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20ii43823 1111058057 " immediately before the partial taldng, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the MisceIlaneous Proceeds shall'be applied ta the sums secured by tius Security Instrument whether or not the sums are then due. If #he Properly is abandoned by Borrower, or if, after notice by Lender to Bozrower that the (?pposing Party (es defiaed in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respoad to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restorarion or repair of the Property or to the sums secured by this Secnrity Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower�Misceflaneous Proceeds or the party against wkom Bonower has a right of acrion in regard to Miscellanaons Proceeds. Borrower shall be in default if any sction or proceeding, whether civil or criminal, is begtm that, in Lender's judgment, could result in forfeiture of the Properiy or other material impairment of T,ender's interest in the Property or rights uader tius Security Instrument. Boaower can cure such a default and, if acceIeration has occurred, reinstate as provided in Section 19, by causing the acdion or proceeding to be dismissed with a ruling that, in Lender's judgmen� precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rightx under this Security Insttument The proceeds of any award or claim for damages that are atlxibutable to the impaitment of Lendet's interest in the Property are hereby assigned and shall be paid to Lender. •� Ali Miscellaneous Proceeds that are not applied to restora.rioa ar repair of the Property sb.all 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 paymeat or modification of amortization of the sums secured by this Security Insirument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the Iiability of Borrower or any Successars in Interest of Bormwer. Lender shsll not be required to commence proceedings against any Successor in Interest of Boaower or to refitse to extend time for payment or otherwise modify amortizatian of the sums secured by this Security Ittslaument by reasoa of eny demend made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by T.ender in exercisiag any right ar remedy inc[uding, without limitation, Lender's acceptance af payments from third persons, entities or Sucoessors in Interest of Borrower or in amounts less than We amount then due, shall not be a waiver of or preclude tha exercise of amy right or zemedy. 13. Jo9nt aad Several I�ability; Casigners; Successors and Assigns Bound. Borrowar covenants and agrees that Borrower's abliga�ions and liability ahall be joint and several. FIowever, any Horrower who oo-aigna this Security Instrument but does not execute the Note (a "co-signer"): (a} is co-signing fhis Security Instrument only to mortgage, graat and convey the co-sigaer's interest ia the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the suma secured by this Security Instrumen� and (c) agrees that Lender and any other Borrower can agree to extead, m�, forbeaz or make any accomxnodadons with regard to the temis of thia Security Instrament nr the Note without the co-signer's consen� Subject to the provisions of Seciion 18, any Successor in Interest of Bonower who assumes Borrower's obligations under this Secutity �ZZStrument in writing, aad is approved by Lender, shall obtain all of Borrower's rights and benefits nnder this Security Inst�u�ment. Borrower shall not be released from Bonower's obli�arions and liability under this Security Instrument 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 assigas of Lender. � 14. Loan Charges. Lender may c}�arge Borrower fees 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 Iastrument, including, but not limited to, attomeys' fees, properiy inspection and valuation fees. In regard to any other fees, the absence of expzess authority in this Security Instrument to aharge a specific fee to Borrower sball not be construed as a prohibidon oa the cltarging of such fee. I.ender may not ckarge fee.s that are expressly prohibited by this Security Tnshument ox by Applicable Law. ' If the Loan is subject to a law which sets maximum loan aharges, aud that law is finally interpreted so that the interest or other loaa charges callected dr to be collected in conneciion with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the chazge to the permitted lirnit; and (b) any sums akeady collected fram Borrower which exceeded permitted limits will be refiznded to Bonower. L�nder may choose to make this refund. by reducing the principal owed under the Not� or by making a direct paymemt to Boxrower. Tf a refund reduces principal, the reduction will be treated as a parYial prepayment without any prepayment c�arge (whether or not a prepayment eharge ia provided for under the Note). Borrower's acceptance of any such refunfl made by direct payment to Borrower will constitute a waiver of any right of sation Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Tnstrument must be in writing. Any notice to• Bonower in connection with this Security Instrument sha11 b� deemed to have been given to Borrower when NEH1tASKA—Singla Family—�Fannle Maell�}eddie Mac i]NIFORM INSTliUMEN1' • � 338.2 ' Page 8 of 12 � Form 3028 ]/01 � � �/ . . .. . ..� � i I