Laserfiche WebLink
0042603332 <br />200305705 <br />Asa resulbf theseagreementlsenderanypurchas Eof the Note ,anotheinsureranyreinsureQny <br />otherentitypr anyaffiliateof anyof theforegoingrnayreceivodirectlyor indirectly)amountthatderive <br />from (or mightbecharacteriz ad) a portionof Borrower'qDaymenttor Mortgagdnsurancdg exchange <br />for sharing)r modifyinghemortgagMsurer 'sisk,or reducindoosseslf suchagreemegWovide3hatan <br />affiIiateof Lendedakesa sharEDf the insure r'sisk in exchangtor ash a rEDf the pre mium!Paidto the <br />insurer, the arrangement is often termed "captive reinsurance." Further: <br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for <br />Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount <br />Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. <br />(b) Any such agreements will not affect the rights Borrower has - if any - with respect to the <br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may <br />include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage <br />Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any <br />Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. <br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All MiscellaneouBroceedare hereby <br />assigned to and shall be paid to Lender. <br />If thePropertyn damagedkucWiscellaneod §oceedshalbeappliedo restoratioar repaipf the <br />Property4f therestoratioor repairis economicalkasib l6andLender'Tecuritys notlessened)uring <br />suchrepairand restoratioperiod,Lendershallhavethe right to hold suchMiscellaneoAroceedentil <br />Lenderhashadanopportunitfo inspectuchP rope rtjo ensureheworkhasbeeroompletetb Lender's <br />satisfactioprovidedhatsuchinspectioehallbeundertakepromptlyLendeimaypayfor the repairmnd <br />restoratioin a singledisbursemeot in a seriesDf progrespaymentastheworkis completedJnlessan <br />agreement madein writingor ApplicableLaw requiresnteresto be paidon such Miscellaneous <br />Proceedd,enders hall not be requiredo pay Borrowerany interesbr earnings)n suchMiscellaneous <br />Proceedtf. therestoratioor repairis not economicalfpasibl ®r Lender 'securityrvouldbelesseneQhe <br />Miscellaneot f§ oceecishalbeappliedothesumssecuretlythisSecurittnstrumentVhetheornotthen <br />due,withtheexcessf any,paidto BorrowerSuchMiscellaneor groceedshallbeappliedn theorder <br />provided for in Section 2. <br />In theevenbf atotaltakingoestructiorm,r lossin valueof the P rope rtyt ,heMiscellaneoRroceeds <br />shalbeappliedo thesumssecuredy thisSecuritynstrumenWhetheor notthendue,withtheexcesst <br />any, paid to Borrower. <br />In theevenbf a partiataking,destructiorgr lossin valueof thePropertyn whichthefair market <br />valueof the PropertomediateloefordhepartiatakingOestructioim r lossin valueis equalo or greater <br />thantheamounbf the sumssecuredby this Securityfnstrumenimmediateljaeforethepartialtaking, <br />destructior,r lossin valuegnlest3orroweandLendeotherwisegredn writing thesumssecurebythis <br />Securitylnstrumenthallbe reducecby the amountof the Miscellaneoulgroceedsnultipliedby the <br />followingfraction (a)thetotalamounbf thesum$ ecurednmediatekefordhepartiatakingOestruction, <br />or lossin valuedividedby (b) thefair marketvalueof the Propertymmediatellpeforethepartiataking, <br />destruction, or loss in value. Any balance shall be paid to Borrower. <br />In theevenbf a partiataking,destructior¢tr lossin valueof thePropertyn whichthefair market <br />valueof the Propertyimmediateloeforethepartialtaking ,destructiorgr lossin valueis lessthanthe <br />amounbf the sumssecuredmmediateljDeforethe partialtaking,destructiorgr lossin value,unless <br />Borrowe rand Lenderotherwiseagrean writing, theMiscellaneod :3roceedshallbeappliedo thesums <br />secured by this Security Instrument whether or not the sums are then due. <br />If thePropertys abandonel* Borrowergr if, afternoticeby Lendedo BorrowelhattheOpposing <br />Party(asdefinedn thenextsentenc ®yfersto makeanawardo settleaclaimfor damagecorrowetails <br />to respondo LendeNvithin30 daysafterthedatethenoticeis given,Lenderis authorizetb collectand <br />applytheMiscellaneotf,�roceecWthedo restoratioarrepairof thePropertprtothesum $ecuredythis <br />Securitynstrumentyhetheror not thendue. "Opposing' arty "meanthethi rdpartythatowesBorrower <br />Miscellaneod§ oceedzrthepartyagainstvhomBorroweihasa rightof actiorin regardo Miscellaneous <br />Proceeds. <br />Borrowershallbe in defaultif any actionor proceedingyhethercivil or criminal js begurthat,in <br />Lender'$udgmentouldresulfn forfeitur ®f thePropertprothermateriatnpairmerdf Lender'snterest <br />in the Propertyor rights underthis SecuritylnstrumentBorrowercan cure such defaultand, if <br />Initials: <br />(M-6(NE) (0005) Page 9ot15 Form 3028 1/01 <br />m <br />