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200304613 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 m value is equal to or greater than the amount of the sums secured by this Security Instrumem immediately before the partial taking, destruction, or loss in value, unless Borrower and Leader otherwise agree in writing, the sums secured by this Security hutrumem 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 amount of die sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the awns secured by this Security Instrument whether or not the scats are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Parry (as defined in the next sentence) offers to make an award to scale a claim for damages, Borrower fags to respond to Lender within 30 days after the date the notice is given, Leader is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrumem, whether or not then due. "Opposing Parry" means the third patty that owes Borrower Miscellaneous Proceeds or the parry 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 criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can care 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 that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lenders 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 Leader. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall he applied in the order provided for in Section 2. 12. Borrower Not Released; Forhearance By Lender Not a Waiver. Extension of the tune for payment or modification of amortization of the suns secured by this Security Instrument granted by Leader to Borrower or my Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commeace proceedings against any Successor in Interest of Borrower or to refuse to extend time for paymem or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by leader 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 Wen due, shall not be a waiver of or preclude the exercise of Say right or remedy. 13. Joint and Several Liability; Co-slguers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-sigas this Security Instrument . but does not execute the Note (a "co-signer "): (a) is co- signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can 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 Borrower who assumes Borrower's obligations under this Security I rstrumem in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security luslrumeul. Borrower shall ml be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to 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. Leader may charge Borrower fees for services perforated in connection with Borrowers default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not liniked to, attorneys' fees, property inspection and valuation foes. In regard to Say other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be 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 loan 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 We 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 under We Note or by making a direct payment to Borrower. If a refund 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 any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising our of such overcharge. 15. Notices. 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 seat by other means. Notice to any one Borrower shall constitute notice ro all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be 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 a 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 tune. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address staled herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemled to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severabil ty; Rules of Construction. This Security Instrurneat shall be governed by federal law and the law of the ju:gdiction in whiuh the Pf'Terry is located. 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 come= or it might be silem, but such silence shall out be construed as a prohibition against agreement by contract. In the evem that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shalt net affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used i¢ this Security Instrument: (a) words of the masculine gentler shall mean and include corresponding neuter words or 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 sole discretion without any obligation to take any anion. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Imclranunl. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited lo, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of tide by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Leader if such exercise is prohibited by Applicable Law. NESMSKA— Sinale Family —F.ad. Mr,NFradd. Mrc UNIFORM INSTRUMENT _ Form 3025YO1 BaNV" S,.—, Inc., SC L..d, MN Fmm or I NE .1111... (yµe 3 of7