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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 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 from
third persons, entities or Successors in Interest of Borrower 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 Instrument 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 Instrument; (b) is not personally obligated to
pay the sums secured by this Security 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 co-signer's consent. Subject to the provisions of Section
18, any Successor in Interest of Borrower who assumes Borrower'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 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 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 protecting Lender's interest in the
Property and rights under this Security Instrument, including, but not
limited to, attorneys' fees, property inspection and valuation fees. In
regard to any other fees, the absence of express authority in this 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 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 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 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 Borrower might
have arising out of such overcharge.
15. Notices.
All notices given by Borrower or Lender in connection with this Security
Instrument must be in writing. Any notice 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 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 Lender has
designated another address by notice to Borrower. 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 Applicable Law requirement will 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 rights and obligations contained in
this Security Instrument are subject to any requirements and limitations of
Applicable Law. Applicable Law might explicitly or implicitly allow the
parties to agree by contract or it might be silent, but such silence shall
not be construed as a prohibition against agreement by contract. In the
event that any provision or clause of this Security Instrument or the Note
conflicts with Applicable Law, such conflict shall not affect other
provisions of this Security Instrument or the Note which can be given effect
without the conflicting provision.
As used in this
Security Instrument: (a) words of the masculine gender shall mean and
include corresponding neuter words or words of the feminine gender; (b)
words in the singular shall mean and include the plural and vice versa; and
(c) the word "may" gives sole discretion without any obligation to take any
action.
17. Borrower's
Copy.
Borrower shall be given one copy of the Note and of this Security
Instrument.
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