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201009589 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, L.ender is authorized to collect and apply the Miscellaneous Proceeds either to restaration or repair of the Property or to the surns secured by this Security Instrument, whether or nat then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whorn Borrower has a right of action in regard to Miscellaneous Proceeds. Barrower 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 L.ender's interest in the Property or rights under this Security Instrument. Bonower 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 ruling that, in Lender's judgrnent, precludes forfeiture of the Property or other material impairment of Lender's interest in the Froperty or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of I.ender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Praceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or rnodification of amortization of the sums secured by this Security Tnstrument granted by I.ender to Borrower or any Successor in Interest of Borrower shall not operate to release the 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 otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments froxn third persons, entities or Successors in Interest of Borrower or in amaunts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Ca-signers; Successors and Assigns Sound. Borrower covenants and agrees that Barrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrurnent but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument anly to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this SecuriCy Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the cv-signer's consent. Subject to the provisions af Section 18, any Successor in Interest of Borrower wha assurnes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and bene�its under this 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 Instrurnent shall bind (�xcept as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. L,ender may charge Borrower fees for services performed in connectian with Borrower's default, for the purpose of protecting Lender's int�rest in the Praperty and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any ocher fees, the absence of express authority in this Security Instrument to charge a speci�c fee to Borrower shall not be construed as a prohibition on the charging of such fee. I.ender rnay not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the I.oan is subject to a law which sets maximurn loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in cannection with the I.oan exceed the pernutted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pernutted limit; and (b) any sums �lready collected from Borrower which exceeded permitted lirnits will be refunded to Borrower. Lender may chaose to rnake this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treaked as a partial prepayment without any prepayment charge (whether or not a prepayrnent charge is provided for under the Note). Borrower's acceptance of any such refund rnade by direct payment to Borrower will constitute a waiver of any right af action Borrower znight have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument nnust be in writing. Any notice to Borrower in connection with this Security Instrurnent 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 other means. Notice to az�y one Borrovver 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 ta Lender. Borrower shall prornptly notify L,ender of Borrower's cha�nge of address. If Lender specifies a procedure far reporting Borrower's change af 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 Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrurnent shall not be deemed to have been given to I..ender until actually received by Lender. If any notice required by this Security Instrument is also requixed under Applicable I,aw, the Applicable Law requirement will satisfy the corresponding requirernent under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. 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