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, . , � . 201108366
<br /> LOA1� #: 98T9965
<br /> selected by Lender.If substantiaily equivatent Martgage Insurance coverage is not availabfe,Borrowershafl
<br /> continue to pay ta Lender the amourrt of the separately designated payments that were due when the
<br /> insurance coverage ceased to be�effect.Lertderwilt accept,use and rstain these payments as a non-
<br /> refundable loss reserve in fieu o€Mortgage Insurance. Sueh loss reserve shalF be nor�-reftandable;
<br /> notwithstanding Ehe�Iaet that the Lc�an is ultimatety paid in full,and Lender sha8 not be required to pay
<br /> Sorrower anyinteresYorearnings on.such loss resenre.Lendercan no longer requiralass resenre payments
<br /> 'rf Morfgage irisurance aoverage('in t#�e amour�t and for the period fhat Lender requir+es)provided by an
<br /> insurer s�tected by l.ender again becomes availa6le, is Qt�tained, and Lender requires separately
<br /> designated payments toward the premiums for Mortgage 4nsurance. tf La�der required AAortgage
<br /> insurance as a condition of makir�g#he Loao and Borrrnver was r�equired io make separately designated
<br /> payments toward tt�e preaniums#or Mortgage lnsurance,Borrower sha4t pay#he premiums reyuired to
<br /> mainta� Martgage lnsurance in effect� or tQ pravide a nor�-reiundable loss reser+re, unti Lender's
<br /> requiremen#for Mortgagelnsu�anceencls i�accordareoev�i#h anywrittenagreementbeiwe2n Borcowerand
<br /> Lender providing#or such tertr�iaa�aon or�nSd#eeminatiora is required by Applicable law.Nothing in this
<br /> Seclion 10 affects Borrower's obiigation to pay interest at the rate provided in tMe Note.
<br /> Mor#gage tnsuraneereimburses t�der(or any eritily thatpurchasesfhe Note}forceK#ainiosses it may
<br /> incur if Borrower does not repay the lc�an as agreect.Borrower is r►ot a pariy tc the Mortgage lnsurance.
<br /> Martgage Insurers eVatuate#heirto3at-riskan all such insuranee in forcefrom time to fiime,and may
<br /> enter into agreemeMs with aRher part�es thai share rn mo�tfieir risk, or reduce iosses. These
<br /> agreements are on termsand cond'stiorts thatare satisfactory tothe rrrortgage insurerand theother party
<br /> (or partiesj to these agreements. These agreemenEs rr�ray reqaire the mortgage insurer ta make
<br /> payments usin�any source of funds that Ehe moc[gage irjsurer may have available(which ma�+lnclude
<br /> funds ob#ained from Mortgage lnsurance premiums).
<br /> As a result of these agreements,Lerader,a�►y purchaser of the r�ate,another insurer,any reinsttrer,
<br /> arryother errtity,or a#filiateof anyofthefoFegoirtg,may receive(diree#tyorindirec#!y�amoetnts that derive
<br /> #ror� (or might f�e characierized as1 a partion o#Borrower's paymenis for Mortgage Insurance, in
<br /> exchange#or sharing w modifying tfie mortgage insurer's rislc,or reducing losses.!#such agreeme�t
<br /> prouided that an affiliate of Lender takes a share af the irisurer's risk i�exchange for a share of the
<br /> premiums paid to the insurer>the acrangem�nt is often termed"cap#ive reit�,suEattce.°Further:
<br /> (a) My such agceemen2s will not affect the amour�#s lMat Sorcawer has agraed#o pay for
<br /> AAortgaga Insuranc�,or any�ther teims of ihe Loan.Such agrsemeMs wi8 not incraa�the amourt
<br /> Borrourer wll!owe for Mortgage lnswrance,and they v�ilt no�enti#!e Barrowe�to any refund_
<br /> (b}Any such agreemenffi arit!not aftect the rlghts Borrower has-!f any-a�lth respect to the
<br /> AAortgage#nsurance under the t#omeowners Protection Aci of 1998 ar�ny oiher law.These rights
<br /> inay�nclude the r{gMt to re+ceive�rtaln disclo�urQ,s,ta request and abtaln cancsUa#ion of the
<br /> Martgage Insuranee,tohave tMe IIAcr�#gage lnsurance terrn4rsated automaEl¢alFy,a��t#/or to iecelue
<br /> a refund of any Mortgage lnsurance premiums ffiatrrere uneamectat t#setimeafsuch canceliation
<br /> ar terminallon.
