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~a104~307 If the Property is abandoned by Borrower, or if; after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous 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 awes Borrnwer Miscellaneous Proceeds ar the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Harrower 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. Borrnwer 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 rulirig that, in Lender's judgment, precludes forfeiture of the Property ar other material impairment of Lender's interest in the Property or rigltts under this Security instrument. The proceeds of any award ar claim far 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 Section 2, 12. Harrower Not Released.; Forbearance Hy Lender Nat a Waiver. Extension of the time for payment ar modification of amortization of fhe 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 Harrower ar any Successors in interest of Borrnwer. Lender shall not be required to commence proceedings against any Successor in h~terest of Borrnwer or to refuse to extend tune for payment or otherwise modify amortization pf the sums secured by this Security instrument by reason of any demand made by the original Harrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right ar remedy including, without limitation, Fender's acceptance of payments from third pcrsnns, entities or Successors in Interest of Harrower ar in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of airy right or remedy. 13. Joint and Several Liability; Ca-signers; Successors and Assigns Hound. Horrower covenants and agrees that Borrower' s obligations and liability shall be joint and several. However, any Borrower wltn co-signs this Security instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only tq mprtgage, grant and convey the co-signer's interest in the Property under the terms of this Security lnstrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Harrower can agree to extend, modify, forbear ar make airy accarrunadatians with regard to the terms of this Security instrument or the Nate without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Horrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrnwer' s rights and benefits under this Security instrument. Harrower shall not be released from Horrower' s obligations and liability under this Security lnstrument 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 tees 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, attorneys' fees, prpperty inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee tp .Borrower shall not be construed as a prohibition on the chargittg of such fee. Lender inay ttpt charge fees that are expressly prohibited by this Security 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 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 collected from Harrower 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 Harrower. if a refiuid 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 Harrower might have arising nut pf such overcharge. 15. Notices. All notices given by Borrower ar Lender in connection with this Security Instrument must be in writing. Any notice to Harrower in connection with this Security lnstrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Horrawer's notice address if scut by other rrieans. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower' s change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall. be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Under has designated another address by notice to 13arrawer. Any notice in connection with this Security Instrument shall not be deemed to 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 Applicrble 'Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security lnstrument shall be governed by federal law and fhe law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security lnstrument arc subject to any requirements and limitations of Applicable Law. Applicable Law might ---. 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