201206290 - Laserfiche WebLink

Browse

2012062�� 15. Borrower�s Copy. Borrower shall be given one conform� copy of the Note and of this Security Ins�t. 16. Hazar�lous Substant�s. Borrower sball not cause or peimit the presence, use, disposal, storage, or release of any Ha�rdous S�bstances on or in tha Property. Bonower aha11 not do, nor allow anyone elsa to do, anything affecting the Properiy that is in violation of any Environmental Law. The pre�eding two sentences shall not apply to the presence, use, or storaga on the Properiy of small quantities of Hazardous Substa�►ces that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower sball promptly give Lender writtea notice of any inv�tigation, claim, demand, lawsuit or other aclion by any governmental or regulatory agency or private party involving the Properiy and any Hazardous Substance or Environmental Law of wlrich Borrower has actual lrnowledge. If Borrower l�ns, or is notified by any governmental or regulatory authority, that aay removal or othe� reme�iation of any Hazazdous Substances affecting the Properiy is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in titis 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 petroleumproducts, toxic pesticide.s and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in tlus paragraph 16, „ Environmental Law" m+eans federal laws and lawa of tha jurisdiction where the Property is loc�ted that relate to health, safety or environmental protection. Non-Untform Covenants. Borrower and Lender further covenant and agr� as follows: 17. Assignment of Rerrts. Horrower unconditionally assigns and transfers to Lender all the rents and revenues of the Properly. Borrower suthorizes Lender or Lender' s agents to collect the rents and revenues and hereby directs each tenant of the Pro�rly 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 Sacurity Instrument, Borrower shall collect and receive all ren� and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes aa absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower �as trust� far benefit of Lender only, to be appliad to the sums se�ured by the Security Instrument; (b) Lender sha11 be entitled to collect and receive a1l of the rents of the Property; and (c) each tenant of the Property ahall pay a11 rents due and unpaid to Lender or Lender' s agent on Lender' s written demand W the tenant. Borrower has not executed any priar assignment of the rents and bac not and will not gerform any act that would prevent Lender from exercising its rights under tlus paragraph 17. Lender shall not be required to enter upon, take control of or maiintain the Properiy before ar after giving notice of breach to Boaower. However, Lender or a judicially appointecl receiver may do so at any time there is a breach. Any applic�tion 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 se�ured by the Security Instrument is paid in full. 18. For�eClosure Proceduroe. If Lender reqaires immediate payment in fnll under parsgrapL 9, Lender may invoke the power of sale and any other temedies permittexl by appllcable law. Lender shall be ent�tled to collect all ezpens� incun�ed in pnrsaing the rem�ies nnder this paragraph 18, inclnding, but not limited to, reasanable attorneys' fees and costs of tltle evidence. 2200233783 D V4NNE FHA Mortgege WITH MERS-NE Reviead 4f86 Amended 7/04 VMP (ql VMP4N�NE) (1106) Wulters Kluwer �del gervlcee Page 7 oi 10 � � � �rv` �