<br /> 1't.Asstgnmerrt of M9see#lanoous Procoods;Forte4ture.AH�Aiscetianeous Proceeds are hereby
<br /> assigned fa and sha8 be paid to Lsntier.
<br /> If the�-operty is damaged,such MisceWaneous Proceeds shaN be applied ta resForation or repair
<br /> oftheProperiy,'rftheresiorationarrepairiseoonomicaily#easibteand L�tder'ssecurity i�notlessened.
<br /> During suah repair and restoration�eriad,Lettder shaH irave the right to fiold s�cM MisceHan�o�s
<br /> Proceecls until Lender has had an oppo�tunit�e to irts{�eet such Property to ensure the wcuk has been
<br /> completedto Lender's satisfaetion,provided thaf suctt inspection shal{beundertaken prompdy.Lencter
<br /> may:pay for ihe repafrs and restoratiwn ir�a single disbursement or in a series of prflgress paymer�ts
<br /> as the work is r.ornpleiecl.iinless an agreement�s made is+writing or Applicable Law rec}uires in#erest
<br /> to be paid o�such Miscellaneous Proceeds,Lender shalf not be required io pay Borrower any intecest
<br /> or eamings on such Miscellaneous Proceeds.tf ihe restoratian or�epair is not eeonomicafly#easible or
<br /> lsnder's security�nrould belessened,#he Misceltaneous Proceeds shall be applied io the sums secured
<br /> by this Security tnstrument,whether or not then due,with the Qaccess,�any,paid to 8orroyrer.Such
<br /> Miscellaneous Proceeds shal!be appHed in the order provided#or in Section 2.
<br /> lntheeventafatotaltaking,destr�ction,ocloss invalaeuf#heProperty,theMiscellaneQUS PrQCeeds
<br /> shall be applied to ihe sums secursd by this Security Instcument,whether or r�ot then dwe,with the
<br /> excess,if any,paid to Borrower.
<br /> !n#he eveatt of a partial taking,c}esUuction,or loss in value af the Property in which the#air market
<br /> uahre of the Propgrry immediately before the partiat taking,clest€uction,or#oss in value is equal to or
<br /> grEaterYhan tha amount ofthesuttissecured by##�is Security t�strttmen#immediately before the parfial
<br /> #aking,deslruction,or loss in value,unlsss 8orrower and l.ender ot#terwise agree in aa�rrrting,the snms
<br /> seeured by this Securityr instrument shatt be reduced by the amount of the Miseelfarreous Proceeds
<br /> multiptiecf by the foltowirtg iractiorr:(a}tFse totat amount of the sutt�s seettrect imFnectiately befora fhe
<br /> partial ta#�ng,destructiort,�loss in valuedivided by(b)thefair rsiarketvakteof#he ProperEyimmediately
<br /> be#or�the p,artiai taking,destructiart,or loss in value.Any balance shaB be paid to Borrower.
<br /> 4n the event ofi a partia4 taking,destruetic>rs,or loss in vaiae oi the Property iss+uhich#he fair market
<br /> value of the Property immediatety be#ore the�artial taking,destruction,or loss in vatue is�#ess�tha,�rt(th'�e
<br /> Ini.tials:��—
<br /> �1fBH,4SKA-Single FamBy-Fannie MaelFreddis Mac UNIFOR6A 1NSTRUMENT forx�30261l4T7
<br /> Online Documents,Inc. P3�2 T Of 11 NEEDEED 1108
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