201208655 - Laserfiche WebLink

Browse

�0�208655 14. Governing Law; Severability. This Security Instrument shall be govemed by federal law and the law of the jurisdiction in which the Property is located. 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 aze declared to be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this 5ecurity Instrument. 16. Hazardous Substances. Bonower 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 quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Bonower shall promptly 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 Environmental Law of wluch Borrower has actual knowledge. If Bonower learns, or is notified by any governmental or regulatory authority, that any removal or other remediarion of any Hazardous Substances affecting the Property is necessary, Borrower shall promptly ta.ke all necessary remedial actions in accordance with Environmental Law. As used in this pazagraph 16, "Hazardous Substances" are those substa.nces 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 pazagraph 16, "Environmenta,l Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. NON-UNIFORM COVENANTS. Bonower and Lender fiu�ther 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 norice to Bonower of Borrower's breach of any covenant or agreement in the Security Instrument, Bonower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Bonower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. � If Lender gives notice of breach to Bonower: (a) all rents received by Bonower sha11 be held by Bonower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender sha11 be entitled to collect and receive all of the rents of the Property; and (c) each tenaat 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 ttus paragraph 17. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving norice of breach to Bonower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents sha11 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. 18. Foreclosure Procedure. If Lender requires immediate payment in full under paragraph 9, Lender may invoke the power of sale and any other remedies permitted by applicable Iaw. Lender shall be entitled to collect all ezpenses incurred in pursuing the remedies provided in this paragraph 18, including, but not limited to, reasonable attorneys' fees and costs of title 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 the time required by applicable law, Trustee, shall give public notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the Property at public auction to the tughest bidder at the time and FHA NEBRaSKA D� OF TRUST - MERS DodHeglc � NmOTZ.FHA 07/03/12 Page 6 of 9 www.docmaglc.com IIIIIIIII IIIIIIIIIIIII IIII I I II I II II I I IIIIII IIIIIII II III