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200305140 Borrower. Lender shall not he required to commence proceedings against any Successor in Interest of Borrower or to refuse to attend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of my demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in eureising my right or remedy including, without limitation, Lenders 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 waiver of or preclude the exercise of my right or remedy. 13..bint and Several Liability; Co-signers; Successors and Assigns Bound Borrower covenants and agrees that Borrowers obligations and liability shall be joint and several. However, any Borrower who co -signs this Security Instrument but does not execute the Now (a co-signer): (a) is co- signing this Security Instrument only to mortgage, grant and convey the co- signers 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 my 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- signers consent. Subject to the provisions of Section 18, my Successor in Interest of Borrower who assumes Borrowers obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrowers rights and benefits under this Security Instrument. Borrower shall not be released from Borrowers 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. 14.1-oan Charges. Lender may charge Borrower fees for services performed in connection with Borrowers default, for the purpose of protecting Lenders interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys fees, property inspection and valuation fees. In regard to any 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 f-mally 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) my such Ion charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) my 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 the 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). Borrowers acceptance of any such refund made by direct payment in Borrower will constitute a waiver of my right of action Borrower might have arising out 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 Borrowers notice address if sent by other means. Notice to my one Borrower shall constitute notice to 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 Borrowers change of address. If Lender specifies a procedure for reporting Borrowers 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 my one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lenders address stated herein unless Lender has designated mother 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 my 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. I6.Coveming Law; Sevembility; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to my requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow die parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note 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 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 my obligation to take any action. 17.13ormwers Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 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