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200304210986.009
<br />As a result of these agreement, Lender, any purchaser of the Note, another insurer, any rcinsurer,
<br />any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that
<br />derive from (or might be character of as) a portion of Borrower's payments for Mortgage insurance, in
<br />exchange for sharing or modifyil , the mortgage insurer's risk, or reducing losses. -f such agreement
<br />provides that an affiliate of Lenuer takes a sham of the insurer's risk in exchange for a share of the
<br />premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further:
<br />(a) Any such agreements will not afftit the amounts that Borrower has agreed to pay for
<br />Mortgage Insurance, -or any other terns of the Loan. Such agreements will not Increase the amount
<br />Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any rrund.
<br />(L; Any such agreements will not affect the rights Borrower has - if any - with respect to the
<br />Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights
<br />may Include the right to receive certain disclosures, to request and obtain cancellation of the
<br />Mortgage insurance, tog have the o Premiums dup.t dge nsere ce unearned at theinated mtimelor such cancellation or
<br />and/or to receive a
<br />refund of any Mortgage Insura.
<br />termination.
<br />1?. Assignment of Miscellaneous Proceed,; Forfeiture. All Miscellaneous Proceeds are hereby
<br />assigned to and shall be p;id to Lender. to restoration or repair of
<br />If the Property is damaged, such Miscellatneous Proceeds shall be applied
<br />the Property, if the restoration or repair is economically feasible and Lender's security is not lessened.
<br />During such repair and restoration period, Lender shall love the right to hold such Miscellaneous Proceeds
<br />until Lender has had an upourtunity to inspect such Property to ensure die work has been completed tthoo
<br />Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender nnay pay
<br />for repairs and restoration in a single disbursement or in a series of progress payments as the work is
<br />completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such
<br />Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would
<br />be lessened, the Miscellaneous Proceeds shall be applied to the suns secured by this Security Instrument,
<br />whether or not then due, with the excess, If ally, paid to Borrower. Such Miscellaneous Proceeds shall be
<br />applied in the order provided for in Section 2.
<br />In the evrnt of a total taking, destruction, or loss in value of the Property, the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or loot then due, with
<br />the excess, if any, paid to Burrower.
<br />In the evuu of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value of the Property immediately before die partial taking, destruction, or loss in value is equal to or
<br />greater than die amount of the sums secured by this Security Instrument immediately before the partial
<br />taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the suns
<br />secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds
<br />multiplied 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 Property
<br />immediately before die partial 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 Property in which die fair market
<br />value of the Property immediately before the partial taking, destruction, or loss in value is less than the
<br />amount of the sans secured immediately before the partial taking, destrucidou, or loss in value, unless
<br />Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums
<br />secured by this Security Instrument whether or not the sums are then due.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the
<br />opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages,
<br />Borrower hails to respond to Lender within 30 days after the date ale notice is given, Lender is authorized
<br />to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to tilt
<br />sums secured by this Security Instrument, whether or not then due. "opposing Party" means the third panty
<br />that owes Borrower hfiscellaneous Proceeds or die party against whom Borrower has a right of action in
<br />regard to Miscellaneous Proceeds.
<br />Initie�
<br />®-91WA1 (0012)
<br />Pnao 9 of 19 arm a04B 1101
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