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200010595 J. Any part of the insurance proceeds may be applied by the Lender at its option either to the reduction of the indebtedness or the repair of the property. In the event of foreclosure of the Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. K. The Lender is subrogated to all interests paid in whole or in part by the proceeds of the loan and to the extent allowed by law shall be entitled to all warranties, expressed or implied, in favor of Borrower. L. With respect to all debts secured by this Security Instrument, each maker and endorser waives all rights of exemption under the Constitution and the laws of the state where the property is located. M. Borrower shall not seek, agree to or make a change in the use of the property or zoning classification, unless Lender has agreed in writing to the change. Borrower shall comply with all applicable laws, ordinances, regulations and requirements of any governmental body having jurisdiction over the property. N. Lender may in its sole discretion, from time to time, provide Borrower statements and accountings of transactions and charges relating to the loan. These statements and accountings may describe the application of payments to principal, interest and escrow, and disclose fees charged and escrow transactions. These statements and accountings may also reconcile beginning and ending principal and escrow balances, reflect the current interest rate, and disclose the calculation of any adjustable interest rate changes. The Borrower agrees to read the statements and accountings and immediately notify Lender of any discrepancies or of any calculation which Borrower believes to be incorrect. It is agreed that the Borrower shall have one year from the date of the statement and accounting and /or interest rate adjustment within which to notify the Lender of any errors or disagreements with any data disclosed including, but not limited to principal balance, interest rate, remaining term, escrow transactions, application of payments, fees and late charges. Unless the Lender is notified of any dispute within one year from date of the statement and accounting or the adjustable interest rate calculation, then Borrower agrees that all of his /her rights for any and all corrections, including interest rate calculations, shall be forever barred and waived. The Borrower further acknowledges that the amount of the monthly payments as originally determined or from time to time modified may not fully amortize the loan principal and interest and borrower agrees to pay at maturity of the loan any unpaid principal balance that may remain plus interest at the last applicable rate until the principal is fully paid. O. All notices must be in writing. Unless applicable law requires a different method of giving notice, any notice that must be given to Borrower under this Security Instrument will be given by delivering it or mailing it by first class mail addressed to Borrower at the property address or at a different address if Borrower has given the Lender a notice of different address. Any notice that must given to the Lender under this Security Instrument will be given by mailing if by first class mail to the Lender at the address stated in the Note or at a different address if Borrower has been given notice of that different address. P. For purposes of perfecting and enforcing the security interest, this Security Instrument shall be governed by the laws of the state where the property is located. For all other purposes, this Security Instrument and all actions arising from or related to this loan shall be governed by the federal laws and regulations applicable to Lender and the laws of the state in which the Lender is domiciled to the extent those state laws do not conflict with applicable federal law. Except as to foreclosure and possessory actions, all legal actions involving this security instrument and /or the loan secured thereby shall be brought and maintained only in a court of competent jurisdiction in the state of Lender's domicile or in a federal court in a state where the property is located. If, after the date hereof, enactment or expiration of applicable laws have the effect either of rendering the provisions of the Note, the Security Instrument or the Adjustable Rate Rider unenforceable according to their terms, or all or any part of the sums secured hereby uncollectible, as otherwise provided in the Security Instrument and the Adjustable Rate Rider, or of diminishing the value of Lender's security, then Lender, at Lender's option, may declare all sums secured by the Security Instrument to be immediately due and payable. In such event, Borrower shall not have the right to reinstate. If a law, which applies to this loan and which MLC 253 Special Provision Rider (09/29/00) Page 3 of 4 AP# 9830237802 LN# 9830237802 CM#