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200200623
<br />Mortgage Immers evaluate their hind risk on all such insurance in force from time to time, and my enter into
<br />agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditi ons
<br />that are satisfactory to the mortgage insurer and the other patty (or parties) to these agreements. 'These agreements my
<br />regire he mortgage insurer to make payments using any source of funds that me mortgage insurer tray have available
<br />(which may include funds obtained from Mortgage Insurance prenuums).
<br />Asa result of these agreements, Lender, any purchaser of the note, another insurer, any coinsurer, any other entity,
<br />or affiliate of any of the foregoing, ma, (directly or indirectly) amounts that dative from (or might be characterized
<br />as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage mswer's
<br />risk, or reducing losses. If such agreement provided that an affiliate of Lender takes a share of the insurer's risk in exchange
<br />for a share of the premiums paid to the insurer '' be arrangement is often termed "captive reinsurance.' Further:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage
<br />Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for
<br />Mortgage Insurance, and they will not entitle Borrower to any refund.
<br />hi Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage
<br />Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to
<br />receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage
<br />Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were
<br />unearned at the time of such cancellation or lenuination.
<br />11. Assfenment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned W and
<br />shall be paid to L
<br />Ifthe Pr
<br />the restoration or
<br />net iod. Lender sh
<br />completed W Lens:
<br />_ airs and resmatio
<br />work is completed. llnless an agreement is made in
<br />Miscellaneous Proceeds, Lender shall not be required
<br />Proceeds. If the restoration er repair is i
<br />Proceeds shall be applied to the sums so
<br />paid to Borrower. Such Miscellaneous
<br />In the event of total taking,
<br />applied to the sums secured by this Secs
<br />In the event of to partial taking
<br />sums
<br />Is shall be applied to res
<br />ecurity is not lessened. I
<br />weeds until Lender has
<br />[faction, provided that s
<br />gle disbursement or in a
<br />or Applicable Law roc
<br />forrower any interest of
<br />or Under's security w(
<br />istrmnent. whether or n
<br />or loss in value of
<br />ent, whether or not
<br />or loss in value c
<br />nctinn. or loss in Vc
<br />as the
<br />such
<br />on
<br />of then due, with the excess, if any,
<br />for in Section 2.
<br />Miscellaneous Proceeds shall be
<br />e excess, if any, paid W Borrower.
<br />which the fair market value of the
<br />I amount of the sums secured imnediatelybetore me
<br />value of the Property immediately before the partial
<br />ms,,,g, ... ,..»,,, .,.. -. ... ., ..... - ._.... __
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the
<br />Property immediately before the partial taking. destruction, or loss in value is less than the amount of the sums secured
<br />immediately before[ epartial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing,
<br />the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument wheNeror not the sums are then
<br />due.
<br />If the Properly is abandoned by Bortower, or o after notice by Lender to Borrower that the Opposing Party der
<br />defined 0 the next she date t offers W make n, award to settle i claim for damages, Borrower fads a respond to Lender
<br />within 30 days after the date the notice t giver' Lender is authorized
<br />secured r d b m collect and apply the Miscellaneous Proceeds either
<br />to restoration or repair the Property a to the sums secured by this Security Instrument, whether or not then due.
<br />"Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower
<br />has a right of action in regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or Vroceeding, whether civil or criminal, is begun that, in Lender's
<br />judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in Ne Propenyor rights
<br />under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in
<br />Section 19, by causing he action or proceedin in be dismissed with a ruling that, in Lender's judgment, precludes forfeiture
<br />of the Property or other material impairment o Lender's interest in the Property or rights under this Security instrument. The
<br />proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in he Property are
<br />hereby assiggned and shall be paid to Lender.
<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order
<br />provided for in Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower oranySuccessur
<br />in Interest of Borrower shall not operate to release the liability of Bortower or any Successors in Interest o Borrower.
<br />Under shall not be required to commence proeeedings against any Successor in Interest of Borrower or to refuse to extend
<br />ti me me
<br />for payment or otherwise modify amortization of he suits secured by this Security Instrument by reason of any demand
<br />made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising my right
<br />or remedy including, without lirmtation, Lender's acceptance of payments from third persons, entities or Successors m
<br />Interest of Borrower or in
<br />amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy.
<br />13. Joint and Several Liability; Co-signers; Successors and Assigns Bound, Borrowcrcovenambandagrees
<br />that Borrower's obligations and liability shall be joint and several. However, any Borrower who co -signs this Security
<br />Instrument but does not execute the Now (a "co- signer'): (a) is co- signing this Security Instrument only to mortgage, grant
<br />and convey the co- signer's interest in the Property under the terms of this Security Instrument (b) is not personallyobligated
<br />to pay the sums secured by this Securkylin trument and (c) agrees that Lender and any other Borrower can agree to extend,
<br />modify, forbear or make any accommodations with regard to the terms of this Security Instrument or NcNote without Neco-
<br />Signer's consent.
<br />Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations
<br />under Nis Security Instrument in writing, and is approved by Inder, shall obtain all of Borrower's rights and benefits under
<br />this Security Instrument Borrower shall not be released from Borrower's obligations and liability under this Secure
<br />Instrument unless Lender agrees m such release in writing. The covenants and agreements of this Security instrument shall
<br />hind (except as provided in Section 20) and benefit the successors and assigns of Lender.
<br />14. Loan Charges. Lender may charge Borrower tees for services performed in connection with Borrower's
<br />default, for the purpose of protecting Lender's interest in the Property and rights under this Security Ins unr ant, including,
<br />but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, he absence of express
<br />authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the
<br />charging of such fee. Lender may not charge fees that are expresslypruhibited by this Security Instrument or by Applicable
<br />Law,
<br />If the lean is subject to ll a law which sets maximum loan charges, and that law is finally interpreted so that the
<br />interest y such l other loan charges collected or n, be collected in connection with he Loan exceed the permitted limits, hen: (a)
<br />any such loan charge shill be reduced by the amount necessary to reduce the charge to the permitted limit and (h) any sunss
<br />NIXRSSILk-- Su&Fmdly -FanNe Mae/Freddie Mac UNIFORM INSTRUMRNT Form3028 1/01(yage54f8pagC)
<br />9754.CV(2o) GI1I82
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