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<br />200710429
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<br />L<:nda can no longer require loss re:;crvc payments if Mortgage Insurance coverage (in the amount and
<br />for the period that Lender requires) provided by an insurer selected by Lender again becomes
<br />avni lable, is obtained, and Lender requires sepnrately designated payments toward the premiums !1)f
<br />Mortgage lnsunlllce. If Lender required Mortgage Insurance as a condition of making the Loan and
<br />Borrower was required to make separately designated payments toward the premiums for Mortgage
<br />Insuranc,,:, Borrower shall pay the prclniullls required to maintain Mortgage Insurance in dT,,:ct. or to
<br />provide a non-refundable loss reserve, until Lender's requirclnent for Mortgage Insurance ends in
<br />accordance with any written agreement between Borrower and Lender providing for such termination
<br />(II' until ll'rmillatiol1 is required by Applicable Lllw Nothing ill this Section 10 affects Borrower's
<br />ob!igatiolllO pay interest at the rate provided in the Note.
<br />
<br />IVlongage Insurance reimburses Lender (or any entity that purchases the NOle) for cenain losses it may
<br />incur if 13orrower does nm repay the Loan as agreed. Borrower is not a party to the Mortgage
<br />Irburnnce,
<br />
<br />Mortgage insurers evaluate their total risk 011 all such insurance in force from time to time, and may
<br />enter into agreements with other parties that share or modifY their risk, or reduce losses. These
<br />aL~rl~elllcnls arc on terms and conditions that are satislltctory to the mortgage insurer and the other party
<br />(or parties) to these agreements. Thcse agreements may rcquire the mortgage insurer to make payments
<br />using any SOUITe of funds that the mortgage insurer Inny have available (which may include funds
<br />obtained Ii'om i'>1ortgage Insurance premiums).
<br />
<br />:\s a result uf th,,:se agreenlents, Lender, any purchaser of the Note, another insut"l,:r, any reinsurer, allY
<br />olllcr entity, or any affiliate 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 payments for Mortgage lnsumnee,
<br />in exchange for shnring or modifying the mortgage insurer's risk, or reducing losscs. If such agreculelll
<br />pruvides that an affiliate of Lender takes a share of the insut'er's, risk in exchange f()r a share of the
<br />premiums paid to the insurer, the arrangemcnt is often termed "captive reinsurance." Further:
<br />
<br />(a) Any sllch agrcements will not affect the amounts that Borrower has agreed to pay for
<br />Mortgage Insurance, or an)' other terms of the Loan. Sneh agreements will not increase the
<br />amount BOJ"tOWlW will owe for Morlgage InSUl'llllCe, and they will not entille BOI'rower to
<br />any refund.
<br />(b) Any such agreements will not affect the rights Borrowerl has ~ if any .- with respect to the
<br />MOI.tgage Insurance under the Homeowners Protection Act of 1998 or lln)' other law.
<br />These l'ights lnay include the right to I"eeeive cel'lain disclosures, to request aud obtain
<br />cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated
<br />autolllaticnlly, and/or to receive a refund of any Mortgage Insurance premiums that were
<br />tlllelll'ned Ht the time of such cancellation or termination.
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<br />II. Assignment of Miscellaneons Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned
<br />tel and shall be paid to Lender.
<br />
<br />Ifthl' Property is damaged, sucb Miscellaneous Proceeds shall be applied to restoration or repair of the
<br />Property, if the restoration or repair is economically feasible and Lender's security is not lessened.
<br />During such I'epair and restoration period, Lender shall have the right to hold such tV!iscellal1(:ous
<br />Proceeds until Lender has had an opportunity to inspect $\lch Pruperty to ensure the work has been
<br />completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender
<br />rnay pay ror the repairs and restoration in a single disbursement or in a series of progress payments as
<br />the work is (,olllpkwd. Unless an agreement is made in writing or Applicable Law requires interest to
<br />be paid Oil such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or
<br />earnings on snch i\.Iiscellaneous Proceeds. If tbe restoration or repair is not economically feasible or
<br />Lender's sl~curity would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured
<br />by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such
<br />Miscellaneous Proceeds shall be applied in the order provided for in Section 2.
<br />
<br />In the cvent of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds
<br />shall be applicd to the SUillS secured by this Security Instrument, whether or not then dUe. with the
<br />excess, if any, paid to Borrower.
<br />
<br />In Ill(' evcnt or a partial taking, destruction, or loss in value of the Property in whieh the fair market
<br />valuc of the Property imlllcdiately before the partial taking, dcstruction, or loss in value is equal to or
<br />grl~atcr than the amount uf the sums secured by this Security Instrument immediately before the partial
<br />laking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
<br />securcd by Ihis Security Instrument shall be reduced by the amount of the Miscellaneous PrOceeds
<br />multiplied by the f()lIowing fraction: (n) the total amount of the sums secllred immediately before the
<br />partial taking, destruction, or loss in value divided by (b) the Illir market value of the Property
<br />immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to
<br />Borl"(lwer.
<br />
<br />I n the event of a partial taking, destruetion. or loss in value of the Property in which the inir market
<br />'v~llue of' the Property inllnediawly befbre the partial taking, destruction, or loss in value is less than lhe
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