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200502951 DOC ID #: 0009051254203005 As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsures, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amouutS that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for in the mortgage insurer's risk, or reducing losses. If such agreement provides that an sharing or modifying e for a share of the premiums paid to the affiliate of Lender takes a share of the insurer's risk in exchange insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has ag reed to pay for Mortgage Insurance, or any other terms of the Loan, Such agreements will not increase the amount Borrower will to any refund• owe for Mortgage Insurance, and they will not entitle Borrower p with respect to the (b) Any such agreements will not affect the rights Borrower has - if any - Mortgage Insurance under the certain ne di closures t to request and 9obta nncancellation of the Mortgage include the right to receive certa Insurance, to have the Mortgage insurance �a terminated such cancellation or termination. of any Mortgage Insurance premiums that w 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. such Miscellaneous Proceeds shall be applied to restoration or repair of the If the Property is damaged, Property, if the restoration or repair is eco shall omic lV feasible the right Lender's suchrrMiscellaneous Proceed until repair and restoration period, Lender Lender has had an opportunity to inspect shall be Property to e ken promptly. Lender may pay for restoration Lender's nsure the work has been the repairs satisfaction, provided that such inspection restoration in a single disbursement 1 c ble Law requiresginterest o be paid on such Miscellaneous Proceeds, agreement is made in writing or App Lender shall not be required to pay Borrower any security would be lessened, Miscellaneous the Miscellaneous restoration or repair is not economically feasible or s n due Proceeds shall be applied to the sums secured MInstrument, e appliedhin er or thenorderepro ided for �n excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall 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 va ue to or greater than of the Property immediately before the partial taking, nst�ent immed> rely before the partial letaking> destruction, the amount of the sums secured by this S Y or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured ob by Security c Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied destruction, g (a) the total amount of the sums secured Property ediateiy before immediately before the partial taking, destruction, r loss divided by (b) the fair market value oft 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 tpe tiallak egging sd stbnoiction orslass inuvalueeSUnless Borrower and the sums secured immediately before partial Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, 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 apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party 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, m Lender's judgment, could result in forfeiture of the Property or other material impairment of Lenders interest in the Property or rights under this Security Instrument. Borrower can cure 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's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or .repair of the Property shall be applied in the order provided for in Section 2. earance By Lender Not a Waiver, Extension of the time for 12. Borrower Not Released; Forb payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. 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 Initial. C&4,—mm 3028 1/01 (M 6A(NE) (0005).01 CHL (01/01) Page 7 of 11