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201206688
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Last modified
9/10/2012 2:52:40 PM
Creation date
8/14/2012 9:22:19 AM
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DEEDS
Inst Number
201206688
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20120668� <br />15. Borrower's Copy. Bonower sha11 be given one conformed copy of the Note and of this Security <br />Insttument. <br />16. Hazatdous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release <br />of any HaTardous Substances ott or in the Property. Bonower shall not do, nor allow anyone else to do, <br />anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences <br />sha[I not apply to the presence, use, or storage on the Properry of small quantities of Ha7ardous Substances <br />that are geaerally recognized to be appropriate to normal residential uses and to maintenance of the Property. <br />Bonower shall promptIy give Lender written notice of any investigation, claim, demand, lawsuit or other <br />action by any governmental or regulatory agency or private party involving the Property and any Hazardous <br />Substance or Environmental Law of which Bonower has actual l�►owledge. If Borrower le�rns, or is notified <br />by any governmental or regulatory authority, that any removal or other remediation of any Harardous <br />Substances affecting the Property is necessary, Bonower shall promptly take a11 necessary remedial actions <br />in accordance with Environmental Law. <br />As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous <br />substaaces by Environmental Law and the following substances: gasoline, kerosene, other fl�nmable or toa�ic <br />petroleum products, toxic pesticides and herbicides, volatile solvents, materials conta.ining asbestos or <br />formaldehyde, and radioactive materia�s. As used in this paragraph 16, "Environmental Law" means federal laws <br />and laws ofthe jurisdiction where the Property is located that relate to health, safety or environmental protection, <br />Non-Unfform Covenants. Bonower and Lender further covenant and agree as follows: <br />'i 7. Asslgnment of Rents. Bonower unconditiottally assigns and ttansfers to Lender all the rents and revenues <br />of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby <br />directs each tenant of the Property to pay the rents to Lender or Lender' s agents. However, prior to Lender' s <br />notice to Bonower of Bonower's breach of any covettant or agreement in the Security Instrument, Bonower <br />shall collect and receive a11 rents and revenues of the Property as trustee for the benefit of Lender and <br />Borrower. This assignment of rentx constitutes an absolute assignment and not an assignment for additional <br />security only. <br />If Lender giv� notice of breach to Borrower: (a) all rents received by Bonower shall be held by Borrower <br />as truste,� for benefit of Lender only, to be applied to the sums secured by the S�urity Instrument; (b) <br />Lender sha11 be entitled to collect and receive a11 of the rents of the Property; and (c) each tenant of the <br />Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the <br />tenant. <br />Bonower has not executed any prior assignment of the rents and has not and will not perform any act that <br />would prevent Lender from exercising its rights under tlus pazagraph 17. <br />Lender sha11 not be required to enter upon, take control of or maintain the Property before or after giving <br />notice of breach to Bonower. However, Lender or a judicially appointed receiver may do so at any time <br />there is a breach. Any application of rents shalI not cure or waive any default or invalidate any other right or <br />remedy of Lettder. Tlus assignment of rents of the Properiy sha11 terminate when the debt secured by the <br />Security Instrument is paid in full. <br />18. Foreclosure Procedure. If Lender reqaires immediate payment fn full under paragraph 9, Lender <br />may invoke the gower of sale and any other remedies permitted by applicable law. Lender shall be <br />entitled to collect all egpenses incurred in pnrsaing the remedies under tLis paragraph 18, including, <br />but not limited to, reasonable attorneys' fees and costs of title evidence. <br />�ii6a6iss6 <br />FHA Mortgege WITH M9iS-NE Re��setl 4�98 <br />VMP � VMP4N(Nq (710B) <br />Wofters Kluw er Financial Servicea Pege 7 of t tl <br />
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