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200704261 acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed Witll a ruling tlIat, in Lender's judgment, precludes forfeiture of tlIe Property or otlIer material impairment of Lender's interest in the Property or rights under tlIis Security Instrument. The proceeds of any award or claim for damages tlIat are attributable to tlIe impairment of Lender's interest in tlIe Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of tlIe Property shall be applied in tlle order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of tlIe time for payment or modification of amortization of tlIe sums sec'Ured by tlIis Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release tlIe 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 otlIerwise modify amortization of tlIe sums secured by tlIis Security Instrument by reason of any demand made by tlIe original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, witlIout limitation, Lender's acceptance of payments from tlIird persons, entities or Successors in Interest of Borrower or in amounts less tlIan tlIe amount tlIen due, shall not be a waiver of or preclude tlIe exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees tlIat Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs tlIis Security II1.'>trument but does not execute the Note (a "co-signer"): (a) is co-signing tlIis Security Instrument only to mortgage, grant and convey tlIe co-signer's interest in tlle Property under tlIe tenns of tlIis Security Instrument; (b) is not personally obligated to pay tlle sums secured by this Security Instrument; and (c) agrees tlIat Lender and any otlIer Borrower can agree to extend, modify, forbear or make any accommodations witlI regard to tlIe tenns of this Security Instrument or tlIe Note witlIout tlIe co-signer's COI1.,>ent. Subject to tlIe provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligatioI1.'> under tllis Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benetits under tlIis 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 performed in connection with Borrower's default, for tlIe purpose of protecting Lender's interest in tlIe Property and rights under tlIis Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any otlIer fees, tlIe absence of express autlIority in tllis Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on tlIe charging of such fee. Lender may not charge fees tlIat are expressly prohibited by this Security Instrument or by Applicable Law. If tlIe Loan is subject to a law which sets maximum loan charges, and tlIat law is finally interpreted so that tlIe interest or otlIer loan charges collected or to be collected in connection witlI tlIe Loan exceed tlIe pennitted limits, tlIen: (a) any such loan charge shall be reduced by tlIe amount necessary to reduce tlIe charge to the pernlitted limit; and (b) any sums already collected from Borrower which exceeded pennitted limits will be refunded to Borrower. Lender may choose to make tlIis refund by reducing tlIe principal owed under tlle Note or by making a direct payment to Borrower. If a refund reduces principal, tlIe reduction will be treated as a partial prepayment witlIout any prepayment charge (whetlIer or not a prepayment charge is provided for under tlIe 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. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection witlI tlIis 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 otlIer means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otlIerwise. The notice address shall be tlIe Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall prompt! y notify Lender of Borrower's change of address. If Lender specifies a pr~re for reporting Borrower's change of address, tlIen Borrower shall only report a change of address I Jlh tlIat specified procedure. Initials: ) 1\f) 8@-6(NEI (0005) Page 1001 15 ::::-r Form 3028 1/01