|
<br />200801215
<br />
<br />As a result of lbese agreemems, lender, any purchaser of the Note, another illSurer, any reinsurer,
<br />any other entilY, or any affiliate of arty of the foregoing, may recl;live (directly or indireclly) amounts that
<br />derive from (or might be characterized as) a portion of BOITower's payments for Mortgage Insurance, in
<br />exchange for $haring or mOdifying the mortgage insurer's risk, 01' reducing losses. If such agreement
<br />provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the
<br />premiums paid to the insurer, the arrangement is often tenned "captive reinsurance." FU1'lher:
<br />(11) Any such agreements will not affect the amounts that Borrower has agreed to pay for
<br />Mortgage Insurance, or any other tcrnl$ of the Loan. Such agreements will not increase the amount
<br />8orrowCl' will QWli! for Mortgage Insurance, and they will not entitle lIorrower to any refund.
<br />(b) Any such agreements will not affect the 'rights Borrower has - it any - with respect to the
<br />Mortgage Insurance under the Homeowners Protedion Act ot 1998 or any other law, These rights
<br />may include the right t() J'e<:eive certain disclosures, to request and obtain cancellation of the
<br />Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a
<br />refund of any Mortgage Insurance premiums that were Imearned at tbe time of such cancellation or
<br />termination.
<br />11, Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds ~ hereby
<br />assigned to and shall be paid to Lender.
<br />If the Propeny is damaSed, such Miscellaneous Proceeds shall be applied to restoration or repair of
<br />the Property, if the restoration or repair is economically feasible and Lender's security is not lessened.
<br />During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds
<br />until Lender bas had an opportunity to i-nspect such Property to ensure the work has been completed to
<br />Lender's satisfaction, provided that such inSpection shall be undeltaken 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 />completcC. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lender shall not be rcquil"ed to pay Borrower aJ1Y interest or earnings on such
<br />Miscellaneous Proceeds. If the restoration or repair is not e<:onomkally feasible Or Lender's security would
<br />be lessened, the Miscellaneous Proceeds shall be applied to the sums sCClJred by this Security InsI11llI1cnt,
<br />wher11er or not then due, with the excess, if any, paid to BOrrower. Such Miscellaneous 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 Property. the Miscellaneous
<br />Proceeds 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, destruction, or loss in value is equal to Or
<br />greater than the amount of the sums secured by this Security Instrument immedia.rely before the partial
<br />raking, dest:lUction, or loss in value, unless B01Tower and Lender otherwise agree in writing, the sums
<br />secured by this Security Insrrument shall be reduced by the amount of the Miscellaneous Proceeds
<br />multiplied by the following fraction: (a) the total amount of the svms secured immediately befote the
<br />partial taking, destruction, or loss in value divided by (b) tbe fair market value of the Property immediately
<br />before the panial taking, destruction, or loss in value. Anf balance shall be paid to Borrower.
<br />ill the event of a partial taking, destruction. Or loss 111 value of the Property in which the fait market
<br />valve of the Property immediately betbre the partial taking, destruction, or loss in value is less than the
<br />amount of the sums secured immediately before the panial taking, destruction, or 1055 in value, unless
<br />Borrower anl;i Lender otherwise asree in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />secured by this Security Instrument whether or not the sums are then dUe.
<br />If the Propeny is abandOned by Borrower, or if, after nOtice by Lender to Borrower that tlle
<br />Opposing Party (as defined in the ne:u sentence) offers to make an award to settle a claim for damages,
<br />Borrower fails to respond to Lender within 30 days after th~ date the notice is given, Lender is l!.vthorized
<br />to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Propeny or to the
<br />sums secured by $is Securtty InstrUment, whether or nor then due. "Opposing Pany" means the third party
<br />that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in
<br />regard to Miscellaneous Proceeds.
<br />Borrower shall bl: in default jf any action or proceeding, whether civil Or criminal, is begun that, in
<br />Lender's judgment, could result in forfeiture of the Property or other material impaj:rmr;mt of Lender's
<br />inrCrrl:$l in the Propeny or rights under this Security Instrument. Borrower can cure stICh a default and, if
<br />
<br />O.;6(NEJ /00061
<br />
<br />I~,ti!ol>: Jc!s
<br />
<br />P;.g$ , ot , 5
<br />
<br />ps
<br />
<br />Form 302S 1fOl
<br />
|