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200200760
<br />Mortgage Insurers evaluate their total risk on all such insuranec in face from time to titer, and may enter into
<br />agreements with other parties That share or modify their nsk, m reduce losses- 'fhcsc agreements are on terms and condtt011s
<br />that are satisfactory m the mortgage insurer and the mhei party on parties) to these agreements. These agreements may
<br />require the mortgage instinct to make payments using any source Of titers that the mortgage insurer may have available
<br />'h eh may' ""dude funds ohtainecl frurtl Mort Ige insurance premums).
<br />As u resultofthcsc eleemwus, Lend r unypuichaser otthenom,ano[herinsurer, anyrolnsurer, any otherentity,
<br />or atHliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be charactcnzed
<br />as) o portion of Borrower s payment for Mortgage Insurance, in exchange lot sharing or moditying the [not tgage insurer's
<br />risk, or reducing losses. If such agreement provided that an affiliate of takes a share of the insurer's risk in exchange
<br />far a share ofthc premiums paid to the 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 Mortgage
<br />Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will awe for
<br />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 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 oCsuch cancellation or termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Pl'Occeds are herebyrosigned toand
<br />shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restorafion or repair of the I'mpetty, if
<br />the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration
<br />period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such
<br />Property to ensure the work has been completed to tender's satisfaction, pa ovided that such inspection shall be undertaken
<br />promptly. Lsmder may pay ma the repairs and restoration in a smgle di d ursement of in a series of prmgress pma eats as [Ire
<br />work is completed. Unless an agreement is made in wrung or Apphcuhle Law requires interest to be paid no such
<br />Miscellaneous Proceeds, Lender shall not be required to pay BOn'owsr any interest Or cunnings on such Miscellaneous
<br />Proceeds- If the restoration or repair is not economically feasible or Lender's security would he lessened, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security lnsuvment, whether or not then (Inc. with the csaess, if any.
<br />paid to Borrower Such Miscellaneous Proceeds shall be applied is the order provided for in Secuam 2.
<br />In the event of a total taking. destruction, or loss In value of the Property, the Miscellaneous Proceeds shall he
<br />applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower
<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 equal to or g1 caner than the amountot mesums
<br />secured by this Security Instrument immediately before the partial taking, desti action, or loss in value, unless Borrower and
<br />Lender otherwise agree in writing, the sums secured by this Narerity Instrument shall he reduced by the amount of the
<br />Miscellaneous Proceeds multiplied by the following I I achon. (a) the total amount of the sums secured immediately before the
<br />partial taking, destruction, or loss in value divided by (b) tile fair market value of the Property immediately before the partial
<br />taking, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair marker value of the
<br />Property immediately before the partial taking, destruction, m loss in value is less than the amount of the sums secured
<br />immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender other wise agree In writing,
<br />the Miscellaneous Proceeds shall be applied to the sums secured by this Secm try Instrument whether or not the sums are then
<br />due
<br />If the Property is abandoned by Borrower, it o after nonce by Lender e Borrower that the msvng Partyder
<br />defined in the next sentence) Offers to make an award to settle a claim for damages, Borrower fails to respond to linden
<br />within 30 days after the date the notice is given, Lender is uuthoriud to collect and apply the Miscellaneous Proceeds either
<br />to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due.
<br />"Opposing Party" means the third party that ow ea 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 proceeding whether civil m criminal, is begtm that, in ".carer's
<br />judgment, could result in forfei ton re of the Property or other mate, i1rapairment of f ender's interest in the Propei rym rvhts
<br />underthis Security Instrument. Borrower ea eme such adefaultand, iraceeleration hasocemnred, reinstate us provided in
<br />Section 19, by causingtheaction Orproceeding 10 bedismissed witharuling that. oLender'sjudgment pre. ludesforfeiture
<br />ot'the Property m other material impairment of Wndei 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 tender's interest In the Property are
<br />hereby assigned and shall he paid to Lender
<br />All Miscellaneous Proceeds throne not applied no restorauon ar mpmr of the Property shal I be, applied to the order
<br />provided form Section 2, _
<br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension ofthe time for payment a
<br />modification of amortization of the sums secured by this Secm'ily Instrument granted bylendertu Borrower or any Successor
<br />in Interest of Borrower shall not operate to release the liability of Burrower or any Successors in interest of Bonawe,
<br />Lender shall not be requited to commence proceedings against any Successor In Interest tit' Borrower or to refuse to extend
<br />time far payment or otherwise modify amortization of the sums secured by this Security Insnument by rraxen of any demand
<br />made by the original Borrower or any Smceessm s in Interest of Borrower. Any Rubeac "vice by Lender in exerciong aayright
<br />ormmedy including, witham limitation, Lender's acceptance of payments from third pCRlIDS, entities or Successors in
<br />Interest of Borower or in
<br />,amounts less than the amount then doe, 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. Bonowermvenantsandagrees
<br />that Burrowei's obligations and liability shall be joint and several. However, any Borrower' who co -signs this Security
<br />Instrument but does no[ execute the Nom (a "co-signer"): (a) is co- signing this Security Instrument only to mortgage, gran
<br />and convey theca - signer's interest in the Property undo' the terms of this Security Instrument, (b) is not personallyobligated
<br />m pay [he sums secured by this Security Insnument; and (c) agrees that Lender and any other Borrower can agree to extend,
<br />modify, hrnc�rar or make any accommodmions with regard to the terms of this Security Instrument or the Note without the co-
<br />signer's consent. ss Stibjeet[o[he provisions ar Section I8, any Successor in Interest of Borrower who a,er'sIBhtsand eefitsulions
<br />under this .Security Instrument In writing, and is uppmveJ by LenUer shall obtain al of Borr'ower's rights and benefits under
<br />this Security Instrument. Burrower shall not be released Crom Borrower's obligations and liability under this Security
<br />Instrument unless Lender ,agrees to such rdense in writing. The covenants and agreements oRhis Secwiry Instrument shall
<br />bind (except as provided in Section 20) and hcnclit the successors and assigns peLendee.
<br />14. Loan Charges. Lender may charge Borrower fees [ty services performed in corrosion h with Borrower's
<br />demul[,far[hc purposeof protecting Icare'sInterest in the Properly andrightsunderthis Securitydc Too c,including
<br />buutot li mireA m. altonleys' kes, property Inspccuon anti vadmtion Yetis- In shall not any other fees. the absence of express
<br />authority in this Security Inshrument [o charge a specific fee to
<br />Bonowei shall urn hu construed as n prohihioon on die
<br />charging of such fee. I ender may not charge fees that are nxpressly prohibited by this Security instrument or by.Appl'ro ,able
<br />nv.
<br />If the Wan is subject to ll a law which sets maximum loan charges, and that law is finally m[er lime so that drc
<br />interest [other loan charges collected or to he
<br />mountcted in connexion with the 1 ran exceed the pennived limits, them ms
<br />any such loan chat -C he reduced by the amount necessary to reduce the ch:u tie [a 'he permiued IImiC. and (b) any sums
<br />NEU II Silet, Family - TininicsaJFrrelde sac UNIFORM INS '1'RUNIENT Form3a2h 1101 tVnFC S, f,4 pgeeU
<br />9154. Cc 1141) GII]99
<br />GOTOaOW16ac I
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