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Last modified
7/20/2017 10:04:59 AM
Creation date
12/12/2012 10:07:06 AM
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DEEDS
Inst Number
201210500
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201210500 <br /> 76. HazardousSubstances.Borrower shall not cause or permit the presence, use, disposal, storage, or release <br /> of am�Hazardous Substances on or in the Properry. Borrower shall not do, nor allow ancone else ro do, <br /> anything affecting the Propetty tttat is in violation of any Environmemal Law. The preceding two sentences <br /> shall not apply ro the presence, nse, or storage on the Property of small qnantities ot Hazardons Snbstances <br /> that are generally recognized to be appropriate to norrnal residential uses and to maimenance of thc Properly. <br /> Borrower shall promptly give Lender written notice of any nrvestigatioq claim, deinand, lawsuit or other <br /> action by arry governmental or regulatory agency or private parry involving the Properry and any Hazardous <br /> Subslance or Environmental Law of�vhich Borroaer lias actual knowledge. If 6orrok�er learns,or is notified <br /> b}- atry governmental or regulatorv authoriR,thal a�y removal or other remediation of a�n' Ha�aidous <br /> Substances affecting the Propertv is necessary,Borrower shall prompdy�ke all necessazy remedial acfions <br /> in accordance with Environmental Law. <br /> As used in lhis paragraph 16, "Hazardous Substances" are those substances defined as tAxic or haiardons <br /> substances by Environmemal La« and the following substances: gasoline, kemsenc, other flammable or <br /> [o�ic petroleum pmducu,toxic pesticides and herbicides,volaule so(vents, materials containing asbeslos or <br /> fonnaldehyde, and radioactice materials. As used in this paragraph lC, "Emironmenzal La�a" means federal <br /> laws and]aws of the jurisdicGon where the Properh- is located that relate to hcatlh, safeh or environmental <br /> pmtection. - <br /> Non-UniformCovenants.Borro�i�er and Lender fiinher covenant and agree as follows: <br /> 17. Assignmentof Rents.Bo�ower unconditionally assig�s and transfers w Lender all the rents aixl revenues <br /> of thc Pmperty. Borro�i�er authorizes Lender or Lender's agents to collect ihe rems and revcnucs and herebv <br /> directs each tena�of the Proper,ry to pac tlie rents Lo Lender or Lender's agents. However,prior to Lender's <br /> notice to Borrower of Bo�o�ver's breach of anp covenant or agreement in the Securitp Insmiment, Bonrower <br /> sttidl collcc[and receivc all re�rts and revenues of the Properh as tnvstee for t}u benef t of Lender and <br /> Borrower. This assignmem of rents constitutes an absolute assigimient and not an assignment for additional <br /> security only. <br /> If Lender gives notice of b2ach to Borroner: (a)all rents received by Borrow�er shall be held h� Bono��er <br /> as tmstee for benefit of Lender only, to be applied to thc sums secured b}�the Security Instmment; <br /> @) Lender shal]be enritled to collect and receive al] of the rents of lhe Properiy; and (c)each tenant of thc <br /> Property shall pa� all rents due and unpaid to Lender or Lender s agent on Lender's wntten demand to the <br /> tenant. <br /> Borro��er has not execu[ed am-prior assignmem of the rents and has not and will not perform any act tl�at <br /> would prevent Lender from exercising its rights undcr this paragraph 17. <br /> Lender shall not be required to enter upon, take control of or maintain the Prope�ty before or after giving <br /> noticc of breach to Borrower. However, Lender or a judicially appointed recei��er mac do so at any tin�c <br /> thcre is a breach. Am�appLication of rents shatl not cure or wai�e any default or inealidalc auy other nght or <br /> remedy of Lender. This assignment of rents of the Propert}� sltall terniinate when the debt secured by the <br /> Security Instrument is paid in fiill. <br /> 18. ForeclosureProcedure.lf Lender requires immediate pa}'ment in full under pxragraph 9, Lender <br /> may invoke the power of sale and any other remedies permitted by applicuhle law.Lender shall be <br /> entitled to collect all expenses incurred in pursuing the remedies under this paragrnph lR,including, <br /> bot not limited to,reasonable attorneys' fees and cosYs of ti1le e��dence. <br /> FHA Deed of Trus6NE y�y� <br /> YMP� VMP4R(NEJ(1105)00 <br /> Wolters Kluwer Financial Services Page]M 10 <br />
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