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2010U7414 If thc Properry is abandoncd by Borrowcr, ar if, aftcr noticc by Lcnder to Borrower that the Opposing Party (as dcfincd in chc ncxt scntcncc) offcrs to makc an award ro settle a claim for damages, Borrower fails to respond to Lcndcr within 30 days aftcr thc datc thc notice is given, Lender is authorizcd to collect and apply the Miscellaneous Procccds cithcr to restoration or repair of thc Property or co the sums sccured by this Security Instrument, whether or not then duc. "Opposing Party" means thc third party that owcs Sorrower Miscellaneous Proceeds or the party against whom Borrowcr has a right of action in regard w Miscellaneous Proceeds. Borrower shall be in default i£ any action or proceeding, whether civil or criminal, is begun that, in Lcndcr's judgment, cnuld result in for£eiture of the Froperty or vther material impairmcnt of Lender' s interest in thc Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurrcd, rcinstatc as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes Forfeiture vf the Property or other material impairment of Lendcr's intcrest in the Property or rights under this Sccurity Instrument. The procceds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shal] bc paid to Lender. All Miscellaneous Proceeds that are not app1ied to restoration nr repair of thc Property shall hc applied in thc order provided fvr in Section 2, 11. Borrower Not Released; �'orbearance By Lender Not a VVaiver. Extension of the time for payment nr modification of amortization of the sums sccured by this Securiry Instrwnent granted by Lender to I3orrower or any Successor in Intcrest of Borrowcr shall not operate to release thc liability of Borrower or any Successors in Intcrest of Borrower. Lender shall not be reGuircd to commencc proccedings against any Successor in Interest of Borrower or to rcfuse to cxtcnd time for paymcnt or othcrwisc modify amortization of the sums secured 6y this Security Instrumcnt by reason of any demand made by the original Borrowcr or any Successors in Interest af Borrower. Any forbcarance by Lcndcr in cxercising any right or remedy including, without limitation, Lender's acccptancc of payments from third persons, entitics or Successors in Interest of Borrowcr or in amounts less than the amount thcn duc, shall not bc a waivcr of or prcclude the exercise of any right ur remcdy. 13. Joint and Several Liahility; Co-signers; Successors and Asslgns Bound. Borrowcr covcnants and agrees that Borrower' s obligations and liahility shall be joint and several. However, any Borrower who co-signs this Security instrunient but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only tv mortgage, grant and convcy thc co-signer's intcrest in thc Property undcr thc terms of this Security Instrument; (b) is not personally obligated to pay thc sums securcd by this Security Instrument; and (c) agrees that Lender and any other 6orrower can agrcc to cxtcnd, modify, forbcaz or make any accommodations with regard to the terms of this Securiry instrument or the Note without the co-signcr's consent. Subject to the provisions of Scction 18, any Sucecssor in Interest of Borrvwer who assumes Borxower's obligations under this Sccurity Instrument in writing, and is approved by Lender, shall vbtain all of Borrower's rights and bencfits under this Security Instrumcnt. Borrowcr shall not bc rcleased from Borrower' s obligations and liability under this Security Instrument unless I.ender agrees to such rcicase ia 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 fccs for services performed in connection with Borrower's default, for the purposc of protecting Lendcr's interest in the Properry and rights under this Security Instrument, including, but not limitcd to, attorncys' fecs, property inspeccion and valuation fees. in regard to any othcr fccs, thc abscnec of express authority in this Sccurity Instrument to chargc a spccific fee to [3orrower shall not be construcd as a prohihition on thc charging of such fee. Lcnder may not charge fccs that arc expressly prohibited by this Sccurity Instrument or by Applicable Law. If the Loan is subject to u law which sets muximum Ioan char�es, and that law is finally intcrprcied so that the interest or other loan charges collected or tp he collected in connection with the Loan exceed thc permitted limits, then: (a) any such loan chazge shall be reduced by the amnunt necessazy w reducc thc charge to thc permittcd limit; and (b) any sums already collected from Borrvwer which exceeded permitted ]imits will be rcfunded to Borrower. Lcndcr may choosc w make this refund by reducing the principal owed undcr thc Notc or by making a dircct payment to Borrower. If a refund reduces principal, the reduction will be treatcd as a partial prepaymcnt without any prepayment charge (whether or not a prepayment charge is provided fnr under the Notc). Borrower's acceptance nf any such refund made by direct payment to k3orrower will constitute a waiver of any right of action Barrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower ar Lender in connection with this Security Instrument must he in writing. Any notice to Borrower in conncction with this Security Instrument shall be deemed m have been given to Borrowcr whcn mailcd by first class mail or when actually delivcrcd to Borrowcr's nntice address if scnt by othcr mcans. Noticc to any onc Borrowcr shall constitutc notice to all Borrowers unless Applicable Law expressly rcquires othcrwisa Thc noticc address shall bc the Property Address unlcss Borrower has designated a substitutc noticc address by notice to Lendcr. Borrowcr shall promptly notify Lendcr of Borrower's change of address. If Lender spccifics a proccdurc for rcporung Borrower' s change of address, then Borrower shal] only report a change of address through that specified procedure. There may be only one designated notice address under this Sccuriry Instrument at any nne time. Any notice to Lender shall be given by delivering it or hy mailing it by first class mail to Lender's address stated herein unless Lender has designated anothcr address by notice to Sorruwcr. Any notice in connection with this Security Instrument shal] not bc dcemcd to have bccn given to I.ender until actually received by Lender. If any notice required by this Sccurity Inslrument is also requircd under Applicable Law, the Applicablc Law requirement will satisfy the enrrespnnding requirement under this Security Instrument. 16. Governing Lsw; Severahility; Itules of Construction. This Security Instrumcnt shall be �overned by federal law and the law of the jurisdiction in which the Property is located. Al] rights and obligations evntained in this Security Instrument are subject to any rcquirements and limitations of Applicable Law. 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