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201101435 ;; 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, Bonower 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 secwed by this Security Instrument, whether or not then due. "Opposing Party" means the tlilrd party that owes Borrower Miscellaneous Pcoceeds or the party against whom Borrower has a right of action in regazd to Miscellaneous Proceeds. Bonower 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. Borrower can cwe 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 judgment, precludes forfeiture of the Property or other material impairment of Lender' s interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for 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 appiied 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 modification of amortization of the 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 Borrower or any Successors in Interest of Bonower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend rime 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 Bonower. Any forbearance by Lender in exercising any right or remedy including, without ]imitation, Lender's acceptance of payments from third persons, enuties or Successors in Interest of Bonower or in amounts 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; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower' s obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instnmient but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instruuient; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other , Bottower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument oz the Note without the co-signer' s consent. Subject to the provisions of Section 18, any Successor in Interest of Bonower who assumes Bonower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower' s rights and benefits under this Security Instruinent. Bonower shall not be released from Borrower' s obligations and liability ' under this Security Instrument unless Lender agees to such release in writing. The covenants and ageements 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 the purpose of protecring Lender's interest in the Property and rights under this Security Insmiment, including, but not limited to, attomeys' fees, property inspection and valuation fees. In regazd to any other fees, the absence of express authority in tlils Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that aze expressly prohibited by this Securiry Inshument 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 Borrower 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 Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment chazge (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 acrion Bonower might have arising out of such overchazge. 15. NoGces. All notices given by Bonower or Lender in connection with this Security Instrument must be in writing. Any norice to Borrower in connection with this 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 other means. Notice to any one Bonower 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 norice address by nouce to Lender. Borrower shall prompdy norify Lender of Bonower'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 shal] 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 notiae to Borrower. Any notice in connection with this Securiry Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Insmunent is also required under Applicable Law, the Applicable Law requirement wil] satisfy the corresponding requirement 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 righu and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. 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