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200301770
<br />market value of the Property immediately before the partial taking, destruction, or loss in value.
<br />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
<br />market value of the Property immediately before the partial taking, destruction, or loss in value is
<br />less than the amount of the sums secured immediately before the partial taking, destruction, or
<br />loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds
<br />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, 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
<br />damages, Borrower fails to respond to Lender within 30 days after the date the notice is given,
<br />Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or
<br />repair of the Property or to the sums secured by this Security Instrument, whether or not then
<br />due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the
<br />party against whom Borrower has a right of action in regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun
<br />that, in Lender's judgment, could result in forfeiture of the Property or other material
<br />impairment of Lender's interest in the Property or rights under this Security Instrument.
<br />Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section
<br />19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment,
<br />precludes forfeiture of the Property or other material impairment of Lender's interest in the
<br />Property or rights under this Security Instrument. 'the proceeds of any award or claim for
<br />damages that are attributable to the impairment of Lender's interest in the Property are hereby
<br />assigned and shall be paid to Lender.
<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall
<br />be ap lied in the order provided for in Section 2.
<br />P2. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the
<br />time for payment or modification of amortization of the sums secured by this Security
<br />Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not
<br />operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall
<br />not be required to commence proceedings against any Successor in Interest of Borrower or to
<br />refuse to extend time for payment or otherwise modify amortization of the sums secured by this
<br />Security Instrument by reason of any demand made by the original Borrower or any Successors in
<br />Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including,
<br />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
<br />preclude the exercise of any right or remedy.
<br />13. 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,
<br />any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"):
<br />(a) is co-signing this Security Instrument only to mortgage, grant and convey, the co signer's
<br />interest in the Property under the terms of this Security Instrument; (b) is not personally
<br />obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any
<br />other Borrower can agree to extend, modify, forbear or make any accommodations with regard to
<br />the terms of this Security Instrument or the Note without the co'signer's consent.
<br />Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes
<br />Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall
<br />obtain all of Borrower's rights and benefits tinder this Security Instrument. Borrower shall not be
<br />released from Borrowers obligations and liability under this Security Instrument unless Lender
<br />agrees to such release in writing. The covenants and agreements of this Security Instrument shall
<br />bind (except as provided in Section 20) and benefit the successors and assigns of Lender.
<br />14. Loan Charges. Lender may charge Borrower fees for services performed in connection
<br />with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights
<br />under this Security Instrument, including, but not limited to, attorneys' fees, Property inspection
<br />and valuation fees. In regard to any other fees, the absence of express authority in this Security
<br />Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the
<br />—61NEl maov. °¢ p,a, ,o ", ,. Form 3028 1/01
<br />CVNE 02105103 8A2 A4 6666842276 li
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