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<br />M ortgage C 0 Docu C 4 er © 36 08! 5
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<br />Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured
<br />by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such
<br />Miscellaneous Proceeds shall be applied in the order provided for in Section 2.
<br />In the event 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 not then due, with
<br />the excess, if any, paid to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value of the Property immediately before the partial taking, destruction, or Toss in value is equal to or
<br />greater than the 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 sums
<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 immediately
<br />before the 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 the 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 sums secured immediately before the partial taking, destruction, 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 fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized
<br />to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the
<br />sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third
<br />party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of
<br />action in regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
<br />Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's
<br />interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if
<br />acceleration has occurred, reinstate as provided in Section 18, by causing the action or proceeding to be
<br />dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material
<br />impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of
<br />any award or claim for damages that are attributable to the impairment of Lender's interest in the Property
<br />are hereby assigned and shall be paid to Lender.
<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be
<br />applied in the order provided for in Section 2.
<br />11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for
<br />payment or modification of amortization of the sums secured by this Security Instrument granted by
<br />Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of
<br />Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence
<br />proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or
<br />otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand
<br />made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in
<br />exercising any right or remedy including, without limitation, Lender's acceptance of payments from third
<br />persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due,
<br />shall not be a waiver of or preclude the exercise of any right or remedy.
<br />12. Joint and Several Liability; Co- signers; Successors and Assigns Bound. Borrower
<br />covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any
<br />Borrower who co -signs this Security Instrument but does not execute the Note (a "co- signer "): (a) is co-
<br />signing this Security nstrument only to mortgage, grant and convey the co -s gner's interest in the
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<br />Page 8 of 13 Publ shed September 2014
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