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2Q120��63 As used in this paragraph 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, toxlc 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 �urisdiction where the Property is located that relate to health, safety or environmental protection. NON-UIVIFORM COVENANTS. Bonower and Lender further covenant and agree as follows: 17. Assignment of Rents. Bonower uncondiflonally assigns and hansfers 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 noflce to Borrower of Borrower'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 bene$t of Lender and Borrower. This assignment of rents consHtutes an absolute assignment and not an assignment for additional securlty only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Bonower as trustee for beneflt of Lender only, to be appHed to the sums secured by the Security Instrument; (b) Lender shall be euflded to collect and receive all of the rents of the Properhy; 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. Borrower has not executed any prior assignment of the rents and has not and will not perfortn any act that would prevent Lender from exercising its dghts under this paragraph 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,judic�ally appointed receiver may do so at atty 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 Inshvment is paid in full. 18. Foreclosure Procedure. If Lender requires immediate payment �n full under paragraph 9, Lender may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entifled to collect all expenses incurred in pursuing the remedies provided in this paragraph 18, including, but not limited to, reasonable attorneys' fees and costs of titie evidence. If the power of sale is invoked, Trustee shall record a notice of default in each county in which any part of the Property is located and shall mail copies of such notice in the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable law. After We time required by applicable law, Trustee shall give public notice of the sale to the persons and in We manner prescribed by applicable law. Trustee, wiWout demand on Borrower, shall sell the Property at public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more pazcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public anuouncement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all costs and expenses of exercising the power of sale, and the sale, including the payment of the Trustee's fees actually incurred, of the note at the time of the declaration of default, and reasonable attorneys' fees as permitted by law; (b) to all sums secured by this Security Instivment; and (c) any excess to the person or persons legally entided to it. If ttie Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires immediate payment in full uttder paragraph 9, tt►e Secretary may invoke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.C. 3751 et seq.) by requesHng a foreclosure commissioner designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Notbing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this paragraph 18 or applicable law. 19. Reconveyance. Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee. Trustee shall reconvey the Property without warranty and writhout ^^^ •°"0-6NE (OB/11) Page 6 of 8 Initials: � K g ��