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201503433 contixzue to pay to Lender the amount of the separately designated payments that were due when�e insurance cove�age ceased to be in effect. Lezzdez will accept, use and retain these payments as a non-refiindable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstandimg tbe£act that the Loan is ultimately paid in full, and Lender sha11 not be rec�uiured to pay Borrower any interest or earnings on such loss reserve. Lender can no longer reqt�ire loss reserve payments if Mortgage Insurance coverage(in the atnount and for the period that I,ex�dez requires}provided by an insurer selected by Lender again becozx�tes avaaiable, is obta�ned, and Lender requires separately designated pay�nents toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan ax�d Bozrower was required to make separately designatad pay�nents toward�ie premiums for Mortgage Insurance, Borrower sha11 pay tha pz-ezniurrts required#o maintain Mortgage Insurance in effect, or to pzovide a non-refundable loss reserve, unial Lender`s requirezz�enE for Mortgage Insurance ends in accordance with any written agreexnex�t be�veen Borrower and Lender providing for such termination o�r unti.l terzxu.nation is required by Applicable Law. Nothing iu Ebas Section 10 affects Borrower`s obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender(or any entity#ha#purchases the Note)for certa.in losses it may zncur if Borrower does not repay tl�e Loan as agreed. Barrovc�er is not a party to the Mortgage Insu.rar�ce. Mortgage insurers evaluate their total risk on all such insurance in force frozi:a t�xne#o time, and may enter into agreements with other parties that share or z�odify their risk, or red�tce losses. 7'hese agreements are on terms and conditions that are sa�isfactory to the mortgage insvrer and tkxe othez�party{or parties) to�tixese agreements. These a�eements zxzay require the mortgage insurer to make payments usi�g auy source of£u�ds tha.t the mortgage insurer may ha�e aeailable{which may iix�clude fiuids obtained from Mortgage Insuranee premiums}. As a result of i-hese agreemen#s, Lender, any purchaser of the Note, azzother insurer, any reinsurer, any o�ti2er entity, ox any affiIiate af any of the foregoing, may receive(directly or indirectly) amounts that derive from (or mi.ght be characterized as} a portion of Borrower's payznents for Mortgage Insurance, in exchange for sharing ar modifying the mortgage insurer's risk, or reducing losses. If such agreernent provides#�at ax� affiliate of Lender takas a share o£tkxe�ix�.siurer's zisk in exchange for a share of the premiwns paid#o#�.e insurer, the arrangement is often termed"cap#ive reinsurance." Further: (a) Any such agreexnents will not affect the amounts that Borxower l�as agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower wiii owe for Moa-4gage Insurance, and they will not entitle Borrower to any refund. (b) Any suc13.agreeinents will not affect the rigl�ts Borrower has-if amy-wi�th respect to the Mortgage Insurance under the Homeowners Protec�ion Act of 1948 or any ot�er law. These rights �onn.ay include the right to receive certaiw clisc�osures, to request and obtain cancellation of the Mortgage Tnsuranee, to have tlie Mortgage Tnsurance terminated aatomatacally, andlor to receive a refund of any Mortgage Insurance premiums that were unearned at fhe time of such cancellation or terffiination. 11. Assigr�men� of M isceElaneous Proceeds; For�eiture. A11 Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Froperty is dam.aAed, such Miscellazzeous Proceeds shall be applied ta restoration or repair of the Property, if the restora�ion or repair is economically feasible anc�Lender's security is not lessened. Dnring such repair and restara�ion period, Lender shali have the right to hold such Miscellaneo�s Proceeds untii Lender has had an opporhu�ity to inspEct such Property Yo ensure the work has been completed.to Lender's zaaQsszz NE6R4SKA-S[ngle Family-Fannie M aelFreddie Mac UNlFORNf IHSTRUM E?JT Form 3028 '[!D1 VM P QQ VM P6{NE}(1302} Wolters Kluwer Financ�al Services Page 9 of 17