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200901255 Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mongage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If SUb$CllltiaJly equivalent Mortgage Insurance coverage is not available, Borrower sball continue to pay to Lender the amount oftbe SeparatelY designated payments that were due when the insurance coverage ceased to be in effect Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refimdable, notwithstanding the fact that the Loan is ultnnattly paid in full. and Lender shall not be required to pay Bonower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage InsW'8llCe coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender a."aai:n becomes available. is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage lnsunmce as a condition of making the Loan and Borrower was required to make separatelY designated payments towaxd the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement foc Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such tmnination or until temrination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. . Mortgage Insurance reiInburses Lender (or any entity that purchases the Note) for certain losses it may incur ifBOJTOwer does not repay the Loan as agreed.. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other patties that share or modify their risk, or m:Iu~ losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements, These agreements may require the mortgage insurer to make pa}'ments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a n!SUlt of these agreements, Lender, any purchaser of the Note, ai:1other insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing. may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower'g payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an afflliate of Lender takes a share of the insurer's risk in exchange for a sbare of the premiums paid to the insurer, the arrangement is often tmned "'captive reinsurance." Further: <a) Any sudl IgreeDlenD wW oot affect the amounts that Borrower has agreed to pay for Mortgage lusuf8nce, or oy other terms of the Loan. Such agreemeDu wW not increase the amount Borrower will owe for Mortgage Insurance., and they will Dot eotitle Borrower to any nfuDd. . (b) Any such agreements wil1 not affect tbe rights Borrower bas - if aDY - with respect to the Mortgage IDsurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosnres, to request and obtain cancellation oftbe Mortgage Insnrance, to bave tbe Mortgage Insurance terminated automatically, and/or to reeeive a refnnd of any Mortgage msuraoC:e premiuDU tbat were unearned at the time of sueb caacelJation or termination. 11. Assignment of MJseellaneous ProceMS; Forfeiture. All Miscellaneous Proceeds arc hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaoeous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period,. Lender shall have the right to hold such Miscellaneous Proceeds until Lender has bad an opportunity to inspect such Property to ensure the work has been completed to Lender's satis:filction, provided that such inspection shall be undertaken promptly. Lender may pay fur the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds. Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by Nebrub Deed orTr1l$l--&ingle Family-Fallllie Ma~ie Mac Vaifol1ll Iascrume.at MlmS Modified TII. CompBanee Souree, Iue. Pap 8 of 14 Moclifie(\ by CompliallCe SoIlree 14301NE 08100 Rev. 04108 www.complia!lcleso1$ree.- cnooo. 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