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200304014
<br />In Iho event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Pro party
<br />immediately before the panial talong, destruction, or loss in value is equal 10 or greater than the amount of the sums secured by this
<br />S'ecunty Instrument immediately before the panial taking, destruction, or loss In value, unless Borrower and Lender otherwise agree
<br />in writiny, the sums secured by this Security InslrumeN shall ba reduced by the amount of the Miscellaneous Proceeds multiplied
<br />by the following fraction (a) the total amount of the sums secured immediately before the panial taking, destruction, or loss in value
<br />divided by (h) the lair market value of the Propeny immediately before the partial taking, destruction, or loss in value. Any balance
<br />Shall be paid 10 Borrower.
<br />In the event of a panial taking, destruction, or loss in value of the Property in which the fair market value of the Property
<br />immediately before the partial taking, de -trJ,a on, or loss in value is less than the amount of the sums secured immediately before
<br />the partial taking, destruction, or loss in value, unless Borrower and Lantler otherwise agree in writiny, Iha Miscellaneous Proceeds
<br />shall be applied to the sums secured by this Security Instrument whether or not the sums are then duo.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the
<br />next sentence) offers to make an award to settle a claim for damagges, Borrower fails to respond to Lender within 30 days after the
<br />date the notice is given, Lender is authorized to collect and apply tha Miscellaneous Proceeds either to restoration or repair of the
<br />Propeny, or to the sums secured by this Security Instrument, whether or not then due. Opposing Party' means the third party that
<br />owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action In regard to Miscellaneous
<br />Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could
<br />result in foneiture of the Property or other material impairment of Lender's interest in the Properly or rights under this Security
<br />Instrument. Borrower can cure such a default and, if acceleration has occured, reinstate as provided in Section 19, by causing the
<br />action or proceedingg to be 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 any award or claim for
<br />damages that are attributable to the impairment of Lenders interest in the Property are hereby assigned and shall be paid to
<br />Lender
<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided
<br />for in Section 2.
<br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in
<br />Interest of Borrower shall not operate to reloaso the liability of Borrower or any Successors in Interest of Borrower. Londer shall not
<br />be required to commence 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 made by the original
<br />Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without
<br />limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or m amounts less than
<br />the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy.
<br />13. Joint and Several Liability; Co- signers; Successors and Assigns Bound. Borrower covenants and agrees
<br />that Borrower's obligations and liability shall be joint and several. However, any Borrower who co -signs this Security Instrument but
<br />does not execute the Note (a "co- signer"): (a) is co- signing this Security Instrument only to mortgage, grant and convey the
<br />co- signer's interest in the Properly under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured
<br />by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any
<br />accommodations with regard to the terms of this Security Instrument or the Note without the co- signet's consent.
<br />Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this
<br />Security Instrument in writing, and is approved b Lender, shall obtain all of Borrower's rights and benefits under this Security
<br />Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender
<br />aggrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section
<br />20) and benefit the successors and assigns of Lender.
<br />14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrowers default, for the
<br />purpose of protecting Lenders interest in the Property and rights under this Security Instrument, including, but not limited to,
<br />attorney's fees, property Inspection 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 charging of such fee. Lender may not
<br />charge fees- that are expressly prohibited by this Security Instrument or by Applicable Law_
<br />If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other
<br />loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then'. (a) any such loan charge shall
<br />be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any surna already collected from Borrower
<br />which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal
<br />owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a
<br />partial prepayment without any prepsyrent charge (whether or not a prepayment charge is provided for under the Note). Borrower's
<br />acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have
<br />arising out of such overcharge.
<br />15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing Any
<br />notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first
<br />class mail or when actually delivered to Borrower's notice address it sent by other means. Notice to any one Borrower shall constitute
<br />notice to all Borrowers unless Applicable Law expressly requires otherwise, The notice address shall be the Property Address unless
<br />Borrower has designated a substitute notice address by notice to Lender Borrower shall prom fly notify Lender of Borrower's
<br />change of address. It Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a
<br />hhnge of address through that specified procedure. There may be only one designated notice address under this Security
<br />Instrument at any one time Any notice to Lender shall be given by delivering it or by mailing It by first class mail to Lender's address
<br />stated herein unless Lender has designated another address by notice to Borrower. Anyy notice in connection with this Security
<br />Instrument shall not be deemed to have been given to Lender until actually resolved by Lentler. If any notice required by this Security
<br />Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under
<br />this Security Instrument.
<br />16. Governing Law; Severabilfiv; Rules of Construction. This Security Instrument shall be governed by federal law
<br />arid the law of the jurisdiction in which the FF eoperty is located. All rights and obligations contained in this Security Instrument are
<br />subject to any requirements and limitations of Applicahle Law. Applicable Law might explicitly or implicitly allow the parties to agree
<br />by contract or t might be silent, but such silence shall not be construed as a prohibition against agreement byy contract. In the event
<br />that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such sent let shall not affect other
<br />provisions of this Security Instrument or the Note which can be given effect without the conflicting provision.
<br />As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or
<br />words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives
<br />sole discretion without any obligation to take any action.
<br />17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument
<br />NEBPASNA -11,0 Fem,ly -Pon,ve MadFnEEle Mec UNIFORM INSTPIIMEM Feem ]0181/01 (pepe5ol]pyR)
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