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LOAB .. 0021635891 such Miscellaneous Proceeds, If the restoration or repair Is not economioally feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for In Section 2. In the event of a total taking, destruction, or loss In value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excctsS, if any, paid to Borrower. In the event ofa partial taking, destruction, or 1011 In value of the Property In which thefalr market value of the Property immediately before the partial taking, destruction, or loss in value is ~ual to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender othCHWise agree in writing, the 8ums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fracUon: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss In value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which thetair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums s&cured Immediately before the partial taking, destruction, or 108s in value, unless Borrower and Lender otherwise agree In writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. tfthe Property Is abandoned by Borrower, orit, after notice by Lenderto Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to seWe a claim for damages, Borrower falls to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Mlsclitllaneous Proceeds 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 Ballower Miscellaneous Proceods 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 01 the Property or other material impainnent of Lender's interest in the Property or rights under this Security Instrument Borrower can cure such a default and, If acceleration 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, pl'8cludes forfeiture of the Property or other materiallmpaionent 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 resteration or repair of the Property shall be applied in the order provided for in SecUon 2. The application of Miscellaneous Proceeds as described in this Section 11 is subject to the terms of any Prior Uen. 12, Borrower Not Released; Forb_rane. By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Seourity 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 Bollower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or othelWlse modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any SUccQSsors 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 Uablllty; Co-eIgnera; SUCC.Hor. and ASBlgna Bound, Bollower covenants and agrees that Borrower's obligations and liabl11ty shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signlng this Security Instrument only to mortgage, grant and convey the co-signer's interestln the Property under the terms efthis Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Bollower can agree to extend, modify, forbear or make any accommodations with regard to the teons of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor In Interest 01 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 benefit the successors and assigns of lender. 14. Loan Charges. Lender may charge Borrower fees for services requested by the Borrower from time to time and 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 to. attomeys' 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 01 such fee. Lender may not charge fees that are expressly prohibited by this Security InstriJment or by Applicable Law. If the loan is subject to a law which sets maximum loan charges, and thatlaw 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 to reduce the charge to the permitted limit; and (b) any sums already c04lectedfrom Borrower which exceeded permitted limits will be refunded to Borrower. lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to 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 to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge, 15. NotIce.. 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 Seourity Instrument shall be deemed to have been given to Borrower when 20070141.(; HE DHd of TlQst - Single Family. Ho.... Equity (F\W>'. 4J05) Page e of 9 NEXDEED 0506 .\1) ~{)