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2� 1 �� 1 �33 <br /> LflAN#: '�8'�S't99�9'� <br /> �I��r�ta�e ma�gage��s����s������d by Le�d��.lf subs��n��ally e�u���l�n����g��e lns�ra��e��v������s <br /> ����va���b��, E��r�a���sha�������n���a p����L�r���r�he amoun��f�h���pa�a���y desigr�a��d p������� <br /> �ha��e�� d������ �h� ir�s�r�nce ���e�ag� ce���d �o b� in ef����. L����r r���l ��c���, �s� a�d r����� <br /> �h��e���r��r��s�s� ��n�r�f�n�ab�e���s���er���r� li���of Mor��ag�1r���rar��e. ���h ������s����h��� <br /> b� �o��r�f�r�da�l�e, no���h��a�d��� ���fa���ha���� L�an.is ul��rr������ �a�d �r� f���, ��d Ler�d��s���! r��� <br /> �e��q�i�����pa� ��rr���r��� in�e�es��r earn�ngs on suc� �oss�eser��. �.�nd��can r��ior�g��r��t���� <br /> l�ss res�rv� �ay�a�n�s i� l�ar�g�ge ��s�tra�c� cover��� �in th� anl�un� ��d fvr ��� p�ri�d ���� L�n��r <br /> �����res� p����d�d �� �n �ns��e��e��c�ed b� L��d�r���in b��omes�W�i�ab��, �� �ab�a�n��, �r�d L���d�r <br /> �eq�ires��p��a����des�gn�t�d��y�n���s�av�a�d���prerr��ums for M�r�ga���r�sur����.�f Let�der r�qu�r�d <br /> ������� ��s���r������ ��r�di�r�r� �f rn�king ��e L�an �nd Bo�ra�u�r��as �eq���e� �� r��l�e s�����t��y� <br /> ��sig����d �a���nt� �a�ard �he ��e��un�s f�� i������e lnsuranc�, �a�r��e�����I p�� ��� ���nr���r�r� <br /> �eq����� �� rn�a�n��ir� i��r��a�e Ins�r�nc� �n ��fect, �r �� �rovid� a �tin-�efun�d�b�e �Q�s re�e�r�, u���l <br /> �e�der'� r�q�ir��en�fo�i�c��fg�g� ir�suran�� �nds �r� a��o�da�c��r��h an��rr��ten ��ree�������e�� <br /> �3�r�o�r�� a�d �.�e���r pr�����r�g €or s��� ��rmina�i�n or �n�i� ��rm�naf�a� is �eq�i��d b��p�fic�b�� �.��. <br /> ���hi�g i� �his Sec�i�n ��affe��s ��rrov�er's o�[�ga�i�r� �o p�� i���res�a���� r�t� pra�r�ded ����e ����. <br /> ��r�ga��lnsur�nc�r��mbur�es L�nde���r�ny en�i�y��a�purchas�s�h��ate}��r�er�����o���s��r��� <br /> �r�cur���3�r��vv��d��s r��t r��ay�he L�a� ����re��d. �3arr��e�i�not a�ar��a�h����g�ge �����an��. <br /> �'dor�g�.g� �r�s�r�r� �va�ua�� �h�ir to�ai risk �n �I� such �r�suran�� �n �orc� �r��rn ��t�� �a �ime, ��� <br /> �a� �n�e� ir��o agre�men�s wi�h a�h�r p�rt��s �hat sh�re �r m�dify �he�r risk, or r���c� I��s�s. ����� <br /> a���em�n�s a�� �� ��rr�s and ���di�i�n� �ha� are sa�isfa�c�or� �� �he r�or�g�g� ��s�rer �r�d ��� ���er <br /> ��r�y �o� ���i�s} �a ��ese �gr�er��nfis. Th�s� �greem�nts �a� req���� �h� r�ar#�ag� i���r��t� �ak� <br /> ����e��s us�n� ��y s�ur��of funds�ha��h� �or��ag� i�surer may ���r���ai�ab�� ��h�ch r�a� �n�c��d� <br /> fur�ds ob�a��ed �r�� �or�gag� �nsu�ar�ce prem�u�s}. <br /> As� r�suit of��es�a�r�enne�fs, L�nd�r= �n� purchas�r����e n��e= ar�o�h�r�nsurer, ar�y r���s�re�, <br /> ��� o���� ���i�y, or ��f��i��� �f an� af t�e ����g��n�; n�ay r�ceive �dir�c�l� or �ndirec�ly� ar�����s �ha� <br /> der��e �r�m ��r rn��h� b� ��a�ac��rized �s} a ���i�n of Borr��er's ���m�n�s �ar Mor���g� �r�s�r�n�e, <br /> i� �x��ange�ar s��r�r�� ar m���if��n�fihe mo�tgage�nsu�er's risk, or r�d�cing �Qsses. If s��� �gre��er�� <br /> �rovid�d �ha� ar� a�f�ii��� af L��d�r �ak�s � shar� of��e ins�r��'s ri�k i� ��c�hange fo� a sh�r� ����e <br /> pre�ium� pa�i� ����� ins�r��; �h� ���ange��en�is o�te� t�rmed "�a��i�e r��n�ura���." �u�ther�. <br /> ��� ��� ���#� ������ent� vv��� r��t ��f�c� th� �m�un�.� that B�rr��rer has ��r��c� �� �a� ��r <br /> ��r�g�������r��ce,�r ar�y ot�er term��af t��L�a�n.