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200508966
<br />under any duty or obligation to do so. It is agreed that Lender iocurs no liability for not taking any or all actions authorized
<br />under this Section 8.
<br />Any amounts disbursed by Lender under this Section S shall become additional debt of Borrower secur
<br />by this
<br />Security Instrument if allowed wader Applicable Law. These amounts shall bear interest at the Note rate from tic
<br />date of
<br />disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment.
<br />If this Security instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If
<br />Borrower
<br />acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger ii
<br />writing.
<br />9. Mortgage Insurance. Mortgage Insurance reimburses Lender (or any entity that purchases the
<br />ote) for
<br />certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage I
<br />mrrance.
<br />If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the
<br />mmiums
<br />required to maintain the Mortgage Insurance in effect.
<br />10. Anignment of Miscellaneous Proceeds; Forfeiture. The Miscellaneous Proceeds of any award or
<br />claim for
<br />damages, direct or consequential, in connection with any condemnation or other taking of the Priope*, or part the
<br />f, or for
<br />conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of any
<br />ortgage,
<br />deed of trust or other security agreement with a lien which has priority over this Security Instrument.
<br />If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the
<br />operty, if
<br />the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and
<br />storation
<br />period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to im
<br />pect such
<br />Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be u
<br />adertaken
<br />promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payme
<br />nts as the
<br />work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid
<br />on such
<br />Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Mi
<br />ellaneous
<br />Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Mis
<br />ellaneous
<br />Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the exec
<br />is, if any,
<br />paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2.
<br />If the Property is abandoned by Borrower, or if, afkz notice by Lender to Borrower that the Opposing
<br />Party (as
<br />defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond
<br />o Lender
<br />within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proc
<br />ds either
<br />to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not
<br />then due.
<br />"Opposing Party" means the third patty that owes Borrower Miscellaneous Proceeds or the party against whom Bo
<br />wer has
<br />a right of action in regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
<br />Lender's
<br />judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Properti
<br />r or rights
<br />under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as piovided
<br />in
<br />Section 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes
<br />forfeiture
<br />of the Property or other material impairment of Lender's interest in the Property or rights under this Security Insmm
<br />icnt. The
<br />proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Ppiperty
<br />are
<br />hereby assigned and shall be paid to bender_
<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in
<br />the order
<br />provided for in Section 2.
<br />11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment
<br />or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower
<br />or any
<br />Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in laterest
<br />of
<br />Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower m,
<br />to refuse
<br />to extend time for payment or otherwise modify amortization of the suers secured by this Security Instrument by
<br />reason of
<br />any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by
<br />Lender in
<br />exercising any right or remedy including, without limitation, Lender's acceptance of payments from third pennons,
<br />entities or
<br />Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude
<br />the
<br />exercise of any right or remedy.
<br />12. Joint and Several Liability; Co- signers; Successors and Assigns Bound. Borrower covenants
<br />d agrees
<br />that Borrower's obligations and liability shall be joint and several. However, any Borrower who co -signs this,
<br />Security
<br />Instrument but does not execute the Note (a "co- signer"): (a) is co- signing this Security Instrument only to mortgkge,
<br />grant
<br />and convey the co- signer's interest in the Property under the terms of this Security Instrument; (b) is not personally
<br />obligated
<br />Loan NO: 121760239 Initials. `J
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