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200207183
<br />Asa result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsures,
<br />any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that
<br />derive from (or might be charactwived as) a portion of Borrowei s payments for Mortgage memories, in
<br />exchange for sharing or modifying the mortgage insurer's risk, or inducing losses . If such agreement
<br />provides that an affiliate of Larder lakes a share of the insurer's risk in exchange for a share of the
<br />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 five for
<br />Mortgage Insurance, or any other terms of the Loan. Such agreements will not become the amount
<br />Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund.
<br />(h) Any such agreements will not affect the rights Borrower has - if any - with respect to the
<br />Mortgage Insurance antler the Homeowners Protection Act of 1998 or any other law. These rights
<br />may include line right to receive certain disclosures, to request and obtain cancellation of the
<br />Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a
<br />refund of any Mortgage Insurance premium that were unearned at the time of such cancellation or
<br />termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds ore hereby
<br />nib ed to laid shall be paid nn i.ender
<br />a If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of
<br />the Properly, it the restoration or repair Is economically feasible and Lender's security is not lessened.
<br />During such repair said restoration period, Lender shall have the right to hold such Miscellaneous Proceeds
<br />until Lender has had an opportunity to inspect emir Property to remove the work has been completed to
<br />factor's salisfadion, provided that such Inspection shall be undertaken promptly. Lender may pay for the
<br />repairs and restoration to single disbursement or in a series of progress payments as the work is
<br />completed Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lender shall not he required to pay Borrower any interest or earnings on such
<br />Miscellaneous Proceeds if the restoration or repair is not economically feasible or Lender's security would
<br />be lessened, the Miscellaneous Proceeds shall be applied to the awns scoured by this Security Instrument,
<br />wherhrr or not than due, with the excess, if any, paid to Borrower. Such Miseehunenus Proceeds shall be
<br />applied in the order provided for in Section 2.
<br />In the event of a mml taking, destruction, or loss in value of the Property, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with
<br />the excess, if my, paid IQ Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value of the Property immsediulely before the partial taking, destruction, or loss In value is equal to or
<br />greater than tie moment of the sums secured by this Security mslmmno immediately before the partial
<br />taking, destruction, or loss in value, andies Borrower said Lcader otherwise agree in writing, the sums
<br />mcured by this Security Instrument shall he reduax l by the amount of the Misecllmoron Proceeds
<br />ultiplied by the following fraction: (a) the total mrsount of the seas seemed immediately before the
<br />partial taking, destruction or loss in value divided by (b) the fair market value of the Property
<br />inme diutely before the partial taking, destruction, or loss in value. Any be larice shall be paid to harrower _
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value of the Property immcdiamly before the partial taking, destruction, or loss in value is less than the
<br />annount of the sums secured ihuuedialely before the partial taking, destruction, or loss in value, unless
<br />Borrower land Lender otheswroe agree in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />seem act s by this Security Instrument whether or not the sum at then due.
<br />cc If the Property Is abandoned by Brannover, or if, after notice by Lender to Borrower that the
<br />Opposing Party (as defioel in the next sentence) offers to make sari awwd to settle a claim for damages,
<br />Borrower fails to respond to Lender within 30 days after the date the notice is given, 1 order is authorized
<br />to collect and apply tine Miscellaneous Proceeds either to restomton or repair of the Property or to the
<br />awns secured by this Security Instrument, whether or not then due. "Opposing Puny" means the third parry
<br />that owes Burrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in
<br />regard to Miscellaneous Proceeds.
<br />Formwer shall be in default if any notion or proceeding, whether civil or cdmitul, is begun that, in
<br />I order's judgment, could result in forfeiture of the Property or other material impartment of Lon i.v
<br />interest in the Property or rights under this Security Instrument. Borrower can cure h a default end, if
<br />229152
<br />®-a(ME)ryen"> PX09I.15 Form 3038 1101
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