��ch a�reer���t����i r��t in�r�������a�r��ur�� <br /> ��rr������[I ��r��nr��r���g� �r���rar�c�, �r�d they��II no��r��ti�l� �3�rrc��r�er t������fu��l. <br /> ��� �r�y s��h agreer�e�ts v��I� nat �f���t th� r�ghts ��rr��r�r ��� - if a��� - ���� r�����t �� <br /> ��� t'�or�g��� ��t�ur�r�c� u�der the I��nr�e��cr��rs �'rot�ct�or�Rct�f 1�9� ������$��r I�r�. T���� <br /> r�ght� �a� �r��l�d� t�e righ�t�a r���i�e �ertain c��sc��sur��, t� r���est ��ci ��t��r� �a�c����t��� <br /> �f t����sr����� l���ura���� t�a ���r�th���r�ga�e �r�surar��e t�rnr����►��c� �����������I�� �����r�� <br /> �-e����� � r����� �f�r�� ���g�g� �nsur�r��� pr��iurr�s th��.��re ��e�rn�d �t������� c�f���� <br /> ������������ �������������r <br /> 1'�. �ess�����nt�f�����I�a�e�us P�rv�����; �c��rfeitur�.r��������f�a�e�us Prace��s�r�he��b� <br /> assi���d ���nd sh��� b� pa�d �o L�nd�r. <br /> �f�h�Pr�ape�� �s damag�d, suc� ��s���la��ou�F'r�c�eds�h���be ap��i�d�o res���a�ior�o�r��air�f <br /> ��� F���per��, �f��� r�s��r����� �a�r�epair i� ��or�om��al�y f�a�i��e and �.��der's s�c�r��� is no��e�s���e�. <br /> D�a�fn� su�h ��pai� a�d r����r���o�t ��riad, �er��e� sha�l haVe �he r��h� �� ho�d �s��c� 1�i��el��n�aus <br /> ��ac��ds �r���� ��r�d�r na� had an ap����r�it� �� �nspe�t su�F� iPr�p��#}r �o e�s�rre �he �ork h�� be�r� <br /> c��p����d�o �.�r�der's sa�i�fiactia�, pr��id�d��a�s��h insp�c�ian sna���e un���ake� p�������. L�e���r <br /> m�y pa� f�r�he ��p�irs and re���r��i�r� i� a sir�g�e d�sbursem�n� �r i� a ��r��s of pr��r�ss p��r���t� <br /> �s�h�v��rk is cfl�pl�t�d. �lnless a� �gr���e�� �s mad�e �r� �v�i�ir�g or�pp�ica�le La�r re�u���� ��fi�r��� <br /> �� �� ��id or� s��h MisGel��neaus Pr�����ds, L�nder s��l� r����� r��u�r�� �a pay ��rror����r�y ir���r��� <br /> �r�ar��r��s a� suc� Niis�el�aneo�ts Pra�e�ds. if�he �es�or��i�n a�r�pai�is n�a����n�a��ca��y f�asi�l��r <br /> L��de�'�s�cu�i�}�wauld be less�ned,���I�i�ce�lan��us Pr�c��ds s�al1 be�ppii�d to�f��su�rns���u�e� <br /> �y ��i� ��cur��y ��st��m�n�, v�he���r ar no� ��e� du�, vv��� �he �xc�ss, if a�y, pa�d �� ��€�ra�e�. 5��� <br /> �I�scel�a�e��� �'ro��ed�sha�� b��pplied �r� th�ar���pr�W�d�d f���r� �ec�i�n 2. <br /> �n�h�e�e���f a��t���akir��,d�s�r�c�ion,��Ioss�n value o���e�r��er�y,�h��isc���a�e���Pr��e�d� <br /> shal� be app[i�d �a the �ums se�u�ed by ��is ��cu�i�� ins�rur�en�, w�e�her or n�t t��er� du�, ���h ��� <br /> �xcess; ��a�y, p�id �� �or�o���. <br /> le� �h� e�renfi�f� �ar�i�[��k���, d�s�ruc�iv�, �r�oss in va�u� �f��� F�roperty in�vh��� ���f�i���r��� <br /> ��I�� �f�he Prop�e�t� irr�r�a�d�a���� befo�e ��e �a��al �ak���, �estruc�ian, �r ��ss in valu� �s eq��� �� or <br /> ���ea���f�ar��h��m�u�����h�sums�ec�r�e� ������Se�t�r��� 1�s�rum�r�t i�rn�di����y b��rore��������I <br /> �a.�ing, d�s��u��i�n, ��-���s in V��u�, �n�ess ��r�������d L��d�r��hen�ise ��r�e in �r�f���, the surr�s <br /> ���u��� �� �his S�cur��� �ns�rum��� s���� b� ��du��d by ��� �m�u�� �f �he ��s��e�i���eo�s f'��c��d� <br /> �����p���d b� ��e �����vv��g f��c�i�n: �a� �h� �o�a[ anlv�nt of��� s�ms secur�d i��ne���fi��� ����r� t�� <br /> ��r������kin�,��s�ru��ion, ar los�in�alu�d�v�de��y�b}�h�fair r��rk��v�l��of�h�F'�a����i��������1� <br /> be��re��� par�i�l tak�ng, des��uc�ion, or�o�� �n ��lue.A�y bal��c� sha[� b� pa�id �� E��rro�er. <br /> I� �h� eve���f a par��a[taki��, d�s�ruc�ion, �r�oss in va1u� of��� Proper�y ir� e�h�ch ���f����nark�� <br /> v��u��f�h� P��p�r� �rnmedi����� ��fare�h� ��r��a��ak�n�, ����ruc����, o�l�ss ir� ��1�� �s �e ������� <br /> ���tia�l�: ,.. <br /> �E�3���4�,--Sin���Fami�}�-_Fa�nie Mael���ddi�f��c���F�RM l�STR��IIEh�T FQ�rr�3D�8'��fl� <br /> El�ie N�ae,��c. 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