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200304143 or Applicable Low requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. Ifthe restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instillment, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value i f the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not their due, with the excess, if any, paid re Borrower. In the event of a partial taking, destruction, or loss in value of the Property iv which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree n writing, the scans secured by lilts Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the anrcoal ofthe sums seemed immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall he applied to the sums secured by this Security Instrument whether or not the sums ore then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next senteree) offers to make an award to settle a claim for damages, Borrower foils to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums seemed by this Security Instrument, whether or nut then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminalld , is begun that, in Lender's judg�met could result result in forfeiture of the Property or order material impairment of Lender's interest in the Property or rights wider this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling brat, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscel lancous Proceeds that are not applied to restoration or repair ofthe Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; 1, rbcaranoe By Lender Not a Waiver. Extension of the time for payment or modification of amHi o nation of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in mteresI of Borrower shall not operate to release the liability of i3comoer or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in of Borrower or to refuse to extend time for payment or otherwise modify amortizaton of the p sums secured by this Security Instrument by reason oC any demand made by the original Borrower or any Successors in interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a worse, of or preclude the exercise of any right or remedy. 13. Joint and Several Liabilfty; Co-signers; Successors and Assigns Board. Borrower covenwts and agrees that Borrower's obligations and liability shut be joint and several. However, any Borrower who co -signs this Security Instrwnent hilt does not eXtrome the Note (a "w-signer'): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co- signer's interest in ire Property under the terms of this Security Instrument; (b) is not personally obligated to pay the arms secured by this Security instrument; and (c) agrees that Lender and any other l mirmwer con agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co- signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Brroower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrewcr's rigbts and benefits under this Security Instrument_ Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees th such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose c[protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited tq attorneys' h es, property inspection and valuation fees. In regard to any other fees, the absence of express authority to this Security Instrument to charge a specific fee to [follower shall not he construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum low charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed Order the ?tote or by making a direct payment to Borrower. If a refwid reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of anv such refund made by direct payment to Burrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge, 15. No lives. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borzowers unless Applicable Law expressly requires otherwise, the notice address shall he the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies n procedure for reporting Borrower's change of address, then Borrower shall only report a change Of address through that specified procedure. There may be only one designated notice address under this Security 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 stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this scl wiry Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security instrument. 16. Governing Law; Severabf&ty; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the I wisdiction in which the Property is Inested. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be anent, but such silence shall not be construed as a prohibition against agreement by contract In the event that any provision or clans. of this Security Instrument or the New conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mewl and include corresponding neuter words or words of the feminine gender, (b) words in the singular shall mein and include the plural and vice versa; and (c) the word `4uay" gives sole discretion without any obligation to take any action_ 17. Borrower's Copy. Borrower shall be given one copy of the Note and ofthis Security Instrument. Page 5 of ] ecrmwer(s) Initials ICE, lire .- 1800155618]2