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201008919
<br />insurance and Borrower was required to make separately designated payrnents tpward the premiums for Mortgage
<br />Insurance, Sorrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage
<br />Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance
<br />previously in effect, from an alternate mortgage insurer selected by Lender. If substaz�tially equivalent Mortgage
<br />Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated
<br />payments that were due when the insurance coverage ceased to be in effecC. Lender will accept, use and retain these
<br />payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-rafundable,
<br />notwithstanding the fact that the L.oan is ultimately paid in full, and Lender shall not be required to pay Barrower any
<br />interest ar earnings on such loss reserve. Lender can no longer require lass reserve payments if Mortgage Insurance
<br />coverage (in the amount and for the period that L,ender requires) provided by an insurer selected by Lender again
<br />becomes available, is obtained, and Lender requites separately designated payments taward the premiuzns for
<br />Mortgage lnsuranc�. lf l,ender required Mortgage Insurance as a condition of making the Loan and Borrower was
<br />required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay
<br />the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss teserve, until
<br />L.ender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and
<br />Lender providing for such termination or until termination is required by Applicable Law. Nothing in this 5ection
<br />1� affects Borrower's obligation to pay interest at the rate provided in the Note.
<br />Mortgage Insurance reimburses L.endec (or any entity that purchases the Note) for certain losses it may incur
<br />if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insuranca.
<br />Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into
<br />agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and
<br />conditions that are satisfactory to the mortgaga insurer and the other party (or parties) to these agreernents. 'I'hese
<br />agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer
<br />may have available (which may include funds obtained from Mo�tgage Insurance premiums).
<br />As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any oth�r
<br />entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive fram (or might
<br />be characterized as) a portion of Borrower's payrnents for Mortgage Insurance, in exchange for sharing or madifying
<br />the martgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of L.ender takes a share
<br />of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed
<br />"captive reinsurance. " Further:
<br />(a) Any such agreements will nat affect the amounts that Borrower has agreed to pay for Mortgage
<br />Insurance, or any other terms oF the Loan. Such agreem,ents will not inc�rease the amount Borrower wIll owe
<br />for Mortgage Insurance, and they will not entitle Borrower to any refand.
<br />(b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage
<br />Insurance under the Horneovvners ProtectIon Act of 1998 or any oth�r law. These rights may 3nclade the right
<br />to receive certain disclosures, to repuest and obtain cancellation of the Mortgage Insurance, to have the
<br />Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums
<br />that were unearned at the time of such cancellation or termination.
<br />�].. Assignment of Miscellaneous Proceeds; ForFeiture. All Miscellaneous Proceeds are hereby assigned to
<br />and shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied ta restoration or repair of the Property,
<br />if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and
<br />restoration period, Lender shall have the right to hald such Miscellaneous Proceeds until L.ender has had an
<br />opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that
<br />such inspection shall be undertaken prornptly. Lender may pay for the repairs and restoration in a single disbursem�nt
<br />or in a series of progress payments as the work is cornpleterl. Unless an agreement is znade in writing or Applicable
<br />Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall noC be cequired to pay Borrower any
<br />interest or earnings on such Miscellaneous Proceeds. If the restaration or repair is noC economically feasible or
<br />Lender's security would be lessened, the Misc�llaneous Proceeds shall be applied to the sums secured by this Security
<br />Instrument; wheth�r or nat then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall
<br />be applied in the order prnvided far in Section 2.
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds s1aa11 be
<br />applied to the sunns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to
<br />Borrawer.
<br />ln the event of a partial taking, destruction, or loss in value of the Property in which the fair znacket value of
<br />the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount
<br />of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value,
<br />unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced
<br />by the arnount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums
<br />secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the
<br />Property immediately before the pa�tial taking, destruction, or loss in value. Any balance shall be paid to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Praperty in which the fair market value of
<br />the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums
<br />secured immediately before the partial taking, destruction, ar loss in value, unless Borrower and l.ender otherwise
<br />agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether
<br />or not the sums are then due.
<br />KA--Sin mily--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS DoCMagic � aoo-sas-rss2
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