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<br />200702415
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<br />As a resuIr of these agreements, Lender, any (Il.1rchaser of the Note, another insurer. any reinsurer,
<br />atly other entity, or 1\1lY affiliate of any of the foregoing, may receive (directly or indireL'tly) llillOunts that
<br />derive from (or might be characteriwd as) a portion of BOttowl;l['S payments for Mortgage Insurance, in
<br />exchange for sharing or mod.ifying the mortgage insurer's risk, or reducing losses. If such agreement
<br />provides that an alliliate of Lender takes a $hare of the insurer's risk in I;!xch..:'lIlge for a share of the
<br />premiums paid to the insurer, the arrangement is often termud "captive reinsurance." Further:
<br />(a) Any such agreements will not affect the amount/) that Borrower has agreed to pay for
<br />Mortgage 'Insurance, or any other terms of the Loan. Such agreements will not inCl'ea$e the amount
<br />,Borrower will owe l'Qf Mortgage Insurance, and they will not entitle Borrower to any reflmcl.
<br />(b) Any such agreements will not affect the rights Borrower has. if any.. with respect to the
<br />Mortgage Insl,lraJu~e under the Homeowners Protection Act of 1998 or any other law. These rights
<br />may include the right to receive certain disclosure-s, to request and obtain cancellation of the
<br />Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive 11
<br />reflmd of any Mortgage Insurance premiums that were unearned at the time of such cancellation Or
<br />termimlticm.
<br />11. Assignment of Miscellmlcous Proceetls; Forfeiture. All MisceUan"'Ous Proceeds are hereby
<br />assignecl to and shall be pa.id to Lender.
<br />If the Property is damaged. such Miscellaneous Proceeds shall be appliecJ to restoration or repair of
<br />the Property. if the restoration Or repair is economically fcasible iIIld Lender's security is not lessened.
<br />During such repair and restoration perioa, Lemier shall have the right to bolel such Miscellaneous Proceeds
<br />until Lender has had an opponunity to inspect such Property to ensure the work has been complete{) to
<br />Lender's satisJaction, provi4ed that such inspection shall be undertaken promptly. Lencler may pay for the
<br />repairs ancl tesloration in a single disburst;.'TTIem or in a series of ptogress payments as the work is
<br />completed, Unless an agreement is mad.e in wriling or Applicable Law requires inlerest to be paid on such
<br />Miscellaneous Proceecls, l..enJJer shall nor be required to pay Borrower any interest or e~Ullings on such
<br />Miscellaneous Procee4s. If the restoration or repair is not economically feasible or Lender's security would
<br />be lessene4, the Miscellaneous Proceeds shall be applied to the sums secure4 by this Security Instrument,
<br />whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneolls Proceeds shall be
<br />applied in the order proviaod. lor in Section 2.
<br />In the event or a total taking, destruction, or loss in value of the Property, thl;l Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whedler or not then aue, with
<br />!:he excess, if llilY, paid to Borrower.
<br />In the (;!vent of a partial taking, destruction, or loss i.n value of the Property in which the fair market
<br />value of the PrOpl;lrty immediately before the partial taking, destruction, or 1055 in value is equal to Or
<br />greater than the amount of the sums secured by this Security Instrument immediately before the partial
<br />taking, destruction, or loss in ValUI;l, unless Borrower aile! Lenaer otherwise agree in writing, the sums
<br />secured by this S&>urity Instrument shall be rtlduc:ed by the amount of the Miscellaneous Proceeds
<br />multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
<br />partialla.king, destl1.lction, or loss in value divided by (b) the fair market value of the Property immediately
<br />before the partial laking. destruction, or loss in vulue. Any balance shall be paid to aorrower.
<br />In the event of a partial taking, destruction, Or loss in value of the Property in which the Jair market
<br />value of the Property immediately before the partial taking, destruction, or loss in value is less than the
<br />amount of tho sums secmed immediately before the pa.t1iaJ taking, destrll.Clion, or loss in value, unless
<br />Borrower anel Lcne!er othelWise agree in writing, the Miscella.tleous Proceeds shall be applied to the sums
<br />securecl by this Security Irt.strllrt'lcnt whether or not the slims are then dl.lc.
<br />If the ProperlY is abandoned by Sorrower, 01' if, after notice by Lender to Borrower that the
<br />Opposing Party (as detlncd in I:he next sentence) offen to makl;l an award to settle a claim for damages,
<br />Borrower fails to responcl to Lender within 30 days atltr the clatc the notice is given, Lender is authorized
<br />to collect and apply the Miscell$leQus ,Proceeds either to restoration Or repair of the Property or to the
<br />SUIn.'i secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party
<br />that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right (If action in
<br />regard to Miscellaneous Proceeds.
<br />Borrower shalll;J1;! ill default If any action or proceeding, whether civil Ot criminal, is blJgun that. in
<br />Lender's judgment, could result in fOrfeiture of the Property or other material impairment of Lender's
<br />interest in tlle Property or rights under this Security Instrument. Borrower can cute such a dofault and, if
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<br />'rWtl;"s;t1L-f-_N
<br />Form 3029 1/01
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<br />~.6INEII00061
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<br />~"9n 11 Of 1 5
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