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200603226 As a result of these agreements, Lender, any purchaser of the Note. another insurer, any reHlsnrec any other entity, or any affiliate of any of the foregoing. may receive (directly or indirectly) amounts that derivc ti-om (or might bc characterized as) a portion of Borrower's paynlCnts for \1ortgage Insurance, in exchange fin sharing or modifying the mortgage insurcr's risk, or reducing losses. If such agreement provides that an afriliatc of Lender takes a share of the insurcr's risk in exchange fi)r a share of the premiums paid to the insurer. the arrangement is often termed "captive reinsurance." '(urther: (a) Any such agreements will not affect the amounts that BOITower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrowel' to any refund. (h) Any such llgreements wiII not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Pnltection 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 thld were unearned lIt the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds arc herehy assigned to and shall he paid to Lender, If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if 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 Miscellancous Proceeds until Lender has had an opportunity to inspect such Property to cnsure thc work has been complded to Lender's satisEtction, providcd that such inspcction shall be undertaken promptly. Lender may pay for the repairs and restoration in a single dishurst:ment or in a st:ries of progrt:ss payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to bt: paid on such \1iscellaneous 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. tht: Miscellaneous Proceeds shall bt: applied to the sums securcd hy this Security Instrument whether or not thm due, with the t:xcess, 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 Propt:rty. the Miscellaneous Proceeds shall be applied to the sums securt:d hy this Security Instrument whether or not then due, with the excess, if any, paid to Borrower. J n the event of a partial taking, destruction, or loss in value of the Property in which the hlir market value of the Property immediately hefore the partial taking, destruction. or loss in value is equal to or grcater than the amount of the sums secured hy this Security Instrument immediately hdore the partial taking. destruction, or loss in value. unless Borrower and Lender otherwise agree in writing. the SUll1S st:cured by this Security Instrument shall be reduced hy the amount of the Miscellaneous Proct:t:ds multiplied by the following fraction: (a) the total amount of the sums secured immt:diately bcfiJrt: the partial taking, destruction. or loss in value divided hy (b) the fair markct value of the Property immediately hdilre the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, <,kstruction, or loss in value of tht: Property in which the fair market valut: of the Property immediately hcfi)re the partial taking. destruction. or loss in value is less than the amount of the SUlns secured imrnediately befort: the partial taking. destruction, or loss in value, unless Borrower and Lender otherwise agrt:e in writing, tht: Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not tht: sums arc then due. If the Property is abandoned by Borrower, or if. after notice hy Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a elaim for damagt:s, Borrower fails to respond to Lender within 30 days after the datt: the notice is given. Lender is authorized to collect and apply the Miscellaneous Proct:t:ds either to restoration or repair of the Property or to tht: SUITIS secured by this St:curity Instrumt:nt. whether or not then due. "Opposing Party" means the third party that owt:s Borrower Miscellaneous Procet:ds or the party against whom Borrower has a right of action III 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 irnpairment of Lender's interest in the Property or rights undn this Seeurity Instnmlent. Borrower can curt: such a default and. if 0110247977 InitiaI5:(\I:\il~ Fonn 3028 1/01 ~.6(NE) (0407).01 ~ P~e 9 of 1 5