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200200000 <br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for <br />payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to <br />Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any <br />Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any <br />Successor in Interest of Borrower or to refuse to extend time for, payment or otherwise modify amortization of <br />the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any <br />Successors in 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 Interest of <br />Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any <br />right or remedy. <br />13. Joint and Several Liability; Co- signers; Successors and Assigns Bound. Borrower covenants <br />and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who <br />co -signs this Security Instrument but does not execute the Note (a "co- signer "): (a) is co- signing this Security <br />Instrument only to mortgage, grant and convey the co- signer's interest in the Property under the terms of this <br />Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and <br />(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- signer's <br />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 obtain all of <br />Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's <br />obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The <br />covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit <br />the successors and assigns of Lender. <br />14. Loan Charges. Lender may charge Borrower fees for services performed in connection with <br />Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security <br />Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to <br />any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower <br />shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are <br />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 <br />that the interest or other loan charges collected or to be collected in connection with the Loan exceed the <br />permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge <br />to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will <br />be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the <br />Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as <br />a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for <br />under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute <br />a waiver of any right of action Borrower might have arising out of such overcharge. <br />15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument <br />must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to <br />have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice <br />address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless <br />Applicable Law expressly requires otherwise. <br />4ft-ONE) (0005) <br />Page 10 of 15 <br />Initials: <br />�v <br />Form 3028 1/01 <br />