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08/21/2005 04:44 6192933420 HLCMV PAGE 07/31 200701807 by this Security Instrument by reason of any d~mand made by tbe original Borrower or any Successors in Interest of Borrower. Any forbearnnce by Lender in exercising any right or remedy including, without limitation, Lclodcr's acceptance of payments from thixd persons, entities'or SUCCl':Ssors 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. 11. Joint and Several Liabmty; Co...trultors; 'Successors and Assigns Bonnd. Borrower covenants and agrees that Borrower's obli!!:ations lIJ.ld liability shall be joint aJ;Ld. several. However, any Borrower who signs this SecuritY Instrument but does not execute the Debt Instrument (a "co-trustor"): (a) is signing this Security Instrument only to mortgage, grant and convey the co-tru&tor's UttcreM in the Property under the terms of this Security Instrument; (b) is not pl':fSonally obligated to pay the Su;oo$ secured by this Security Instrutnent; and (0) agrees that Lender and any other :Bortower can agree to extend, modify, forbcllT or make any accommodations with regard to the teons of this Security Instrument or the l>ebt Instrument without the cQ-trustor'g consent. Subject to the provisions of Section 16, any Successor in Interest' of Borrower wbo assumes Borrower's Obligations under this Security lnstrUment in writing, and )11 approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower sludl not be released from Borrower's obligatiolU and liability under this Security Instrument unless Lender agrees to such release in writing. The covenantll and agreements of t:hi$ Security Instrument shall bind (except as provided in'Section 17) and benefit the successors and assigns of Lender. 12. Loan Charges. Lender may charge Borrower fees for senrices performed in connection with Borrower's defllult, for the purpose of Jlrotec1:ing Lender's interest in the Property an,d rights 1.Il1dcI this Security ll1stcument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the abknce of express authority in this Security Instrument to charge a specific fee to Borrower shall not bl:: construed as a prohibition on the chargi.ng of such fee. Lender may not chaxge fees that are expressly prohibited by this Security Inllttu.m.ent or by Applicable Lllw. If the Loan is subject to a law which Sets maximum loan chll.Tges, and that law is fwally interpreted so that the mterest or other loan chatgcs collected or to be collected in connection w:i.th the Loan ~ceed the permitted limits, the)].: (a) lIDY such loan charge shall be reduced by the amount necessary to reduce the charge to the pennittcd limit; and (b) any awns alt:eady collected from Borrower which, elUJeeded permitted limits will be refunded to BorrowtI:. Lender may choose to m.a.kc this reftmd by reducing the principal owed under the Debt Instrument or by making a direct payment to aorrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prep8.}'1)lMt charge (whether or not a prepayment charge is provided for under the Debt Instl'un1ent). Borrower's accepwtc.c of any such refimd made by direct payment to Borrower will constitute a waiver of any right of actiOl\. Borrower might have arising out of such overcharge. 13. Notices. Unless othcJ'Wise described in the Debt Instrument or in anotbet agreement betwt:1':{J. BOllower and Lender, the following provisions tegardini notices shaD apply. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in. cOWlection with this Security Instrument shall be deemed to have been given to Borrower when mailed by fttllt class mail or when actually delivered to Borrower's notice address ifsem by other means. Notice: to anyone Bon-ower shall constibrte notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute l1oti[;c address by notilXl to Lender. Borrower shall promptly notify Lender of Borrower's change of address_ If Lender spl':cifies a procedure for reportin8 Borrower's change of address, then. Borrower shall only report a change of address through that specified procedure. There may be. only one dl':signated notice addre:ss for Borrower under the Loan at anyone time. Any notice to Lender shall be given by delivering it OJ: by mailing it by fl1"St claM llIlljl to Lender's address stated herein, tmless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deaned w have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law l'e'luirement will satisfy the corresponding requirement under this Secutity Instn.uncnt. 14. Governing Law; Severability; Ru.les of Construetion. This Security Instrument shall he governed by federal law and, to the extent not preempted by federal law. the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument a.re $~bje~t to any requiremeDls and limitations of Applicable: Law. Applicable Law might explicitly or implicitly allow the: pllmes to agree by contract or it might be silent, but such silence shall not be construed as a tn'ohibition against agreement by contract. In the event that any provi.sion or clause of this Security Instrument or the Debt Instrument oonflictll with Applicable fA iUlliiiliiiiil.lilli (5/4/06) (pap 1 of Jj PIlIP) DQCuments Processed 02-02.2007,15:16:21