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200303697 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. These agreements are on terms; andcondifions that me satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may regire the mortgage insurer to make payments using any source o funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, anypurchaser of the note, another insurer, any reinsurer, any other entity, or affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion ofBorrower's payments for Mortgage Insurance, m exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provided that an affiliate of Lender takes a share ofthe insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance" Further: Is) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. 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 not affect the rigghts Borrower has— if any — with respect to the Mortgage Insurance under the Homeowners Protection Act of AS or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the 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 of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are herebyassigned to and shall be paid to 1 ender. If the Prooerty is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and L period, Lender shall have the right to hold such Miscell: Property to ensure the work has been completed to Len promptly. Lender maypay fortherepairs and restmatic work is completed. Unless an agreement is made it Miscellaneous Proceeds, lender shall not be requiter Proceeds. Ifthe restoration m repair is not economicall Proceeds shall be applied to the sums secured by this S paid to Borrower. Such Miscellaneous Proceeds shall In the event of a total taking, destruction, or applied to the sums secured by this Security Instrument In the event of a partial taking, destruction, o Property immediately before the partial taking, destruct secured by this Security Instrument immediately before Lender otherwise agree in writing, the sums secured rider's securityry is not lessened. During such repair and restoration acous Pmeeeds until Lender has had an opportunity to inspect such er's satisfaction, provided that such inspection shall be undertaken i in a single disbursement or in a series of progress payments as the writing or Applicable Law requires interest to be paid on such to pay Borrower any interest or earnings on such Miscellaneous i feasible or Lender's security would be lessened, the Miscellaneous lcurity Instrument, whether or not then due, with the excess, if my, Ie applied in the order provided for in Section 2. ass in value of the Property, the Miscellaneous Proceeds shall be loss in value of the Property in which the fair market value of the n, or loss in value is equal to or eater than the amount ofthe sums ie partial faking, destruct ion, or uss in value, unless Borrowerand i this Security Instrument shall be reduced by the amount of the ion: (a) the Loral amount of the sums secured immediately before the the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediatelyy before the partial taking, destruction, or loss in value is less than the amount of the suns 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 are then due. If the Property is abandoned by Borrower, or it after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower tails to respond to Lender within 30 days after the dale the notice is given, Lender is authorized to collect and applythe 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 party that 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 proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture ofthe Property or other material i.( under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate urn Section 19, by causing the action or proceed in to be dismissed with a ruling that, in Lender'sjudgment, precludes forfeiture ofthe Property or other material impairment ofLender's interest in the Property or rights under this Security Instrument The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby ass %figned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied inthe order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted byLenderto Borr ower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason ofanydemand made by the original Borrower or any Successors in Interest of Burrower. A'gfarbearance by Lender m exercising anyright or remedy including, without limitation, Lender's acceptance of payments fryoto third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co -signs this Security Instrument but does not execute the 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 personal yobligated 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 of this Security Instrument or the Note without the. signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower 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 Securi Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security InstUment she I bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 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 lnstmmen4 including, but not limited m, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to chart, a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. lender may not charge tees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected orhe be collected in connection with the Loan exceed the permitted limits, there any such loan charge shall be educed bythe amount necessary to reduce the charge to the permitted limit; and (b) any sums NBRRAS" Single Family—F...kllae/Freddie Mac UNIFORM INSTRUMENT Form3028 1 /01 (pages j8Vuges) 9754.CV(1/02) 1670594 Goi((11111149:, 1 e)