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<br />200800696
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<br />immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to
<br />Borrower.
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<br />In the. event of a partial taking, destruction, or loss in value of the Property in which the fair market
<br />value of the Property immediately before the partial taking, destruction, or loss in value is less than the
<br />amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless
<br />Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the
<br />sums secured by this Security Instrument whether or not the sums are then due.
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<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing
<br />Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower
<br />fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to
<br />collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the
<br />sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third
<br />party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of
<br />action in regard to Miscellaneous Proceeds.
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<br />Borrower shall be in default if any action or proceeding, whether civil or 'criminal, is begun that, in
<br />Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's
<br />interest in the Property or rights under this Security Instrument. Borrower can cure such a default and,
<br />if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to
<br />be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other
<br />material impairment of Lender's interest in the Property or rights under this Security Instrument. The
<br />proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest
<br />in the Property are hereby assigned and shall be paid to Lender.
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<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied
<br />in the order provided for in Section 2.
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<br />12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment
<br />or modification of amortization of the sums secured by this Security Instrument granted by Lender to
<br />Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower
<br />or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings
<br />against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise
<br />modifY amortization of the sums secured by this Security Instrument by reason of any demand made by
<br />the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in
<br />exercising any right or remedy including, without limitation, Lender's acceptance of payments from
<br />third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then
<br />due, shall not be a waiver of or preclude the exercise of any right or remedy.
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<br />13. Joint and Several Liability; Co-signers; Successors and Assigns' Bound. Borrower covenants and
<br />agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who
<br />co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this
<br />Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under
<br />the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this
<br />Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modifY,
<br />forbear or make any accommodations with regard to the terms of this Security Instrument or the Note
<br />without the co-signer's consent.
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<br />Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes
<br />Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall
<br />obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be
<br />released from Borrower's obligations and liability under this Security Instrument unless Lender agrees
<br />to such release in writing. The covenants and agreements of this Security Instrument shall bind (except
<br />as provided in Section 20) and benefit the successors and assigns of Lender.
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<br />14. Loan Charges. Lender may charge Borrower fees for services performed in connection with
<br />Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this
<br />Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation
<br />fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a
<br />specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender
<br />may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law.
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<br />If the Loan is subject to a law which sets maximum loan charges, and that law is tinally interpreted so
<br />that the interest or other loan charges collected or to be collected in connection with the Loan exceed
<br />the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce
<br />the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
<br />permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the
<br />principal owed under the Note or by making a direct payment to Borrower. If a refund reduces
<br />principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether
<br />or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund
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<br />l'tlIUfiRASAA - ~ingle family - .'n.ok Mlu~J}-n'.dllie MII~ UNIFORM INSTRUMENT
<br /><02004.2006 CopyrighlCompliance Systems, Inc. 2D26.9S40 . 2006. I 1.140
<br />''Sin Ie Famil Real Estate'. Securit Instrument DL2047
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<br />Initials
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<br />FOt'ln JOl8 1/01
<br />www,compliancesystcms',com
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