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200003557 shall be used to resolve such conflict: The Note shall control over the Security Instrument and the Security Instrument shall control over all of the Other Loan Documents. Time is of the essence with respect to all provisions of this Security Instrument. Section 15.3 Modification. Neither this Security Instrument nor any provision hereof will be changed, waived, supplemented, discharged or terminated orally or by any act or failure to act on the part of Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement thereof is sought and then only to the extent expressly set forth in such writing. Section 15.4 Binding Effect: Joint and Several Obligations. This Security Instrument shall be binding upon and inure to the benefit of Borrower and Lender and their respective heirs, executors, legal representatives, successors, successors and assigns, whether by voluntary action of the parties or by operation of law. The foregoing shall not be construed, however, to permit assignments or transfers otherwise prohibited. If Borrower consists of more than one person or entity, each shall be jointly and severally liable to perform the Obligations of Borrower under this Security Instrument. Section 15.5 Governing Law. This Security Instrument shall be interpreted, construed and enforced according to the laws of the state in which the Real Property is located (without giving effect to its conflict of laws rules). Section 15.6 Unenforceable Provisions. All rights, powers and remedies provided in this Security Instrument may be exercised only to the extent they do not violate any applicable provision of law and are intended to be limited to the extent necessary so that they will not render this Security Instrument invalid, unenforceable, or not entitled to be recorded, registered or filed under the provisions of any Applicable Law. If any provision of this Security Instrument is found by competent judicial authority to be invalid or unenforceable, the other provisions of this Agreement that can be carried out without the conflicting provision will not be affected, and such conflicting provisions will be ineffective only to the extent of such invalidity or unenforceability and to the greatest extent possible to accomplish fairly the purposes and intentions of the parties hereto. Section 15.7 Sole Discretion of Lender. Wherever pursuant to this Security Instrument (a) Lender exercises any right given to it to approve or disapprove or grantor withhold its consent, (b) any arrangement or term is to be satisfactory to Lender, or (c) any other decision or determination is to be made by Lender, all shall be in the sole and absolute discretion of Lender, except as may be otherwise expressly and specifically provided herein. By accepting or approving or granting consent, Lender shall not be deemed to have warranted or affirmed the sufficiency, completeness, legality or effectiveness of the subject matter, or the compliance of same with Applicable Laws. Section 15.8 Ambiguity and Construction of Certain Terms. Neither this Security Instrument nor any uncertainty or ambiguity herein shall be construed or resolved against Lender by virtue of the fact that such document has originated with Lender as drafter. This Security Instrument shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of the parties hereto. Words used in this Security Instrument may be used interchangeably in singular or plural form, and any pronoun shall be deemed to cover all genders. Titles of Articles and section headings are for convenience only and shall not be used in interpretation of this Security Instrument; "Herein," "hereof' and "hereunder" and other words of similar import refer to this Security Instrument as a whole and not to any particular section, paragraph or other subdivision; and "Section" refers to the entire section and not to any particular subsection, paragraph of other subdivision. Section 15.9 General Definitions. Unless the context clearly indicates a contrary intent or unless otherwise specifically provided herein, the word "Borrower" shall mean each Borrower and any subsequent owner or owners of the Property or any part thereof or any interest therein; the word "Lender" shall mean Lender and any subsequent holder of the Note, the word "person" shall include an individual, corporation, GMACCM SLP DOT 8/98 34 ATLd Isle, 81845A — ( ) Grand Isle, Nebraska