98104788 - Laserfiche WebLink

Browse

9$- 1�4�88 13.Notices. Any notice to Bonower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Bonower designates by notice to Lender.Any notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender designates by notice to Bonower. Any notice provided for in this Security Instrument shall be deemed to have been given to Bonower or Lender when given as provided in this paragraph. 14. Governing Law; Severability. This Security Inswment shall be governed by Federal law and the law of the jurisdiction in which the Property is locatecl. 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. To this end the provisions of this Security Instrument and the Note are declared to be severable. 15.Borrower's Copy.Borrower shall be given one conformed copy of the Note and of this Security Instrument. 16. Hazardous Substances. Borrower shall not cause or permit the presence,use,disposal, storage,or release of any Hazardous Substances on or in the Property. Borrower shall not do,nor allow anyone else to do,anything affecting the Property that is in violation of any Environmental Law, The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quandties of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall prompdy give Lender written notice of any investigation,claim,demand,lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviranmental Law of which Borrower has actual knowledge. If Borrower leams,or is notified by any governmental or regulatory authority, ihat any removal or other remediation of any Hazardous Substances affecting the Property is necessary,Borrower shall prompdy take all necessary remedial actions in accordance with Environmental Law. As used in this pazagraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline,kerosene,other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 16, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health,safety or environmental protection. NON-i1NIFORM COVENANTS.Bonower and Lender further covenant and agree as follows: 17. Assignment of Rents. Bonower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Bonower's breach of any covenant or agreement in the Security Instrument,Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignmen[for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Bonower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entided to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Bonower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this pazagraph 17. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in full. ��4R(NE)(96oa).ot Page e ot e Initials: � +.� .� ° �