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200605998 . . DOC ID #: 00013825689406006 the sums secured by this Security Instrument by reason of any demand madc by the original Borrower or any Successors in Interest of Borrower. Any forbearancc by Lcnder in exercising any right or remedy including, without limitation, Lcnder's acceptance of payments from third persons, cntities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not bc a waivcr of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. Howcver, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signcr"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's intcrest in the Property under the terms of this Sccurity Instrument; (b) is not personally obligatcd to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any 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-signer's consent. Subject to the provisions of Section 18, any Succcssor in Interest of Borrower who assumes Borrower's obligations under this Security Instrumcnt in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits undcr this Security Instrument. Borrower shall not be released from Borrower's obligations and liability undcr this Security Instrument unless Lender agrces to such release in writing. Thc covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for scrviccs performed in connection with Borrower's default, for the purpose of protecting Lender's intcrest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspcction and valuation tees. In regard to any other fees, the absencc of express authority in this Security Instrument to charge a specific fee to Borrowcr shall not be construed as a prohibition on the charging of such fee. I.ender 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 finally intcrprcted so that the intercst or other loan charges collected or to bc collected in connection with thc Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by thc amount necessary to reduce thc ehargc to the permitted limit; and (b) any sums already collected from Borrower which exceeded permittcd limits will be refunded to Borrower. Lcndcr may choose to make this refund by rcducing the principal owed under the Note or by making a direct payment to Borrowcr. If a refund reduces principal, the rcduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under thc Notc). 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 overchargc. 15. Notices. All notices given by Borrowcr or Lender in connection with this Security Instrument must bc in writing. Any notice to Borrowcr in connection with this Security Instrument shall be deemed to have been given to Borrower whcn mailed by first class mail or whcn actually delivered to Borrower's notice address if sent by other means. Notice to anyone 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 addrcss by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifics a procedure f~)f reporting Borrower's change of address, then Borrower shall only report a change of address through that speeified procedure. There may bc only one designated notice addrcss under this Security Instrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has dcsignated another address by notice to Borrower. Any noticc in connection with this Security Instrument shall not be deemed to have been given to Lendcr until actually received by Lcnder. If any notice requircd by this Security Instrument is also requircd under Applicable Law the Applicable Law requircment will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by fedcral law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subjcet to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the 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 eHect 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 includc the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and ofthis 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 bcneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for decd, installment sales contract or escrow agrcement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. ~ -6A(NE) (0407) CHL (08/05) Page 8 of 11 Fonn 3028 1/01