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�'� l.l .i. "J �1 � �1 "� -� • 201503646 continue to pay to Lender the atnount of the separately designated payinents that were ciue when the insurance co�erage ceased ta Ue in effect. L,ender will aocept, use aud ret�in these pa}nnents as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reser�e shalI be non-refundable, notwithstandiug the fact that the Loan is ultiinately paid in full, anci Lender shaIl not be required to pay Borrower any interest or earnings on such loss reser�e. Lender can no longar require loss reserve payinents if Mortgage Ins�uance co�verage(in the ainount and for the period that Lender requires)provided by an insiuer selected by Lender again beco�nes avai]aUle, is obtained, and Lender requires separately designated payinei�ts toward the premiluns for Mortgage Insurance. If L,ender required Mortgage Insurance as a condition of making the Loan and Borrower was required to inalce separately designated paymeiits toward the preiniums for Mortgage Insurance, Borro�r,�er shall pay Eha preiniwns required to maintain Mortgage Insurance in effect, or to provide a non-refuntlable Ioss reserve, until Lender's reguireanent for Mortgaga Insurance ends in accordance with any written agreeznent between Borrovwer and Lender providing for such termination or until terininatzon is required by ApplicaUle Law. Nothing in.this Section 10 affects Borrower's obGgation to p�y interest at the rate provided in the Note. Mortgage Insurance reimUurses Le�der(or any entity that purchases the Note) for certain losses it lnay incur if Barrower does not repay the Laan as agreed. Borrower is not a party to the Martgage�nsurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to titne, and inay er�ter into agreeinents witil�other parties that share or nZodify their risk, or reduce losses. These agree�nents are on terins and conditions that are satisfactory io the inortgage insurer and the other party{or parties) to these agre�inents. `�liese agree�neiits may require the mortgage insurer to mal�e payments itsing any source af funds that the inortgage insurer inay have available{which may include funds obtaiz�ed from Mortgage Insurance premiuins). As a resulti of these agreemants, Lender, any pux•chaser of the Note, another insurer, any reinsurer, any ather entify, or az�y affiliate of any oF the foregoing, may receive(directly or indirectly) a�nounts that deri�e froin {or miglit be charact�rized as)a portion of Borrower's payments far Mortgage Insurance, in exclzang�for sharing or modifying the n7ortgage insurer's risk, or reducing losses. Tf such agreeinent provides that an affiliate of Lender Calces a share of fhe insurer's risk in cxchange for a share of the premiums paid to the insurer, the arrangeinenl is aften terzned"captive reinsurance." Further: [a) Any sucli agrccments will not Affect thc �moYints that Borrower has agreed to pay for Mortgage Insur�nce, or any other�erins of the I.oa��. Suc� �greeynents will not increase the a�nou��t Sorrower will awe for Mortgage Insur�nce, and tlxey will not entitle Borrower to a�ay refund. (b) Any sucli agreements will not�ffect tl�e rigl�ts Eora•ower has-if any�with respect to the Mortg�ege Insitr�nce u�ader the Homeow��ers Profiection Act of X998 or any other l�w. Tliese rig�ts may inclade the riglit�o receive ce�•tain disclosures, to �•equest and obtAin cancellation of the Mortgage Iusur�nce, to have�he Mortgage Insurance terminated �utom�tically, and/o�•to receive a reFund of any Mortgage Insur�ance prernittms that were uneflrnecl at tl�e time of sucL c�ncellation or terinination. 11. Assignment of M iscelianeous Proeeeds; Forfeiture. Aii Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Procec.ds shall be applied to restoratioi�or repai�•of the Property, if tlie restoration or repair is ecanoinically feasibie and Lender's security is noti lessened. During such repair and restoration period, Lander shall haue the right to hold suc4�Miscellaneous �roceeds uiltil Lender has had an op�aortunity to inspect such Property to ensure the work has been completed to Lender's 900352070749 NESR45KA-Single Fam Ily-Fannie M aelFreddle M ac UNIFORM INS7f2UM ENT Form 3D28 1101 VM P OO VM P6{NE}(1302) Wolters Kluwer Financial Services Pege 9 of 17