Laserfiche WebLink
201209696 <br /> 15. Borrowe�'s Copy. Borrower shall be given one confomied copy of the Note and of tlus Security <br /> Instrument. <br /> 1$. Hazardous Sulxtanc�s. Borrower shall not cause or permit the presence, use, disposal, storage, or release <br /> of any IIazxrdous Substances on or in the Property. Borrower 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 /> shall not apply to the presence, use, or storage on the Property of small quanrities of Hazardous Subs[ances <br /> that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. <br /> Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other <br /> action by any governmeutal or regulatory agency or private parry involving the Property and any Hazardous <br /> Substance or Environmental Law of which Borrower has actual knowledge. If Borrower leams, or is notified <br /> by any governmental or regulatory authority, that any removal or other remediation of any Hazardous <br /> Substances affecting the Proper[y is necessary, Horrower shall promptly take all necessary remedial actions <br /> in accordance with Environmental Law. <br /> As used in tlris paragraph 16,"Hazazdous Substances"are those substances defined as toxic or hazardous <br /> substances by Environma�tal Law and the fol lowing substances:gasoline,kerosene,other flammable or toxic <br /> petroleum products,toxic pesticides and herbicides,volatile solvents,materials containing asbestos or <br /> formaldehyde,and radioactive materials.As used in this paragraph lb,"Environmental Law"means Fedaal <br /> Laws and laws of the jurisdiction where the Property is located that relate to health,safery or environmental <br /> protectian. <br /> Non-Unifqm Covenents. Bonower and Lender further covenant and agree as follows: <br /> 17. AsSignmeM of Renta Borrower unconditionally assigns and transfers to Lender all the rents and revenues <br /> of the Pro��ty. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby <br /> directs each tenant of the Property ro pay the rents w Lender or Lender's agents. However, prior to Lender's <br /> notice to Borrower of Borrower's breach of any cove�ant or agreement in the Secwity Instrument, Borrower <br /> shall collect and receive a11 rents and reveuues of the Property as trustee for the bene6t of Lender and <br /> Borrower. This assignment of rents constitutes an absolute assignmart and not an assigmnent for additional <br /> sec�uity only. <br /> If Lender gives notice of breach lo Horrower: (a)all rents received by Barrower shall be held by 13orrower <br /> as mistee for benefit of Lender only, to be applied to the sums secured by the Security Instrument (b) <br /> Lender shall be entitled to collect and receive all of the rents of We Property; and(c)each teuent of the <br /> Property shall pay all rents due and unpaid to L,ender or Lender's agent on Lender's written demand to the <br /> tenant. <br /> Horrower bas not eacewted any prior assignment of the rents and has not and will not perform any ad that <br /> would prevent Lender from e�cercising its rights under this paragraph 17. <br /> Lender shall not be required to enter upon, take conirol of or maintain the Properry before or after giving <br /> notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time <br /> there is a breach. Any application of rents shall not cure or waive any deFault or invalidate any other right or <br /> remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by the <br /> Security Instrmnent is paid in full. <br /> 7 8. ForeClosure ProCedure. If Lender requires immediate payment in full under paragraph 9, Lender <br /> may invoke the power of sale and any ather remedies permitted by applicable law. Lender shall be <br /> enktled to wllect all ezpenses incurred in pursuiug the remediea under this paragraph 18, iucluding, <br /> but not limited to, reasoneble attomeys' fees and costs of Htle evidence. <br /> 2300J.88820 D V4NNE <br /> FHA MortB�WITH MERS-NE RerceE 6l88 <br /> VMP(u) VMP4N�NE)(1109) <br /> Wdtere Kluwer Fnentlel Servicee Pege 7 of 10 <br />