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200200975
<br />Mortgage Insurers evaloate their total risk on all such insurance in force from time to time, and rimy enter into
<br />agreements with other parties that share of modify their risk or reduce losses. These agreements are on terms and conditions
<br />that uo satisfactory to the mortgage insurer and the other palty (or parties) to these agreements. These agreements may
<br />require the mortgage insurer make ake payments using any source of funds [hill m
<br />t the ortgage insurer may have available
<br />which may include funds obtained from Mortgage Insurance premiums).
<br />As a result of these agreements, Lender, any purchaser of the note, another insurer, any reinsure, any alter entity,
<br />or affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive tram (or might be chat acterized
<br />as) a portion of Borrower's payments' far Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's
<br />L or reducing losses. lfsuch agreement provided that an affiliate of Lender Takes a shuru of the insurer's risk m exchange
<br />for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance "Further:
<br />(a) Any such agreements will not affect the amounts that Burrower 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 />(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 of such cancellation or termination.
<br />11. Assignment ofMiseellaneous Proceeds; Forfeiture. All Miscellnneous Proceeds are herethyassigned to and
<br />shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, 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 unn I fender has had an opportunity to inspect such
<br />Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
<br />promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the
<br />work is completed. ilnless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous
<br />Proceeds, if the restoration or repair is not economically feasible or Lender's security would be lessened, the Mixodluncous
<br />Proceeds shall be applied m the sums secured by this Security Instrument, whether or not then due, with the excess, if any,
<br />rr
<br />paid to Boower. Such Miscellaneous Piriceeds shall be applied in the order provided for in Section 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 valueof the
<br />Property immediately before the partial taking destruction, or loss in value is equal to or greater than the areduntofthe sums
<br />secured by this Security Instrument immediately before the penal taking, destruction, or loss in value, unless Bon'owef and
<br />Lender otherwise agree in writing, the sums secured by this Security lnstnrment shall be reducer) by The amount of the
<br />Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />partial taking, destruction, or loss in value divided by (b) the fair marker value of the Pmpeny immediately befogg e the pai im
<br />taking, destruction, or loss in value- Any balance shall be paid to Bon
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair murket value of the
<br />Property immediately falls, u The partial taking, desuaction, of 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 otherwise agree in writing,
<br />the Miscellaneous Proceeds shall be applied to the sums %cum e l by this Security Instrument whether or not the sums um then
<br />due.
<br />If the Property is abandoned by Borrower, or o aler notice by Lender to But that the Opposing Party der
<br />dinned in the next the date e notice to make n, award to settle i elate for damages, Borrower fails to respond to Lender
<br />within 30 days
<br />or iep the edof the oncom given, under is securizedto[as Sevin en apnstru eat, w ether r not then duct
<br />To "Opposing restoration or repair of the Property a m the sums secured by [[as ity Instrument, whether or whom then due.
<br />"Opposing Party" means the third party that owes Borrower Miscellaneous Pmexxals or the party against wham 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 or ciannual, is begun that, in Lender's
<br />judgment, could result in forfeitm'e of the Property or other material impairment of Lender's interest in the fkopenyor rights
<br />under this Security instrument. Borrower can cure such a default and, it acceleration has occurred, reinstate as In in
<br />Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender 's judgment, precludes forfeiture
<br />ofthe Property or other material impairment of Lender's interest in the Proper tyor 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 the Property are
<br />hereby assigned and shall be paid to Lendef.
<br />All Miscellaneous Proceeds that ate not applied to restoration or repair of the Property shall be applied in the order
<br />provided tot in Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time far payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to Bon ower or any Successm
<br />in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower'.
<br />Leander shall not be required to commence proceedings against any Successor in Interest of Borrower of to refuse to extend
<br />time for payment or otherwise modify amortization of the suns secured by this Security lnstrumem by reason of ray demand
<br />made by the original But or any Successors in Interest of Bonower'. Any fin bearance by Lender in exercising any right
<br />or remedy including, without linmauon, Lender's acceptance of payments from third persons, entities or Successors in
<br />Interest of Borrower or in
<br />amounts less Chun 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. Bonower covenants and agrees
<br />that Borrower's obligations and liability shall be joint and seve rd However, any Borruwen who co-signs this Security
<br />Instrument but does not execute the Note (a "co- signer "): (a) Is c o-signing this Security Instrument only to mortgage, grant
<br />and convey the co-signer's interest in the Property under the terms of this See., fly Instrument; (b) is not personally ohfrgated
<br />to pay the sums secured by this Seca'iry Instmmenp and (e) agrees that Lerida and any other BOIN W er can agree to extend,
<br />modify, forbearer make any accommodations with regard to the leans of this Security Instrument or the Note without the co-
<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 this Security Instrument in writing. and is approved by Ieoder, 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 Security
<br />Instrument unless Lender agrees to such release in writing. Thecovenantsand agreements of this Sccmity histrumetit sh all
<br />bind (except as provided in Section 20) and benefit the ,successors and assigns of Lender
<br />14. Loan Charges. Lender may charge Bon es rower tees for services performed in connection with Borrower's
<br />default, for the purpose of protecting Under '.s interest in die Property and rights under this Security Instrument, including,
<br />but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other tees, the absence orexpress
<br />authority in this Security Instrument to chu &e a specific fee to Borrower shall not be construed as a prohibition on the
<br />charging of such fee. Lender may not charge tees that are expressly prohibited by this Security Instrument or by Applicable
<br />Law.
<br />If the Loan c subject ll a law which sets cted in co loan charges, and that law is finally interpreted so that the
<br />interest l other loan charges collected or to he amount collected in connection with the lean exceed thesd lumb alimits, than: (a)
<br />any such loan charge shall be reduced by the. amour[ necessary m reduce the change to the permitted limit; and (h) vnysums
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