|
200205776
<br />As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any
<br />other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive
<br />from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange
<br />for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agrre:ment provides that an
<br />affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the
<br />insurer, the arrangement is often ternual "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amounts that Burrower has agreed to pay for
<br />Mortgage Insurance, or any other terms of the Lnan. Such agreements will not increase the amount
<br />Borrower will owe for Mortgage Insurance, and they will not entitle Burrower In 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 Miscellaneous Proceeds are hereby
<br />assigned in and shall be paid to Lender.
<br />If the Property is damaged, Such Miscellaneous Proceeds shall be applied to restoration or repair of the
<br />Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During
<br />such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until
<br />Lender has had an opportunity to inspmt Such Property to ensure the work has been completed In Lender's
<br />satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and
<br />restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an
<br />agre:menl is made in writing or Applicable Law requires interest to be paid on such MISCCIIara'Ams Proceeds,
<br />Lender shall not be required in pay Borrower any interest or earrings on such Miscellaneous Proceeds. If the
<br />restoration or repair is not econoricaly feasible or Lender's security would be lessened, the Miscellaneous
<br />Proceeds shall be applied in the sums secured by this Security Instrument, whether or not then due, with the
<br />excess, it any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in
<br />Section 2.
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds
<br />shall be applied to the sums secured by this Security Instrument, whether or not then due, wild the excess, if
<br />any, paid on Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property m which the fair market
<br />value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater
<br />than the amount of the sums .secured by this Security Instrument immediately before the partial taking,
<br />destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, tic sums Secured by this
<br />Security Instrument shall he reduced by the amount of the Miscellaneous Proceeds multiplied by the
<br />following traction: (a) the total amount of the sums secured immediately before the partial taking, destruction,
<br />or loss in value divided by (b) the fair market value of the Property immediately before the partial taking,
<br />destruction or loss in value. Any balance shall be paid to Borrower.
<br />In die event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value of the Nopurty immediately before the partial taking, destruction, or loss in value is less than the
<br />amount of the sums secured immediately before the partial taking, destruction, or Toss in value, unless
<br />Borrower and Lender otherwise agree in writing, We Miscellaneous Proceeds shall be applied to the sums
<br />secured by this Security InStrnrllent whether or not the sums are then due.
<br />If the Property is abandoned by Borrower, or it, after notice by Lender ur Borrower that the Opposing
<br />Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails
<br />to respond w Lender within 10 days after the date the notice is given, Lender is authorized w collect and
<br />apply the Miscellaneous Proceeds either to restoration or repair of the Property or to ale sums secured by this
<br />Security Instrument, whether or not then due. "Opposing Party" means the thud party that owes Borrower
<br />Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous
<br />Proceeds.
<br />Rorrnwor shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
<br />Lender's judgment, could result in forfeiture of the Property or other material impaument of Lender's interest
<br />in the Property or rights under this Smurity Instrument Borrower can cure such a dv ault and, if
<br />.cc #.310 L.e APPL #. eJ L[:65355 F1tl b, 001GIG5355
<br />IOpii15:
<br />(W- 8G(NE) Form3028 1101
<br />m
<br />
|