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200607614 Pro~eeds either to restoration Or repair of the Property or to the sums secured by this Security Instrument. whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has o~curred, reinstate as provided in Section 19, by causing the action Or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Se~tion 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization 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 proceedings 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 Secority Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Bnrrower. Any forbearan~e by Lender in exercising any right or remedy inciuding, withoot limitation, Lender's acceptance of payments from third persons, entities or So~~essors in Interest of Borrower or in amounts less than the amOUlll then due, shall not be a waiver of Or preclude the exercise of any right or remedy. 13. Joint aod Several Liability; Co-sigoers; SU~~essors 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 Instrumeot but does oot execute the Note (a "co-signer"): (a) is co-signing this Se~urity Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument: (b) is not personally obligated to pay the sums secured by this Security Instn'ment; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any a~commodations 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 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 ohligations and liability under this Security Instrument tUlless Lender agrees to such release in writing. The covenants and agreements of this Security Instrllment 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 services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Se~urity Instrument, including, but not limited to, attorneys' fees, property inspe~tion 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 su~h fee. Lender may not ~harge fees that are expressly prohibited by this SecUlity Instrument or by Applicable Law. If the Loan is subject to 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 colle~ted in ~onnection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already ~olle~ted from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this ret\md by reducing the principal owed under the Note or by making a dire~t payment to Borrower. If a refund reduces principal, the redu~tion will be treated as a partial prepayment without any prepayment ~harge (whether or not a prepayment ~harge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will conslilute 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 Instrument must be in writing. Any notice to Borrower io ~onoe~tion with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicahle Law expressly requires otherwise. The noti~e address shall be the Property Address unless Borrower has designated a subslilute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a pro~edure for reporting Borrower' s ~hange of address, then Borrower shall only report a change of address through that specified procedure. There may be only one desiWlated notice address under this Security Instrument at anyone time. Any notice to Lender shall be given by delive~ing it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until a~tually received by Lender. It' any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is lo~ated. 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 to agree by ~ontract or it might be silent, but su~h silen~e shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security ,..:" Borrower Initials: e Mac UNIFORM INSTRUMENT. MERS Page 7 of 10 DocM_glc eR.b~fI!iri~ 800-649-1362 www.docmagic.com