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<br /> Lender will accept, use and retain these paymen�s as a nonWrefundable loss reserve in lieu nf IVlor�gage
<br /> In surance, SUCh �a55 reserve shall be non�r�fundable, natwithstandin� the fact that th� Loan is
<br /> ul�imately paid in �ull, and Lender sha11 no� be requir�d to pay Borrow�r any interest or�arnings on such
<br /> �oss reserv�. Lender can na I�nger require I�ss rese�ve payments if Mor�gag� Insurance Goverage ��n
<br /> tne amount and for the period tha� Len�er require�} provided by an in�urer se�ected by Lender again
<br /> becornes a�ailab�e, is nhtained, and Lender requires separately designated paymen�s toward �he
<br /> premiums �or Mortgag� Insurance. If Lender required Mortgage lnsurance as a condition of making the
<br /> Loan and 8orrawer was required �o make separa�e�y d�signated paymen�s toward the premiums far
<br /> Mortgage Insurance, Sorrower sha�� pay the premiums required to maintain M�rtgage �nsuranc� in effec�,
<br /> or to provide a nan-�refunda�l� loss reserve, unti� Lender's requir�ment f�r Mortgage Ins,urance ends in
<br /> accordance with any writ�en agreement �etween Borrowe� and Lend�r providing far such termina�ion or
<br /> un�il �ermination is required by Appiicable Law. Nothing in �his Section �� affects Borrower's obiigation
<br /> to pay inter�st at the rat� pr�vided in the Note. Mortgag� Insurance reimburses Lender�or any ent�ty that
<br /> purchas�s the Note} f�r certain losses it may in�ur if Bor�vwer d�es not re�ay the Laan as agreed.
<br /> E3orr�wer is na�a party�o the Mortgag� I nsurance,
<br /> Mortgage insurers e�a�uate �heir �vtal risk on all such insurance in for�e from �ime �o t�me, and may
<br /> en�er �nto agreemen�s with ather parti�s �ha� share ar modify the�r risk, �r reduce ��sses, These
<br /> agreements are on terms and conditi�n� that are satisfacfory��the martgage insurer and the a�her party
<br /> �ar parties} tv tnese agreements. These agr�emenfs may require the mortgage insu�er to make
<br /> paymen�s using any source of funds that the mortgage insurer may have available �which may include
<br /> funds �b�ained from Mortgage insurance premiums}.
<br /> As a resuit of these ag�-eements, Lender, any purchaser of the N�t�, another insu��r, any reinsurer,
<br /> any o�her enti�y, or any affiliate of any of the foregoing, may receive �directly or indirectly} amoun�s that
<br /> deri�e from �or might be characteri�ed as} a p�rtion of Borrower's paymenfs for Martgage Insurance, in
<br /> exchange for sharing or mod�fying the mortgage insurer's risk, ar reducing losses, If such agreement
<br /> provid�s that an affiliate �f Lender takes a share of the insur�er's risk in exchange f�r a share of �he
<br /> premiums paid to the insurer, �he arrangement is often t�rmed "cap�i�e reinsu�anc�." Further:
<br /> �a} Any such agreements r►vi�l nat affect the amounts that Borrc�wer has agr�ed to pay for
<br /> Martgage Insurance, vr any ot�er terms �rf the Loan. Such agre�ments witl not in�reas� t�e
<br /> amc�unt Borrower will owe for N[ortgage Insuranc�, and they wi�l no# �ntit[e 6�rrc�wer to any
<br /> refund,
<br /> �b} Any such agr�em�nts w�l� n�t affect the �r�ghts S�rrow�r ha� � if any � with r�spe�t to the
<br /> Mortgage Insurance under the Homeowners Protection Act of '1998 or any other law. Th�se
<br /> rights may include the right t� receirre c�rta�n disclosures, ta request and obta�n cancel�ati�n of
<br /> the Mar#gage Insurance, to harr� tne Morkgag� insuranc� term�nat�d automa���ally, andJor to
<br /> r.eceirre a refund of any M�rtgage Insurance premiums that ►►vere unearned at the time af such
<br /> �anc��lation or terminatian.
<br /> '�'1. Assignmen� of N1isc��lan�ous Proceeds; Forf�iture. All Miscellaneous Proceeds are hereby
<br /> assigned to and shall be paid to Lend�r.
<br /> If the Property is damaged, such Misceilaneous Pr�ceeds shall be appli�d ta ��storation ar repair of
<br /> the Prop�rty, if tl�e restora���n or repair is economica��y feasible and Lender's security is nat �essened,
<br /> During such repair and restoration per�od, Lender shall have the right to hoid su�h Miscellaneous
<br /> Pr�ceeds untif Lender has had an opportunity to inspect such Pr�per�y �o ensure the work has been
<br /> complet�d �o Lender's satisfaction, �r�vided �hat such inspection sha�� be und�rtaken �romp�ly, L�nde�
<br /> may pay for the repairs and r�s�oration in a single �is�ursemsn� �r in a series of pragress payments as
<br /> the work is c�m�leted. �nl�ss an a�reement is made in writing or Applicab�e Law requires interest to be
<br /> paid on such Misce��aneous Proc�eds, L�nder shall not be required �o pay 8orrower any interest or
<br /> earnings on such Miscellaneous Pro�eeds. If �he restoration ❑r repa�r is not economi�ally feasible or
<br /> Lender's security would be lessened, the Miscellaneous Proc�eds shall be appfied to #he sums secured
<br /> by �his Security Instrument, whefher or nof �h�n due, with the ex�ess, if any, paid to Bo�r�wer. Such
<br /> Mis�ellaneous Praceeds shai� be applied in the order pravided �or in Section 2.
<br /> �n th� e�ent of a to�al takingr C��'S�1"LIC�I�n, or �ass in value of the Prop�rty, the Miscellaneous
<br /> Proceeds shal! ��ap�lied to the sums secured by this Security Instrum�n�, whether or nat then due, with
<br /> the exc�ss, if any, �a�d to Borrower,
<br /> In the e�ent �f a partial taking, destruction, or Ioss in �alue �f the Property in which the falr market
<br /> value of the Property immed�ately before th� partia� �aking, des�ruction, or lass in value is equal to �r
<br /> greater �han the amoun� of the sums secured by this Security Instrument immediate�y before �he partial
<br /> taking, destruction, or foss in value, unless Bflr�ower and Lender otherwise agree in writing, the sums
<br /> secured by �his Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds
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