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201005680 insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mort~age insurer selected by Lender. If substantially equivalent Mortgage lnsurance coverage is not available, Borrower shat continue tv pay to Lender the amaunt vfthe separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as anon-refundable lass reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstandingthe fact that the Loan is ultimately paid in full, and Lender shall oat be required to pay Borrower any interest or earnings on such loss reserve. lender can na longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage lnsurance. if Lender required Mortgage Insurance as a condrt~on ofmakmg the Loan and Harrower was required to make separately designated payments toward the premiums for Mortgage lnsurance, Borrower shall pay the premiums required to maintain Mortgage lnsurance in effect, or to provide anon-refundable loss reserve, until Lender's requirement fnr Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender provldmg for such termmatlon ar until termination is required by Applicable Law. Nothing in this Section ] 0 affects Borrower's abligatinn to pay interest at the rate provided in the Note. Mortgage lnsurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower 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 parties that share or modify their risk, nr reduce losses. 'T'hese 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 payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser vfthe note, another insurer, any reinsurer, any other entity, yr afftliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or rnadifying the mortgage insurer's risk, or reducing losses. If such agreement provided that an affiliate afLender takes a share ofthe insurer's risk in exchange for a share of the premiums paid tq the insurer, the arrangement is often termed "captive reinsurance." T~urther; (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any -~ with respect to the Mortgage Insurance under the Homeowners Protection Act of 199$ or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that ware unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. Ifthe Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair ofthe 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 had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly, Lender may pay for the repairs and restoration in a single disbursement or in a series afprogress 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. Ifthe 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 this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. 1n the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, ifany, paid to Borrower. In the event of a partial taking, destruction, nr Inss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount vfthe sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree In writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amaunt ofthe sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value ofthe Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Horrower, In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or Inss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or notthe sums arethen due. if the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers tv make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized tv collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property nr to the sums secured by this Security instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Harrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture ofthe Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, ifacceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture afthe Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair afthe Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance I3y Lender Not a Waiver. Extension vfthe time for payment nr modification of amortization afthe sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Horrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest ofBorrower or to refuse to extend time for payment or otherwise modify amortization ofthe sums secured by this Security instrument by reason afany demand made by the original Borrower ar any Successors in Interest ofBorrower, Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amaunt then due, shall not be a waiver of or preclude the exercise of any right or remedy. NF.TiRASKA-Single Family--Fannie Mae/Freddie Mac UNIFORM TNSTR[JMT:NT (MFRS) Form 3028 I/ol (page S of8 pages) 12439.CV (I I/07) RL10512 Creative Thinking, Inc. GOTO(0003268b)