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200213362
<br />its a result of these agreements, Lender, any purchaser of the Note, another insurer, any reircurer,
<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 characterized as) a portion of Borrower's payments for Mortgage Insurance, in
<br />exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement
<br />provides that an affiliate of Leander takes 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 pay for
<br />Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount
<br />Berro.ve^ mill owe for Mortgage Insurance, and they will not entitle Borrower to 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
<br />may include the 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 premiums that were unearned at the time of such cancellation or
<br />teinamation.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
<br />assigned to and shalt be paid to Lender.
<br />L the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of
<br />the PiopurN, if the restoration or repair is economically feasible and Lender's security is not lessened.
<br />During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds
<br />until L.:ndcr has had an opportunity to inspect such Property to ensure the work has been completed to
<br />Louder s saniszetlou, provided That such inspection shall be undertaken promptly. Lender may pay for the
<br />repairs and restoration in a single disbursement or in a series of progress payments as the work is
<br />comp.e,cri. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br />Misceuaneous Froceeds, Lender shall not be required to pay Borrower any interest or earnings on such
<br />Mlaet .-IW., 7rucecdS. If the restoration or repair is not economically feasible or Lender's security would
<br />be icsrened, tnc Wscehaneous Preteens shall be applied to the sums secured by this Security Instrument,
<br />wltethe, or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be
<br />applied in the order provided for in Section 2.
<br />In the even, of a toil taking, destruction, or loss in value of the Property, the Miscellaneous
<br />Proceub shall be applied to the sums secured by this Security Instrument, whether or not then due, with
<br />Me excess, if any, paid to Borrower.
<br />t
<br />n the event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value c Cv r operty immediately before the partial taking, destruction, or loss in value is equal to or
<br />grrsmr that rite amount of the sums secured by this Security Instrument immediately before the partial
<br />taki», d rruct!ca, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
<br />sec-re9 Ly thi: Secaray Instrument shall be reduced by the amount of the Miscellaneous Proceeds
<br />mukipnca oy the brKowing fraction: (a) the total amount of the sums secured immediately before the
<br />pa=da. =:csg, destruction, or loss is value divided by (b) the fair market value of the Property
<br />imr. - r1!�ttly ocfore the par;al taking, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />n iLa event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />caI.c "I rI P: :pony immediately before the partial taking, destruction, or loss in value is less than the
<br />aroca -i of tte stmt, secured immmediately before the partial taking, destruction, or loss in value, unless
<br />Bcrotrer a:_d Lmde- o- her.b,c agree in writing, the Miscellaneous Proceeds shall be applied to the stuns
<br />sesurcd Sy this Security Instrumeut whether or not the sums me then due.
<br />.: the Proper} is abandoned by Borrower, or if, after notice by Lender to Borrower that the
<br />Oia osiag Imty (,as defined in the next sentence) offers to make an award to settle a claim for damages,
<br />m.wi ails m respond to Leader within 30 days after the date the notice is given, Lender is authorized
<br />to edlec: atu3 apply tae Miscellaneous Proceeds either to restoration or repair of the Property or to the
<br />s.tez _aaed r: tnls Security lnstrument, whether or not than due. "Opposing Party" means the third party
<br />t;.at . -,.�, Barr -,:e, S:isccllaneous Proeeeds or the party against whom Borrower has a right of action in
<br />rcgoi- tit Proceeds.
<br />- ',- n-owet shall be in default if any action or proceeding, whether civil or criminal, is begum that, in
<br />Lend:: s juugmcnt, could resu,t in forfeiture of the Property or other material impairment of Lender's
<br />ina.c,, in the [}cpem or rights under this Security Instrument. Borrower can cure such a default and, if
<br />229290
<br />mmw.
<br />-t IN (J v of'.5 Form 3029 1101
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