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200207380 DOC ID it 000054899950054 seemed by this Security Instrument by reason of 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 waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Cu- signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's 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 W mortgage, grant and convey the co- signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated W pay the sums secured by this Security Inswment; and (c) agrees that Lender and any other Borrower can agree W extend, modify, forbear or make any accommodations with regard W the terms of this Security Inswment or the Now without the co- signer's consent. Subject W the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees W 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. Luan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited W, 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 W Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that arc expressly prohibited by this Security Instrument or by Applicable law. If the Loan is subject W 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 W reduce the charge to the permitted limit and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded W Borrower. Lender may choose W make this refund by reducing the principal owed under the Now or by making a direct payment W 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 W Borrower will constitute a waiver of any 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 Inswment must be in writing. Any notice W Borrower in connection with this Security Instrument shall be deemed W have been given W Borrower when mailed by first class mail or when actually delivered W Borrower's notice address if sent by other means. Notice W any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Properly Address unless Borrower has designated a substitute notice address by notice W Lender. Borrower shall prompdy notify Lender of Borrower's change of address. If Lender specifics 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 Inswment 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 stand herein unless Lender has designated another address by notice W Borrower. Any notice in connection with this Security Instrument shall not be deemed W have been given to Lender until actually received by Lender. If any notice required by this Security Inswment is also required under Applicable Law, the Applicable Iaw requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severahility; 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 any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties W 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 Now conflicts with Applicable law, such conflict shall not affect other provisions of this Security Inswment or the Now which can be given effect without the conflicting provision. As used in this Security Inswment (a) words of the masculine gender shall mute and include corresponding neuter words or words of the feminine gender; (b) words in the singular shah mean and include the plural and vice versa; and (c) the word "may' gives sole discretion without any obligation W take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Now and of this Security Instrument. 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 W, 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 title by Borrower at a future date W a purchaser. imuais (0 6A(NE)(0005),01 CHL(01 /01) vaaa eons Form 281/01