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200203381 Mortgage Insurers evaluate their total risk on all such insurance. in force from time to time, and may enter into agreements with other partic.t that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satistactory to the mortgage insurer and :he other party (or parties) to these agreements. These agreements may require the mortcabe insurer to make payments using any source of funds that the mortgage insurer may have available (`.vhich may include funds obtained from Mortgage Insurance premiums). As a result of Chest`: agreements, i.cnder, any purchaser of the note, another insurer, any reinsurers any other entity, or affiliate of any of the forectorng, tarty receive (directly or indireetN) amounts that derive from (or might be characterized as) a portion of Borrower's payments for IviortoagC Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such a� -greement prof cd that an affiliate of Lendcr takes a share of the insurer's risk to exchange for a share of the prcmiurns paid to the insurer, the arrangement is often tertned "captive reinsurance" Further: (a) Any such agreements will ;not affect the amounts that Borrower ht; 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 rights Borrower has — if any — with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to react ie 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 ternnination. 1.1. A ssi;; uttrcntof .Nliscellaneousi'roceeds; Forfeiture. AI IMiscellaneotrs Proceeds are hereby assigned toand shall be paid to Lender. It the Property is damaged, such Miscellaneous Proceeds shall be applied to rester ation or repair of the Property, if the restoration or repair is economically feasible and Lender's securityy is not lessened. During such repair and restoration period, lender shall have the i it,ht u; hold such ;Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property I,_r ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single d.sbursement or in a series of progress payments as the work is :ompleied. Unless in agreement is made in writing or :.pplicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay�Bon,ower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Under's security would be lessened, the Miscellaneous P.rocceds shaii be implied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any - paid to Borrower. Such Miscellaneous Proceeds shall be applied in die order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscell�.ieous Proceeds shall be applied to the surns secured by this Security Instrument, whether or not then due, with the excess, ifany, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Propeiiy, in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this `security Instrument immediately before the partial taking, destruction,, or loss in value, unless Borrower and Lender otherwise agree in writing, the 5trms secured by this Security Instrument shall be reduced by the amount of the iOiscel lane %);�c ;'r- )seeds multiplied by the following fraction: (a) the total amount of the sums secured immediately betbre the partial taking o,!struction, or loss in value divided by (b) the fair market value ofthe Property immediately before the partial Lakin, *, destruction. car loss in value. Any balance shall be paid to Borrower. In the event of a partial takino, destruction, or loss in value of the Property in which the fair market value of the Property irnnwdiately before. the Partial taking, destruction, or loss in value is less than the amount of the sums secured irnmedi ;--tely'efore the partial taruna, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, tht, Nlisccllan: ;ous Proceeds shall be applied to ihe sums secured by this Security Instrument whetheror not the sums aPe then duc. if The Property is abandoned by Borrower, or if', after notice by Lender to Borrower that the Opposing Party (as defined in in }e next Sentence) offers to make an award to settle a claim for dainaues, Borrower fails to respond to Lender within 30 cl_.� aftcr the elate the notice is given, Lender is authorized to collect arUapply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. " Upposin;c Pai tv" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of ::coon in regard to Miscellaneous Proceeds. 4 '3onower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's jtrd11.me11t, could result in forfeiture of the Propertyor other material impairment of Lender's interest in the Propertyor rights und, .,r this Securii` Instrument. Borrower can care such a default and, if acceleration; has occurred, reinstate as provided in Section 19, by causing the action or proccedin- to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Propertyor other material impairment of Lender'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 Lenders interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12, Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modif cadoli of amortization of the sums secured by :his Security Instrument granted by Lender to Bor rower 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 of anydemand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of I3orrower or in amounts less than the amount then due, shall not be a waiver ofor preclude the exercise of anyright or remedy. 13. joint and Several Liability; Cosigners; 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 tt e Note (a "co- signer "): (a) is co- signing this Security Instrument only to mortfage, gr .nt and convey the co -si gn?r's interest in the Property under the terms of this §ecurity 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 co- sioner's consent. Subject to the provisions t)f Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writinh, and is approved byL.ender, 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 Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Lean Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including. but not lirnited to, attorneys fees, property inspection and valuation fees. In regard to anyother fees, the absence ofexpress authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charming of such fee. Lender may not charge Fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the L-o.:n is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other lean chatL-es collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) :env well loan char_,ze shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums NFI1IL SKA - Steele F :rU'. ; - -t apple Ntaeil"n�ti(lie Mac UNIFORM I tiSTRUNIFNNT Dorm 3028 1 /01 (pagr S of6pages) r ;nTrxtxxll� :�� n;