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2oioos5ss
<br />As a result of tl�esc� a�;re:c:mcnts, Lender, any purchaser of tli� Note, another insurer, any reinsurer,
<br />any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that
<br />derive from (or might l�e ch�uactcrized as) a partian of Borrpwer's payments for Mortgage Insurance, in
<br />exchange for sharing or modifyin�; the mort�age insurer's risk, or reducing losses. If such agreement
<br />provides that an affiliatc of I,endcr takcs a share of thc insurcr's risk in exchange for a share of the
<br />premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Purthcr:
<br />(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for
<br />Mortgage Insurance, or any other terms of the Loan. Such agreements will not increuse the amount
<br />Borrower will owe for Mortgage Insurance, and the� will not entitle Borrower to any refund.
<br />(b) Any such agreemenks will nat affect the r�ghts Barrower has - if any - with respect t� the
<br />Mortgage Insurance under the Homeowners Protection Act. of 199$ or any other law. These rights
<br />may include the ri�ht to receive 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 �nsurance premiums that were unearned at the time of such cancellation or
<br />termination.
<br />11. Assignment of M➢scellaneous Proeeeds; Forfeiture. All Miscellaneous Proceeds are hereby
<br />assigned to and shall be paid to Lender.
<br />If the Property is damagcd, such Misccllaneous Proceeds shall be applied to restorztion or repair af
<br />the Property, if the restoration or repair is ecanomically 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 has had an opportunity to inspect such Property to ensure the work has been completed to
<br />Lender's satisfaction, provided that such inspection shall be undertaken 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 />completed. Unless an agreement is mac.�e, in writing or Applicable Law requires interest ta be paid on such
<br />Miscellaneous Froceeds, Lender shall not be required to pay �orrower any interest or earnings on such
<br />Miscellaneous Proceeds. If the restoratian or repair is not economically feasible or Lender's security would
<br />be lessened, thc Misccllaneous Proceeds shall be applied to the surns secured by this Security Instrument,
<br />wheth�r or ncyt then due, with the excess, if any, paid to Barrower. Such Miscellaneous Proceeds shall be
<br />appli�d in the order pravided for in Section 2.
<br />In the �vent of a total taking, destruction, or lass in value of the Property, the Miscellaneaus
<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 tlic sums secured by this Security Instrum�nt immediately before the partial
<br />taking, destructian, ar lass in value, unless Borrower and Lender otherwise agree in writing, the sums
<br />secured by this 5ecurity lnstrument Snarr �� reduced by the amount of the Miscellaneous Proceeds
<br />multiplied by the following fraction; (a) the total amount of the sums secured immediately before the
<br />partial taking, destruction, or loss in value divided by (b) the fair market value of the Property
<br />immediately before the partial taking, destruction, or lass in value. Any balance shall be paid ta Barrawer.
<br />ln the event of a partial taking, dcstruction, or loss in value of the Property in which the fair market
<br />value of the Property immediately befare the �artial taking, destruction, or loss in value is less than the
<br />amount of thc sums secured immediately before the partial taking, destruction, or loss in value, unless
<br />Borrower and I,ender otherwise agree in writing, the Miscellancpus Proceeds shall be appl'red to the sums
<br />secured by tliis Security Instrument whether or not the sums are thcn duc.
<br />If the Prc�perty is abandoned by Barrower, or if, after notic� hy �,ender to Borrower that the
<br />Oppasin� Party (as de�ned in the next sentence) offers to make an award to settle a claim for damages,
<br />$orrowcr fails to respond to Lender within 3U days after th� date the notice is given, Lender is authorized
<br />to epllect and apply the Misccllaneous Proceeds either to restoratian or r�pair of the Property or to the
<br />sums secured by this Security Instrument, whether c>r not then due. "Opposing Party" means tha third party
<br />that owes Borrowcr Miscellantous Proceeds or the party against wham Barrawer has a right of action in
<br />regard to Miscellaneous Prc>cceds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
<br />Lender's jud�ment, could result in forfeiture of the Property or other material impairment of Lender's
<br />interest in the Prop�rty or ri�hts undcr this Security Instrument. Borrower can cure such a default and, if
<br />l �,M � 1111056141
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<br />�-s(�E� (0407).02 P�e9 of 15 FoRil $�Z$ �/07
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