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200213677
<br />Mortgage Insurers evahlate their h5tal risk nn all such insurance in force from time to time, and may enter into
<br />agreements with other parties that share or modity their risk, or reduce losses. These agreements are on terms and conditions
<br />that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. Th ,,c agreements may
<br />require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available
<br />(which may include funds obtained from Mortgage Insurance premiums).
<br />As a tesalt of these agv eements, Lender, any purchaserof the note, another insurer, any reinsures, anyother entity,
<br />or atliate of any ofthe foregoing, may receive (Nrectly or indirectly) amounts that derive From (or might he characterized
<br />as) a portion of Borr'ower's payments for Mortgage Insurance, in exchange for sharing or muddying the mortgage insurer's
<br />risk, or reducing losses. If Such agreement provided that an affiliate oft ender takes a share (if the insurer's risk in exchange
<br />hs a share of die premiums paid to the insurer, the arrangement is often termed "captive reinsurance "Further:
<br />Is) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage
<br />Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for
<br />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 Mortgage
<br />Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to
<br />receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage
<br />Insurance terminated automatically, and /or to receive a refund of any Mortgage Insurance premiums that were
<br />unearned at the time of such cancellation or termination.
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and
<br />shall be paid to fender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if
<br />the reaoration or repair is economically feasible and Lender's secarity is not lessened. Our tile repair and restoration
<br />period, Lender shall have the right o hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such
<br />Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
<br />promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the
<br />work is completed Unless an agreement is made in writing of Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lender shall not be required to payy Borrower any interest or earnings on such Miscellaneous
<br />Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or northern due, with the excess, if any,
<br />paid to Burrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2.
<br />In the event of a total taking, destruction, or Toss in value of the Property, the Miscellaneous Proceeds shall be
<br />applied to the sums secured by this Security Just, unient, whether or not then due, with theexcess, if any, paid to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the
<br />Property immcdialely bcfoo, the partial taking, destruction, or loss in value is equal tom creaser than the amount ofthe sums
<br />Miscellaneous Proceeds multiplied by the following traction: (a) the total amount of the sums secured immediately befom the
<br />partial taking, destruction, or loss in value divided by (b) the fair market value offs eProperty immediately here, e the partial
<br />taking, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the
<br />Property immediately before the Partial taking, destruction, or loss in value is less than the amount of the sums secured
<br />immediately before die partial taking, destruction, or loss in value, unless But and Lender other wise agree in writing,
<br />the Miscellaneous Proceeds shall be applied to the sums secured by this Security lnsrument whether or not the sums arethen
<br />due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as
<br />defined in the next sentence) offers to make an award to settle a claim for damages, Bon tower fails to respond to Lender
<br />within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either
<br />to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due.
<br />'Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower
<br />has a right of action in regard to Miscellaneous Proceeds.
<br />Borrower shall be an default if any, action or proceeding whether civil or criminal, is begun that, in Lender's
<br />Judgment, could result in forfeiture of the Property or other under illinpaii meet of Lender's interest in the Propertyor rights
<br />under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in
<br />Section 19, by causing die action or proceeding to be dismissed with a ruling that, in tender's judgment, precludes fodimure
<br />of the Propert y or other material impairment of Lender' s interest in the Property or rights under this Security Instrument the
<br />proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are
<br />hereby assigned and shall be paid in Lender
<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in theorder
<br />provided for in Section 2.
<br />12. Borrower Not Released; Forbearance By Linder Not a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor
<br />in Interest of Bornnwe, shall not operate ht release the liability of Borrower or any Successors in Interest nl' Borrower.
<br />Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend
<br />time for payment or otherwise modify amortization of brc suns secured by this Sccuritylnstrument by reason ofany demand
<br />made by the or Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right
<br />or remedy including, without limitation, lender's acceptance of payments lion dtinl persons, entities or Successuesin
<br />Interest of Borrower or in
<br />amounts less than the amount then due, shall not be a waiver of m preclude the exercise of any right or rerttedy.
<br />13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrowercovenanaandagrees
<br />that Borrower's obligations and liability shall hejaint and several. However, any Borrower who co -signs this Security
<br />Instrument but does not execute the Note (a "co (a) is co- signing this Security Instrument only to mortgage, grant
<br />and convey the co- signer's interest in the Property under the terms of this Security Instrument; (h) is not personally obligated
<br />to pay the sums secured by this Security Instnment and let agrees that lender and any other Bar rower can agree to extend,
<br />modify, forbear or make any accommodations with regard to the terms of this Security instrument or the Note without the co-
<br />signer's consent.
<br />S object to the provisions of Section IS, any Successor in Interest of Borrower whoassumes Borrower '.sobligatiore
<br />under this Security Instrument in writing, and is approved by Leader, shall obtain all of Borrower's rights and benefits under
<br />this Security Instrument Borrower shall not he released from Borrower'% obligations and liability under this Security
<br />Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall
<br />hind (except as provided in Section 20) and benefit the successors and assigns offender.
<br />14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's
<br />default, for the purpose of protecting Lender's interest in the Property and rights under [his Security Instrument, including,
<br />but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence ofexpress
<br />authority in this Security Instrument to charge a specific fee to Borrower shall not he construed as a prohibition on the
<br />charging of such fee. Lender may not charge fees that are expressly prohibited by this Security htstrument or by Applicable
<br />law.
<br />If the Loan is subject to a law which sea maximum loan charges, and that Inv is finally interpreted so that the
<br />interest or other loan charges collected or to he col ]noted in connection with the I Aran exceed the Permuted limits, then: (a)
<br />any such Ivan charge shut be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums
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