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zo 100924�
<br />As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer,
<br />any oiher enlity, or any affiliate of any of the foregoing, may reoeive (directly or indirecdy) amounts that
<br />derive from (ar mighl he characterixed as) a portion nf Sorrower's paymeots for Mortgage Insurance, in
<br />exchange for sharing or modifying the morlgage insurer'x risk, vr reducing Insses. [f such agreement
<br />provides Ihal an afl`�liate aF Lender lakes a share of the insurcr's rlsk in exchange for a share af the
<br />prerniums pa�d to ihe insurer, the arrangement is often termed "capHve reinsurance." Further:
<br />(a) Any such agroemeata will not affoct the amounta that Barrowe,r ha� egreed to pay for
<br />Martgage Iasurance, or any other terms of the Loan. Such agreaments will not ieicrease the arnount
<br />Barrower will owe for Mortgsge InsUrance, and th�+ will not eatitle Borrower to any retund.
<br />(b} Any auch agreementa w►1! not affack the rYgb.t� Barrower has - if any - with respect ta the
<br />Martgage Insuranca under the Homeowners Pratectipn Act of 1998 ar any ather law. 'These rights
<br />msy includo t�e right to recefve artaita� disclo�ure�, ta reqvest and obtaia caaoellation of tlie
<br />Mortgag�e Inauranoe, to have the Mortgegc Insuranoc tarnai�atetl auta�matically, a�nd/o� ta rcoei�e a
<br />refund of any Martgsge Insurena prcrniums that wcrs uncarnod at tho tiAae of such canrallatio�q pr
<br />terminatipn.
<br />11. Assigament of Miscellaaeous Prooeeds; Farfeiture. All Mlscellaneaus Proceeds are herehy
<br />assigned to and shall bepa�d to Lender,
<br />[f the Pr�perty is damaged, such Miscellaneous Proceeds shall be applled �o restoration nr repair af
<br />the Property , if the restoradan or repair is economically feas[hle and Lender's security is not lessened.
<br />During such repair and restoration period, Lender shall have the right to hald such Miscellaneous Proceeds
<br />until Lender has had an opportunity ta fnspect such Properry to enseue the work has been carnpleted to
<br />Leader's satisfactian, provided that such Inspection shall he undertak�► promplly. L.Qndsr roay pay far the
<br />repalrs and restaratior� in a singte disbursement or in a series of pmgress payments as the work is
<br />campleted. Unless an agreerneni is made in writing or Applicable Law cequires inkerest to be paid an such
<br />Miscellaneous Proceeds, Lender shall not be required ta pay Barrower any interest or earnings on such
<br />Miscellaneous Proceeds. li the resioration Qr repair is nat ecanomically feasible or Lender's security would
<br />be lessened, the Miscellaneaus Proceeds shall be applied to the sums secured by this Security lnstrument,
<br />whether vr not then due, with lhe excess, if any, paid ta Borrower. 5uch Missellaneous Proceeds shall be
<br />applled in the order provided for in Section 2.
<br />ln the event of a total taking, destrucNan, or loss in value af the PropeRy, the Miscelianeous
<br />Proceeds xhall be applied to the sums secured 6y this 5ecuriry ]nstrumeut, whether or not then due, with
<br />the excess, if any, pald W Borrower.
<br />In thc event af a partlal taking, desirucdon, or lass in value of il�e Property in which the fair market
<br />value af the Property iaunediately before the partial tak.ing, destruction, or 14�.s in value is equal ta or
<br />greater than Ihe amount of the sums secured hy this Security Instrumenl im�nediately befare the pardal
<br />taking, destruction, or los.s in va�ue, unless Barrower and Lender otherwise agrce in wriling, the sums
<br />secured hy this Security Inst�vment shall be reduced 6y the amount of Ihe Miscellaneous Praceeds
<br />multlp�ied by the following fraction: (a) the total amaunt oC the sums secured immediately before ihe
<br />partial taking, destruction, or lass in value divided 6y (b) the fair msrket value of the Property
<br />immediately before the partial taking, destruction, or lass in value. Any halance shall be paid to Barrpwer.
<br />In the evenl of a pardal takiag, destruclion, or lass in value of tl�e Property in wh�ch the fair market
<br />value of We Prnperiy imrnediately befor� the partial taking, destruction, or loss in value is less than the
<br />amount of the sums secured immediately �efare the parttal taking, destruction, or loss in value, unless
<br />Borrower and I.,ender otherwise agree in writing, the Miscellaneous 3'roceeds shall be applied to 1hc sums
<br />secured by lhis Securlty [nstrument whether ar not the sums are then due.
<br />If the Property is abandoned by Borrower, or iF, afler notice hy Lender tu Sarrower that the
<br />Oppasing Party (as delined in 1he next sentence) offers to make an award to settle a claim for dxmages,
<br />Borrawer fails m respnnd to I..ende� within 30 days after the dete the notice is given, Lender is autharized
<br />to collect and apply the Miscellaneous Proceeds eilher to restaration ar repair o[ the Praperty or to the
<br />sums secured by Ihis SCCUrity Instrument, whether or not then due. "Opposing Par1y" means the third party
<br />that owes Bnrrower Mlscellaneous Froceeds or ihe parly against wham Borrower has a right of action in
<br />regard ta Miscellaneaus Proceeds.
<br />Borrower shall 6e in def�uli if any action ar proceeding, whether civil or criminal, is 6egun that, in
<br />Lender's jadgment, could r�sult in �or#'eiture of the Froperty or other material impairment of Lender's
<br />Interest in lhe Praperty ar rights under this Security Instrument. Barrower can cure such a default and, if
<br />aeceleration has occurred, reinslate as provided in Section 19, by causi� action or proceeding to be
<br />OU1122289352 �itiMart�nge 3.2.42.07 VS
<br />� N 81SA - 5ingle Family - Fannlr Mae/Froddie Mac UNIFdRM INS?RUM
<br />BA(NE) loeial Pagc 4 of 15 u,trx,: � Form 3028 1101
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