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201103823
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<br />again becqmes available, is obtained; and Lender requires separately designated�payments toward the premiums f�r Mortgage
<br />Insurance. If Lender required Mortgage Insurance as a condittion of making the Loan and Borrower was required to make
<br />. separately designated payments toward the premiums for 1Vlortgage Insurance, Bonawer shall pay the premiums required to
<br />maintain Mortgage Insurance in effect, or to pxovide a non-refundable loss reserve, until Lender's requixement for Mortgage
<br />�asurance ends in accordance with any written agreement between Borrower and Lemder providing for such termination or until
<br />termiaation is required by Applic�ble Law. Nothing in this Section 10 affects Bonower's obligatian to pay interest at the rate
<br />provided in the Nots.
<br />Mortgage Insurance reimbtu�ses Lender {or any entity that purchases the Nota) for certain losaes it may incur if
<br />Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.
<br />Mortgage insurers evalnate their total risk on all such insurance in.force from time to time, and may enter into
<br />•� agreements with other garties that share or modify theiz risk, or reduce Iosses. These agreements are on terms and conditions
<br />that are satisfactory to the mortgage insurer and the other pazty (or parties} to these agreements. These agreements may require
<br />Ehe mortgage insurer Yo make payments using any source of �un.ds that the mortgag� insurer may have available (which may
<br />include funds obtained from Mortgage Insurance premiums). "
<br />.As a result of these agreemenLs, I,ender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or
<br />any affiliate of any of the foregoing, may receive (direc�ly or indirectlp) amoun� that derive from (or might be chazacterizerl
<br />as) a gortion of Borrower's paymen� for Mortgage Insurance, itt exchange for sharing or madifying the mortgage insurer's risk,
<br />or redncing losses. If such agreement provides thafi an affiliate of Lender takes a share of the insurer's risk ia exohange for a
<br />share of the premiums paid to the insurer, the anangement is often termed "captive reinsurance." Further: �
<br />. (a) Any such agreements will not affect the amonnts that Borrower has agreed to pay for Mortgage Insarance,
<br />or any other terms of the Loan. Such agreements will not fttcrease the amount Borrower will owe for Martgage
<br />Insurance, and they will not entifle Borrower to any refund. �
<br />@) Anp sach agreements w9ll not •affect the righf� Borrower has - if suy - with respect to the Mortgage .
<br />Insurance nnder the Homeowners Protection Act of 1998 or any other law. These r3ghts may incInde the right to'receive •.
<br />, certafn disclosures, to rec�ueat and obta3n cancelI�tion of the Mortgage Insurance, to have the Mortgage Insnrance
<br />term�tnated sutomatacally, and/or to receive a refund of any Mortgage Insurance premivans that were unearned at the
<br />ttme of such caacellation or termination. .
<br />li. Assfgnment of Miscellaneons Proceeds; Rorfeitare. All Miscellaneous Froceeds are hereby assigned to and
<br />shall be paid to Leader. �
<br />If the Property is damaged, auch 1Vfiscellaneous Proceeds shatl be applied to restoration or repair of the Properiy, if the
<br />restoxation ox repair is econamically feasible and Lendez's security is nat lessened. Duzing such repair and restoration period, '
<br />Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an to inspect such Property
<br />to ensure the work has been, completed to Lender's satisfaction, provided that such inspection shall be undertakea promptiy.
<br />Lender may pay for the repairs and restoratiaa in a single disbursement or in a series of progress payments as the work is
<br />compTeied. Unless � agreement is made in writing ar Applicable Lavv reqwires interest to be paid 'on such Misccllaneous
<br />Proceeds, Lender shall not be required to pay Bozrower any intezest or earaings ott such Miseellaneous Proceeds. If the
<br />restoration or repair is not economically feasible or Lender's security would be Iessened, the Misceltaneaus Proceeds shall be
<br />, appliad to the suzns seaured by this Security Ittstrumen� whether or not then due, with the excess, if any, paid to Borrower.
<br />� Such Misce]Ianeous Proceeds shall be applied ia the order provided far in Section 2. � '
<br />In the event of a total taldng, destruction, or loss in value of the Property, the Miscellaneous Proceeda shall be applied
<br />to the sums seaured by this Security Jmstivmeat, whether or aot then due, with the excess, if any, paid to Borrower.
<br />. In the event of a partial taking, destruction, or Ioss in value of the Property in wluch the fair market valus of the '
<br />Property immediately before the partial talattg, destruction, or loss in value is equal to or greater thaa the amount of the sums '
<br />secured by this Security Instrument immediately before the partial taking, destrucdon, or loss in value, unless Borrower and
<br />Lender otherv✓ise agree in• writing, the sums secured by this Security Instrument shall be reduced by the amount of the .
<br />Miscellaneous Proceeds multiplied by the following fraction: (a) the total ainount of the sums secured immediately before the ,
<br />Partial taking, destniciion, or loss in value divided by (fs) the fair mazket value of the 1'roperty immediately before the partial
<br />. taking, dastruction, or loss in value. Any balance shall he paici to Borrowex. ' �
<br />In the event of a partial taking, destruction, or Ioss in value of the Property in which the fair market value of the •
<br />. Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured
<br />PTEBRAST{{AA—Single Family—Faanie MadFreddte Mac UNIF'QRM AVSTRIJML1yT �
<br />�i. 338.2 . Page 7 of 12 Form30281/01
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