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200301241
<br />11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Prgpeeds are hereby
<br />assigned to and shall be paid to Lender.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or slow of the Property. B
<br />the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration
<br />period. Lander shall have the right to hold such Miscellaneous Proceeds until Lander has had an opportunity to inspect such
<br />Property to ensure the work has been completed to Lenders satisfaction, providetl that such inspection shall be undertaken
<br />promptly. Lander may pay for the recalls and restoration in a single disbursement or In a series of progress payments as the
<br />work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
<br />Miscellaneous Proceeds, Lander shall not be required to pay Borrower any interest or samings on such Miscellaneous
<br />Proceeds. If the restoration or repair is not economically feasible or Lenders security would be lessened the Miscellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, it any,
<br />paid to Borrower. Such Miscellaneous Proceeds shall be applied n the order provided for a Section 2.
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be
<br />appled to the sums secured by this Security Instrument, whether or not then due, with the excess, it 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 value of the
<br />Property immediately before the partial taking, destruction, or lass a value is equal to or greater than the amount of the sums
<br />secured by this Security Instrument Immediately before the partial taking. destruction, or loss In value, unless Borrower and
<br />Lender otherwise agree in writing, the sums secured by this Security Instru ment shall be reduced by the amount of the
<br />Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums securetl immediately before the
<br />partal taking, tlestruction, or loss In value divided by (b) the fair market value of the Property immediately before the partial
<br />taking, destruction, or lass In value. Any balance shall be paid to Borrower.
<br />In the event of a partal taking, destruction, or loss in value of the Property m which the fair market value of the
<br />Property immediately before the partial taking, destruction, or lass in value Is less than the amount of the sums secured
<br />immediately before the panel taking, destruction, or loss In value. unless Borrower and Lander otherwise agree in wrung, the
<br />Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then
<br />due.
<br />If the Property is abandoned by Borrower, or if, otter notice by Lender to Borrower that the Opposing Party (as
<br />defined in the next sentence) offers to make an award to settle a claim for damages, Borrower falls to respond to Lander
<br />within 30 days after the date the notice is given, Lender Is authunced to collect and apply the Miscellaneous Proceeds eithe
<br />to restoration or repair of the Property or to the sums secured by this Security Instrument,
<br />"Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has
<br />a right of action in regard to Miscellaneous Proceeds. a Lender's
<br />Borrower shall be in default it any action or proceeding, whether civil or criminal, is begun that,
<br />judgment, could result in forfeiture of the Property or other material impairment of Lender's interest In the Property or rights
<br />under this Security Instrument. Borrower can cure such a default end H acceleration has occurred, reinstate as provided In
<br />Section 19, by causing the action or proceeding to be dismissed with a ruling that, In Lenders judgment, precludes forfeiture
<br />of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The
<br />proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest In the Property are
<br />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 applied in the order
<br />provided for In Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extersan of the toe for
<br />payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any
<br />Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of
<br />Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse
<br />to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any
<br />demand made by the original Borrower or any Successors a Interest of Borrower. Any forbearance by Lander in exercising
<br />any right or remedy iincluding, without limitation, Lender's acceptance of payments from third persons, entities or Successors in
<br />Interest of Borrower or in amounts' less than the amount then due, shall not be a waiver of or preclude the exercise of any
<br />right or remedy.
<br />13. Joint and Several Liability; Co- signers; Successors and Assigns Bound. Borrower
<br />covenants and agrees that Borrowers obligations and lability shall be joint and several. However, any Borrower who co-signs
<br />this Security Instrument but does not execute the NOW (a "co- signer"): (a) is co- signing this Security Instrument only to
<br />mortgage, grant and convey the co-signer's Interest in the Property under the terms of this Security Instrument, (b) is not
<br />personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lander and any other Borrower
<br />can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the
<br />Note without the co- signer's consent.
<br />Subject to the provisions of Section 1e, any Successor in Interest of Borrower who assumes Borrowers obligations
<br />under this Security Instrument in writing, and Is approved by Lander, shall obtain all of Borrower's rights and benefits under
<br />this Security Instrument. Borrower shall not be released from Borrowers obligations and liability under this Security Instrument
<br />unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except
<br />as provided in Section 20) and benefit the successors and assigns of Lantler.
<br />14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Bonowers
<br />default, for the purpose of protecting Lenders interest n the Property and rights under this Security Inshmeent, Including, but
<br />not limited tin, attorneys' teas, property inspection and valuation fees. In regard to any other fees, the absence of express
<br />authority a this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the
<br />charging of such fee. Lander may not charge fees that are expressly prohibited by this Security Instrument or by Applicable
<br />Law.
<br />If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted sin that the
<br />interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a)
<br />any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any
<br />sums already collected from Borrower which exceeded permitted Ihnits will be refunded to Borrower. Lender may choose to
<br />make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund
<br />reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a
<br />prepayment charge is provided for under the Note). Burrower's acceptance of any such refund made by direct payment to
<br />Borrower will constitute a waiter of any right of action Borrower might have arising out of such overcharge.
<br />15. Notices. All monies given by Borrower or Lander in connection with this Security Instrument must be in
<br />writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower
<br />when mailed by first class mail or when actually delivered to Borrowers notice address if sent by other means. Notice to any
<br />one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwlse. The notes address
<br />shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower
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