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200601775 acccleration 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 f(Jrfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. 'rhe proceeds of any a\vard or claim for dmnages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Ll.:nder. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be appl ied in the order provided f(ll' in Section 2. 12. BIIITower Not Rdeased; Forbeanlnce By Lender Not a Waiver. Extension of the time i(lr payment or modification of alllOrtization of the sums secured by this Security Instrument granted by Lender to Borrower or any 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 commence proel.:cdings against any Successor in Interest of Borrower or to refuse to extend time for payment 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 Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments tj'om 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 Liabilit)'; Co-signers; Successors and Assigns Hound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument hut does not exccute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer' s intcrest in the Property undl.:r 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 Borrowcr can agree to extend, modify, forbcar or make any accommodations with regard to the terms of this Security lnstrument 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 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 to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and bendlt the successors and assigns of Lcnder. 14. Loan Charges. Lender may charge Borrower fees t(,r serviccs 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 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 slIch 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 Imv is finally interpreted so that the interest or other loan charges collected or to be collected in connection witll the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced hy the amount necessary to reduce the chargc to thc permitted limit; and (b) any sums aln:ady collected hom Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under thc Note or by making a dircct payment to Borrower. If a refund reduces principal. the reduction will he treated as a partial prepayment without any prepayment charge (whether or not a prepaymcnt chargc 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 out of such overcharge. 15, l\Intices. 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 Sc:curity Instrument shall be deemed to have been f2:iven to Borrower when mailed by first class mail or when actually delivered to Borrower's notice addr~ss if scnt by other means. Notice to anyone Borrower shall constitute noticc to all Borrowers unless Applicahle Law expressly requires otherwise. The notice address shall bc the Property Address unless Borrower has designated a substitute noticc address by notice to Lender. Borrower shall promptly noti(y Lender of Borrower's change of address. If Lender specifies a procedure t(lr reporting Borrower's changc of addn;ss, then Borrower shall only report a change of address through that specificd procedure. Irlilialstld.JIJ, p 0110247550 ~.6(NE) (0407).01 P<I;)e 10 of 15 ~ .4 Fonn 3028 1/01