|
200205597
<br />As a result hf thes'c agrccmcnts. Lender, rot) purchaser of the Note, another insurer, any reinsures.
<br />any other entity, or any Alilere of any of the foregoing, May receive (directly or ind"ready-) amounts duo
<br />derive from (or might be characterized as) a portion of Bm'rower'S payments for Mortgage III IgUUIXnl in
<br />exchange for sharing or modifying the mortgage insurer's risk, o[ reducing losses. if such .gnronent
<br />provides first an affiliate of Lender takes o share of the insurer's dsk in czchange fqr a share of the
<br />premiums paid to the insurer. die ;u rangemeat is oft n ternsd "captive reinsuraiwc Furthuc
<br />(a) Any such agreements will not aff nou
<br />ect the arm that Borrower has agreed t pay for
<br />Mortgage Insurance, or any other terms of the Loan. Stich agreements will not increase the amount
<br />Borrower mill ow'e I'or Mortgage Insurance, and they will not entitle Borrower loan) refund.
<br />(h) Any such agreements will not affect the rights Borrower has - if any - will[ respect to the
<br />Mortgage Insurance under the lloineuwners Prulection Act of jny other law. Thies of the
<br />[nay include the right to receive certain disclosures, l
<br />Mortgage Insurance. to have the Mortgage Insurance terminated automatically, and /or to receive a
<br />refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or
<br />txt nlnatiun.
<br />I1. Assignment of Miscellaneous Proceeds; Forfeiture All Kliscellanmus Proceeds are beichy
<br />assigned 10 and shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall he spUlied to rcatol'gihn or repair of
<br />The Roperry, if the restoration or repair is economically feasible rind Lnirler s security is not lessened.
<br />During such repair and restoration period, Lcudcr shall have the right to hold such Miscellaneous Proceeds to
<br />until Lendcr has hod nn opponani[y to "'spec[ site" Property to ensnn the work "n been Y P y Ill le
<br />Lendcr s satislaction, provided thin such inspection shall he undertaken pronrplly. tender ma a' tin the
<br />repairs and restoration in a single disbureemcul or in a seises of progress paymeras its the work is
<br />completed. Unless an agreerricnt is made iu writing or Applicable I uw rcyttir¢s 'uncrest to be. pad on such
<br />Miscellaneous Proceeds, Lendcr shall not be rcquimd to Pay Borrow? any inteest Ur cemues no such
<br />Miscellaneous Proceeds. if the restoration or repair is not economically' feasible or l.erder's security would
<br />be lessened, the Miscellaneous Proceeds shall Ire applied to the surtts secured by this Security Insm'umcnt,
<br />whether or lot then due, wide the excess, if any, Paid m Borrower - Such Miscell:mcous proceeds sball be
<br />spplicd in the order provided for in Section 2. the Miscellaneous
<br />In m the event of a total taking. destruction, or loss %the e of the Properly.
<br />proceeds shall be apphcd to die sums secu ird by this Security Instrument, whether or nol then due, will
<br />the excess, if any, paid to Borrower.
<br />In the event of a partial Taking, destruallon, or loss in value of the Property in which the fair market
<br />value of tire Property inunediamly before the Varlial taking, dc'"'culihn, or loss m value is equal to Or
<br />greater Llim the amount of the sums secured by this Security Insuuinan immediately before die partial
<br />Inking, destruction, or loss ill value, unless Borrower and Lender otherwise [[nice in writing, the sums
<br />seemed by this Security listrmnem `hall he reduced by the amount of the Miscellaneous Proceeds
<br />multiplied by the following fraction: (a) the total amount of the sums scc'ured inunednitcly before the
<br />panial taking, destruction, or loss in value di,lded by (b) the fair market value of ehe Property inancelimcly
<br />before the Paru;d taking. destruction. or loss in value. e loss in valuceos the c paid to i13 wlo h the fair market
<br />In the event of a partial taking, destruction,
<br />value at the Property immediately befom the partial taking, destruction, or loss in value' a less than the
<br />amount of the sums sr'r'irzcd immediately' before the partial taking, dcStrtletlOII, or loss In value, unless
<br />Borrower and Lendcr otherwise agrec in writing, the Miscellaneous Pmcccds shall be applied to the swiss
<br />secured by this Security Instmnient whether or not the sums are then due.
<br />II the Property is abandoned by IIoaown, or if, after entice by Lender to Borrower that thu
<br />Opposing Party (as' defined in the next sentence) offers m make an award to settle a claim fur damages,
<br />Borrower fails to respond to Lendcr within 30 days after the date the notice is giccn, Leader is authn4zal
<br />to collect and apply the Al iscdlarteous Proceeds either to iestorntiun or repair Of the Property or to the
<br />sums accared by this Security Instmmern whctber or nn[ [lien due. "Opposing Party, means the third party
<br />that owes Borrower Miscdlattehus Proceeds or the party against whorn Borrow" has a flghf Of action rte
<br />regard to Mtsc=llancous Proceeds.
<br />Borrower shall be ill default if any action or proceeding, whether dvil nr crilninal, is begun that, in
<br />Lcnlcr's iudgmatt, child result in fodcimre of the Property or other material impalrnrenr of Lender's
<br />interest nder this Security lnStrantenl_ Borrower can cure such a default and, if
<br />in [rte Property or rights u
<br />i �H
<br />*r y i i9 1 11 Porn 3028 1101
<br />i= GGINEr,otter " 50
<br />158 /EI 'd E8H9E58Ob 'ON X153 034 3WOH 008153 S173M V 6E:II I83 HE- IE -I, W
<br />
|