, ��e sums
<br /> y m un� Qf the M�sce�l�neaus Pro�e�ds
<br /> ������n�t��
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