|
<br />200801439
<br />
<br />"
<br />
<br />As a result of these agreements, LeMer, any purchaser of the Note, another insurer, any reinsurer,
<br />any other entity, or 8.Il.y affiliate of any of the foregoing. may receive (directly or indirectly) amounts that
<br />" d.erive from (or might be characterized as) a portion of Borrower's pa.yments for Mortgage Insurance, in
<br />e,;:change for sharing or modifying the m.ortpge insurer's risk, or reducing losses. If sucb agreement
<br />provides that an affiliate of Lendet takes a abare of the insu.rer's risk in e.J:chanie fOr a share of the
<br />p1'f:rtriums paid to the ins'urer, the auaneemeo.t is often tenned "captive reinsurance." Funher:
<br />(a) Any such agreements will not affect the amOunts that Borrower has agxoeed to pay for
<br />Mortgage la5urance, or any other tel')2J$ of the l.oan. Such agreements will Dot increase the amount
<br />Borrower will owe for Mortgage Insurance. and they will not entitle Borrower to any refund,
<br />(b) Any such agreanents will not affect the rights Borrower bas . if lUly - with res~ to the
<br />Mortgage Insurance under the llomeowner5 Protection Act at 1998 or any other law. Thtse rights
<br />may include the right to receive certain disclosurest to request and obtain c:ancellation ot the
<br />Mortgage Insurance. to bave the Mortgaae Jnsurance ter:miDated automatically~ and/or to receive a
<br />refund of any Mo:rt;age lJ.J..mrance premiums that were unearned at the t:nne of such eancellatlon or
<br />termiJ;J,ation.
<br />~:~~;;::;~~\:;:. 11. Asslgnment of Mistdlaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby
<br />. , P , .'/~, , ed to and shall be paid to Lender.
<br />IO~~~'.;:'h:., -',-:, - the Property is d~ed, such Miscellaneous ~oceeds shall be applied to restOration or repair of
<br />0~';1'i5;<tl;ie " erty, if me restorat;i,OJl or repair is CCQUomica1ly feasible and Lender's security is not lessened.
<br />i~j}.'."':i.C~,U:.~'p~,"- ch repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds
<br />: ~t<i:\.~,-',~Mp , do: has ~ad an opponunity to ~ect .such Property ~ ensure the work has been completed to
<br />J0:';'''.:'t:;..;J:eii~eJ:': sausfactloI1;, prl?vuled,that su~ mspectlOIl. ~1 be undertake:o. promptly. Lender IUay pay for ~e
<br />~('t.P-:i.:/:'~~ I d restOration In a smgle disbursement or In a series of progress payments as the work IS
<br />~:~).'~~~ ed. Unless an a,greement is made in writing or Applicable Law requires interest 10 be paid on such
<br />~~"f':: .:-.:: lav.oous Proceeds, Le.uder shall not be required to pay Borrower any interest or earnings On such
<br />It; C'U~ cellaneou$ Proceeds. If the restoration or repair is not economically feasible Of Lender's security would
<br />e lessened. the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument,
<br />whether or not then dUe. with me excess, if any, paiel to &rtower. Such Miscell8J;leous Proceeds shall be
<br />applied in the ord~ llrovided for in Section 2.
<br />In the event: of a lotal taldng. de5trnctiou, or 10$8 in value of the Property, the Miscel1~eous
<br />Proceeds shall be applied to the sums secured by ~ Security Instrument, whether or not then due. with
<br />the excess, jf any, paid to Borrower.
<br />In the ev~t of a pamaJ. taking. destruction, or 10~$ in value of the Property in whieh the fair market
<br />value of me Property immediately before lhe partial taking, destruction, or loss in value is eqUal to or
<br />greater than the amount of the sums aecured by this Security Instrument itnmedia1dy before the partial
<br />taking, desrruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
<br />secured by this Security Instrument shall be reduced by the amount of me Miscellaneous Proceeds
<br />multiplied by the following fraction: (a) the total amoum of the sums secured immediMely before the
<br />partial [aI<:ing, destnlction, OX' loss in value divided by (b) !be fair marll;et value of the Property inunediately
<br />before the pani.aJ. taking, destructi(Q).. or loss in value. Any balance shall be paid to Borrower.
<br />In the event of a panial ta.kiD.g, destructi01\, Or loss in value of the Prope;rty in which the fair market
<br />value of the Propeny immcdiatdy before the partial taking, destruction, or loss in value is less than the
<br />amount of the sums secured immediare:Iy before the partial 1aking. destruction. or loss in value, unless
<br />Borrower and Lender otb.erwise agree in Writing, the Miscellaneous Proceeds shall be applied to the SUIn$
<br />secured by this Secutity Instrument whether or not the sums are then due.
<br />If the Property is abaudoned by Borrower, or if. after notice by Lender to Borrower that the
<br />Opposing Party (as defmed in the next $<<Utence) offers to make an award to settle a claim for damagell,
<br />Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized
<br />[0 collect and apply the Miscellaneous Proceeds either to restoration Or repair of the Property or to the
<br />rums secured by this Security I:a.strw:nenr. whether or not then due. "Opposing partyn means the third party
<br />rbat owes BorrowtJ: Miscell~cous Proceeds Or the party against whom Borrower has a right of action in
<br />regard to Miscellaneous Proceeds,
<br />Borrower shall be in default if any action or proceedin;, wherber civil oX' crimin~, is begWl that, in
<br />Lender's judgment, could result in forfeiture of the Property Or other material impainnent of Lender's
<br />interest in the Property or riShts under this StC\lIity Instrument. Borrower can cure such a default and, if
<br />
<br />
<br />_.6(NEJ (0005)
<br />
<br />J/~ lnhl.~: (1,( , '!I
<br />
<br />POll. 9 of 16 , ,
<br />
<br />Fgrm 3028 1/01
<br />
|