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200208950 Mort gage Insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agcemeNS with other parties that ,.haze or modify their nsk, or reduce losses'. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may rcq ire the mortgage insurer to make payments using any source o funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the note, another deriver, any reinsures, anyother entity, or affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might rt characterized as) risk, a portion o(Bomower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreementpnwrdcd thatanaffihate of Leworrtakesashare insur nce."'sriskinexchange for a share of the prentiums paid to the insurer, the arcangement is often termed "captive reinsurance." Further: (d) Any such agreements wVl no[ affect the amounts that Borrower has agreed to pay for Mortgage Insurance, ar any other terms of the Loan. Such agreements wiB not increase the amount Borrower will owe for Mortgage Insurance, and they wiB no[ entitle Borrower [o 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 receive 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 termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miseellaneous Proceedsareherebyassignedmmd shall be paid to Lender. If the Property is damaged. such Miscellaneous Proceeds shall he applied to restoration or repair of the Property, it the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to 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 disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. if the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellanmus Proceeds shall be applied 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 the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property 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 ofihe sums secured by this Security Instrument immediatelybetore the partial caking, destruction, nr loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount (if the sums secured immediatelybefore the partial taking, destruction, or loss in value divided by Bo the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and (render otherwise a ee in writing, the Miscellaneous Proceeds shall be applied w the sums secured by this Security instrument whether or notEsums are then due. If the Property is abandoned by Borrower, or it after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and a ply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured b this Security Instrument, whether or not then due. "Opposing Party" means the third par ty that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lenders interest in the Propenyorrights under this Security Instrument. Borrower can cue such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender'spidgment, precludes forfeiture of the Property or other material impairment o Lender's interest in the property or rights under this Secunlyhtstrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assig it and shall he paid to Lender. All Miscellaneous Proceeds that are not applied it) restoration or repair of the Property shall be applied in theorder provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted byLenderto Borrower or an Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest otyBorrower. 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 ofanydernand rtutdebythe original Borroweror any Successors in lnt :restoCBorrowec Any forbearance by Lender in exercising myrigltt or remedy including, without limrmuon, Lender's acceptance of payments from third persons, entities of Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co- signets; 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 the Note (a "co- signer "): (a) is co- signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security InstrumenC (b) is act personallyobligatcd to pay the sums secured by this Security Instmmem and (c) agees thaticndea and any other Borrower can agree to exteri modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the ar signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all o(Borrower's rights andbenefits 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. Loan 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 limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument in charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee lender may not charge tees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Ivan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums NF.RRASI -- Single Fan ny- Flamte Ma✓FrMtlie Mac (UNIFORM INSTRIIMRNT Form 3028 1/01 (page 5 uf8 pugn9 9951CV (IN2) 1i11J0P OUm(pr)291eY)