|
20�10714i
<br />a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer,
<br />any o er entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that
<br />derive om (or might be characterized as) a portion of Bonower' s payments for Mortgage Insurance, in
<br />exch e for sharing or modifying the mortgage insurer' s risk, or reducing losses. If such agreement
<br />provid that an affiliate of Lender takes a share of the insurer' s risk in exchange for a share of the
<br />premi paid to the insurer, the arrangement is often termed "captive reinsurance." Further:
<br />() Any such agreements will not affect the amounts that Borrower has agreed to pay for
<br />Mortg ge Insnrance, or any other terms of the Loan. Such agreements will not increase the amonnt
<br />Borro er will owe for Mortgage Insurance, and they will not entitle Borrower to any refund.
<br />) Any such agreements will not affect the rights Borrower has - if any - with respect to the
<br />Mortg ge Insurance under the Homeowners Protection Act of 1998 or any other law. These rights
<br />may i clnde the right to receive certain disclosnres, to request and obtain cancellation of the
<br />Mortg ge Insurance, to have the Mortgage Insnrance terminated antomatically, and/or to receive a
<br />refun of any Mortgage Insurance premiums that were unearned at the time of such cancellation or
<br />1. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds aze hereby
<br />assign to and sha11 be paid to Lender.
<br />I the Property is damaged, such Miscellaneous Proceeds sha11 be applied to restoration or repa.ir of
<br />the Pr perty, if the restoration or repair is economically feasible and Lender' s security is not lessened.
<br />Durin such repair and restoration period, Lender sha11 have the right to hold such Miscellaneous Proceeds
<br />until ender has had an opportunity to inspect such Property to ensure the work has been completed to
<br />Lend ' 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 />compl ed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br />Miscel aneous Proceeds, Lender sha11 not be required to pay Bonower any interest or earnings on such
<br />Miscel aneous Proceeds. If the restoration or repair is not economically feasible or Lender' s security would
<br />be les ened, the Miscellaneous Proceeds sha11 be applied to the sums secured by this Security Instrument,
<br />wheth r or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds sha11 be
<br />appli in the order provided for in Section 2.
<br />the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous
<br />Proc ds sha11 be applied to the sums secured by this Security Instrument, whether or not then due, with
<br />the ex s, if any, paid to Bonower.
<br />the event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value f the Property immediately before the partial taking, destruction, or loss in value is equal to or
<br />gr than the amount of the sums secured by this Security Insttument immediately before the partial
<br />taking destruction, or loss in value, unless Bortower and Lender otherwise agree in writing, the sums
<br />secur by this Security Instrument sha11 be reduced by the amount of the Miscellaneous Proceeds
<br />multip ied 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 Properiy
<br />imm 'ately before the partial taking, destruction, or loss in value. Any balance sha11 be �aid to Borrower.
<br />the event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value f the Property immediately before the partial taking, destruction, or loss in value is less than the
<br />amo t of the sums secured immediately before the partial taking, destruction, or loss in value, unless
<br />Borro er and Lender otherwise agree in writing, the Miscellaneous Proceeds sha11 be applied to the sums
<br />secure by this Security Instrument whether or not the sums are then due.
<br />I the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the
<br />Oppo ing Pariy (as defined in the next sentence) offers to make an award to settle a cla.im for damages,
<br />Bono er fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized
<br />to col ect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the
<br />sums ecured by this Security Instrument, whether or not then due. "Opposing Party" means the third party
<br />that o es Borrower Miscellaneous Proceeds or the pariy against whom Bonower has a right of action in
<br />regar to Miscellaneous Proceeds.
<br />rrower sha11 be in default if any action or proceeding, whether civil or criminal, is begun that, in
<br />Lend 's judgment, could result in forfeiture of the Property or other material impairment of Lender's
<br />intere in the Property or rights under this Security Instrument. Borrower can cure such a default and, if
<br />accel arion has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be
<br />2200156219 D V6ANE
<br />NEB SKA - Single Femily - Fannie Mae/Freddie Mec UNIFORM INSTRUMENT WITH MERS
<br />�- A(INE11o810) Pege 9 of 16 Inklals: � Form 3028 1/01
<br />�
<br />
|