|
<br />200703313
<br />
<br />As a result of the:oe agreements, Lender, any purchaser of tbe Note, another insurer, any reinsurer.
<br />any other emity, or any affilk1te 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 pa.yments for Mongage Insurance, in
<br />exchange fot sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement
<br />pTovides that an affiliate of Lender takes a share of the insureT'S risk in exchance for a share of the
<br />premiums paid to tl1e insurer, the arrangement is often tenned "c~ptive reinsurance." Ft:lrther:
<br />(a) Auy such agreements will not affect the amounts that Borrower has agreed to pay for
<br />Mortgage Insocance, or any other terms of the Loan. Such agrCCluentll will not Utcreasc the amount
<br />Borrower will owe for Mortgage Inmronce, and tbey will not entitle Borrower to any refund.
<br />(b) Any su~h agreements will not affect the rigllta Borrower has. if any ... with respect to tbe
<br />Mortgage Insurance under the Homeowners Prutection Act of 1998 or any other law. These rights
<br />may include tbe rigbt to receive ctrtain disclosures, to request and obtain cancellation of the
<br />Mortgage wuraDcc, to have the Mortgage Insurance terminated automaticallYl andlor to receive a
<br />refund ot any Mortga~e Insurance premiums that were lwcarncd at the time ot such cancellation or
<br />tet-mination.
<br />11. Assignment of Miscelhmoous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
<br />assigned to and shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be appliod to restoration or repair Of
<br />the Property, if the restoration or repair is economically feasible and Lender's security is not 1e.,.:;~ene(1.
<br />During such repair and restoration period, Lender shall have the rigbt to hold such Miscellaneous Proceec1s
<br />until Lender has had an opportunity to inspect such Property to ensure the worK has been completed to
<br />Lender's satisfaction, provicled th.at such im'1lection sball 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 />completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on $UCh
<br />Miscellaneous Proceeds. If the restoration or [I..."j)air is not economically feasible or Lender's security would
<br />be lessened, the MisceU;u1eous PToceeds shall be applied to the sums seemed by this Security Instrument,
<br />whether or not then due, with the eXCeSS, if Illl-Y, paid to Borrower. Such Miscellll11cOllS 'Proceeds shall be
<br />applied in the order provided tor in Section 2.
<br />In the event of a total taking, destruction, or loss in value of the PToperty, tbe Miscellaneou5
<br />Procet!ds shall be applied to the sums secured by this Security Instrument. whether or not then due, with
<br />the excess, 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
<br />value of the Property immediately before the partial taking, dt!struction, or loss in value is equal to or
<br />greater than the amount of tbe sums seeured by this Security Instrument immeaiately before the partial
<br />taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, th~ sums
<br />secured by this Security Instnlment shall be reduced by the amount of the MiscellaneoLls Proceeds
<br />multiplied by the following fraction: (a) the tota! amount of the sums secured immediately before the
<br />partial t<'\king, destruction, or loss in value divided by (b) the fair marl,et value of the Property immediately
<br />betore the partial taking, o.estmction, or losl! in value. Any balcwce sMlI be paid to Borrower,
<br />In the event of a partial taking, destruCtion, or 10BB in value of the Property in which tbe fair market
<br />value of the Property immediately befOre the panial taking, destruction, or loss in value is less than the
<br />amount of the sums secured immediately before the partial taking, destruction. or 10B6 in value, unless
<br />Borrower and Lender otherwise agree in writing. the Miscellaneous proceeds shall be applied to the sums
<br />seew'ed by this $,;:cllfity Instrument whether or not the sums are then due.
<br />If tl1e Propeny is abandoned by Borrower, or if, after notice by Lender to Borrower that the
<br />Opposing Party (as det1ned in the next sentence) offers to make an award to settle a claim for damages,
<br />Borrower fails to respond to Lender within 30 days after the date the notice is given. Lender is authoriz~
<br />to collect and apply the Miscellaneous Procetlds either to restoration Or repair of the PrOpCTty or to the
<br />sums secured by this SecuTity Instrument, whether aT not then due. "Opposing Party" means the third party
<br />that owes Borrower Miscellaneous Prol.:ec4s or the party against wbom Borrower has a right of action in
<br />regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action aT proceeding, whether civil or criminal. is begun that, in
<br />Lender's judgment, could result in forfeiture of the Property or other materjal impairment of Lemler's
<br />interest in the Property or rights under this Security In:stmment. Borrower can cure such a default and, if
<br />
<br />
<br />
<br />hlllial~
<br />
<br />G.6INEllOOObl
<br /><6l
<br />
<br />p.g. 9 oJ 15
<br />
<br />Form 3028 1101
<br />
|