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<br />200800270
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<br />As a result of these agreements, Lender, any pm-chaser of the Note, another insurer, MY teinsUtet,
<br />any other entity, Or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts WI
<br />derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in
<br />exchange for shating or modifying the mortgage insurer's tislc, or reducing losses. If such agreement
<br />provides that an affililrte of Lender takes a share of the insurer's risk in ~change for a share of the
<br />premiWDS paid 10 the insurer, the arrangement i$ often tttm.ed 'captive reinsurance." Furtber:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for
<br />Mortgage Insurani;:e, or any other terms of the Loan. Such agreements will not increase tbe amount
<br />Borrower will owe for Mortgage lDsurancet and they "Till not mijt:)e Ef;)lTower to any refund.
<br />(b) Any such agreements will not affect the rights Borrower has - it any - with re5pCd: to the
<br />Mortgage Insurance under the Homeowners Protection Act of 1m Or any other law. These lights
<br />mAy include the right to receive teftaln dlsclosures, to request and obtain eanceU.ation of the
<br />Mortgage Insurance, to have the Mortgage Insurance t~ated automatically, and/or to :reeei'fe a
<br />refund ot any Mortgage Insurance premiums that were unearned at the time of such cancellation or
<br />termination.
<br />11. Assignment of ~anooWi Proceeds; Forfeiture. All MiscdlaneQus Proceeds are hereby
<br />assigned to and shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneo1.15 Proceed$ shall be applied to restoration Of rep~ir of
<br />the Property, if the restQf.jltion or repair is economically feasible and Lender'!!; security is not lessened.
<br />Ourlng such repair and restoration pl!:riod. l...e:o.der shall have the risht to bold such Miscellaneous Proceeds
<br />until Lender has had an opporrunity to inspect such Property to ensure we work has been complet<<l to
<br />Lender's satisfaction, provided that such inspection shall be undertaken proxnprly. 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 Inade 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 sum
<br />Miscellaneous Proceeds. If the r$$tQr~Qn Qt repair is nor economically feasible Or Lender's security would
<br />be lesstned, the Miscellaneous ProceedJi: sball be applied to the sums: secured by this Securi[)' InsII1lI11ellI,
<br />whether or not then due. with the ex.cess, if any, paid to Borrower. SUCh Miscellaneous Proceeds shall be
<br />8:p];)Hed in the order provided tOf in $tction 2. . '. '
<br />In. the event of a total takint. destruction, or loss in value of the Property, the Miscellaneous
<br />Proceeds shill be applied to the SlImS .secured by this Security Instrwncnt, whether o:r not then due, with
<br />the excess, if any, paid to Borrower. .
<br />In the evenr Of a partial taking, destruction. or loss in value of the Property in which the fair market
<br />value of l11e Property immediately before the partial taking, destruction, or 10$s in value is.eqUallO or
<br />greater than the amount of the sums secured by this Security Instrnment immediately before the partial
<br />taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
<br />secured by tllis Security Instrument shall be red.\l.ced by the amount of the Miscellaneo'US Procetds
<br />muhiplied by me following fraction: (a) me total amount of the sums secured. mnnediately before the
<br />partial raking, desttuction, or loss in value (lividex;l oy (b) the fair market value of the Propertyinuntdiawy
<br />before the partial taking, desnuction, or loss in value. Any balance shall be paid to BorroweJ;".
<br />In the event of a panial taking, destruction, Or loss in value of the Property in which the fait. Inatkct
<br />value of the Property imI:ned.iately before the partial taking, destruction, Or loss in value is less than the
<br />amoun~ of the sums secured itrnne:diately before the partial taking, desmu::tion. or loss in value, unless
<br />Borrower and. Lettder otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the ~
<br />secured by this Security Instnunent whether or not the sums are then due.
<br />If the Propm)" is abandoned by Borrower, or if. afte:r notice by Lender to Bonower that the
<br />Opposing Party (as defined. 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 authorized
<br />to collect and apply the Miscellaneous Proceeds eimer to restoration or repair of the Property or to The
<br />sums secured by this Security InstrwnetJ.t, whether or not then due. "Opposing Party" means we third party
<br />that owes &rrower Miscellaneous Proceeds or the parry against whom Borrower has a right of action in
<br />regard to Miscellaneo\l.s Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil Or ctiroinal. is begun that, in
<br />Lender:s judgment, could result in forfeiture of tbe Property or other material impairment of Lender's
<br />inter~st in the Property or rights under this Security Instrument. Borrower can C'UIe such a default and, if
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<br />_ -6(NE) 'ooo~,
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<br />p.ge 9 of 15
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<br />Form 3026 1'01
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