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200302651 Mortgage Insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses here agreements are on terms and conditions that me satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may regwire the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result ofthese airecments, Lender, any purchaser ofthe note, another insurer, any reinsurer, any other entity, or affiliate ofany of the foregoing, may receive (directly or indirectl)) amounts that derive train (or might be characterized as) a portion ofBorrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. Ifsuch agreement provided that an affiliate of lender takes a share ofthe insurer's risk m exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance.' Further: In) Any such agreements will not atl'ect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms ofthe Luan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will nut affect the rights Borrower has — ifany .with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation ofthe Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and /or to receive a refund of any Mortgage Insurance premiums that were unearned at the time ofsuch cancellation or termination. 11. Assignment ofMiscellancous Proceeds; Forfeiture. All Miscellaneous Proceeds arehereby assigned to and shall be paid to Lender. Ifthe Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair ofthe Property, if the restoration or repair is economically feasible and lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until lender has had an oppornmltyto inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection sl l be undertaken promptly. 1 ender may pay for the repairs and restoration in a single disbursement or in a series ofprogress payments as the work is completed. Unless an agreement is made in writing or Applicable low requires interest to be paid on such Miscellaneous Proceeds, lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. Ifthe restoration or repair is not economically feasible or I eider's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, ifany, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a toml taking, destruction, or loss in value ofthe Property, the Miscellaneous Proceeds shall be applied to die sums secured by this Security Instrument, whether or not then due, with the excess, ifany, paid to Borrower. In the event of a partial taking, destruction, or loss in value ofthe Property in which the fair market value ofthe Property immediately before the partial taking, destruction, or loss in value is equal to or grater than the amount oflhcsums secured by this Security Instrument immediately before the partial taking, destruct ion, or loss in value, unless Borrowerand Lender otherwise agree in writing, the sums secured by this Security Instrument shall he reduced by the amount ufthe Miscellaneous Proceeds multiplied by the following fraction: (a) the local amount ofthe sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value ofthe Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event cfa partial taking, destruction, or loss in value ofthe Property in which the fair market value ofthe Property immediate)( before the partial taking, destruction, or loss in value is less than the amount ofthe sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums we then If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Parry (as defined in the nest sentence) afters to make an award to settle a claim for damages, Borrower fails to respond to lender within 30 days after the date the notice is given, lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party' means the third panythat owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceedint whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture ofthe Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such adefault and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling t hat, in Lender's judgment, precludes forfi;iture of die Proverty or other material impairment oft ender's interest in the Property or rights underilus Security Instrument. The not applied to restoration or repair ofthe Property shal I be applied in the order 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or mudifeation of amortization of the sums secured by this Security Instrument granted by lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower Emden shall not be required to continence Processing against any Successor in Interest ufBorrower or to refuse to extend time for payment or otherwise modify amortization ofdie sums secured by this Security Instrument by reason ofanydenc nd made by the original But or any Successors in Interest of Borrower. Any forbearance by Iender in exercising any right or remedy including without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Burrower or in amounts less than the amount then due, shall net be a waiver of or preclude the exercise of any right or remedy. 13. Jmmt and Several Liability, Co- signers; Successors and Assigns Bound. Borrowercnverimbsandignees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co -signs this Security Instrument but does not execute tine Note (a "co-signer "): (a) is co- signing this Security Instrument onlyto mortgage, grant and convey the co- signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms oflhis Security Instrument or the Note without the co- signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Burrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements ofthis Security Instrument shall hind (except as provided in Section 20) and benefit the successors and assigns ufLender. 14. Loan Charges. lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose ofprotecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation es. In regard to any other tees, the absence ofexpress authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge Lies that are expressly prohibited by this Security Instrument or by Applicable law. Ifthe Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other lean charges collected or to be collected in connection with the Irian exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amumit necessary to reduce the chargeta the permitted limit and (b) any sums NENMA5KA- -Single F— diy- Fannie M1leelFreddie Me[ UNIFORM INSURUMENT Form3mil 1101 (page5of8pages) 9754.CV(1/02) 1661180 GO10(00044616)