201300476 - Laserfiche WebLink

Browse

201300476 15. Borrower's Copy.Borrower shall be given one conformed copy of the Note and of this Security Instrument. 16. Hazardous Substances.Borrower 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. Borrower 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 which Borrower has actual knowledge. If Borrower learns,or is notified by any governmental or regulatory authority,that any removal or other remediation of any Hazardous Substances affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this paragraph 16,"Hazardous Substances"are those substances defined as toxic or hazardous substancesby 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 paragraph 16, "Environmental Law"means federal laws and laws of the jurisdiction where the Property is located that relate to health,safety or environmental protection. Non-UniformCovenants.Borrower and Lender further covenant and agree as follows: 17. Assignmentof Rents.Borrower 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 notice 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 benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a)all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only,to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; 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 perform any act that would prevent Lender from exercising its rights 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 judicially appointed receiver may do so at any 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 Instrument is paid in full. 18. ForeclosureProcedure.If Lender requires immediate payment in full under paragraph 9, Lender may invoke the power of sale and any other remedies permitted by applicable law.Lender shall be entitled to collect all expenses incurred in pursuing the remedies under this paragraph 18,including, but not limited to,reasonable attorneys'fees and costs of title evidence. FHA Mortgage WITH MERS•NE Revised 4/96 VMP® 111 11 11111111111111111111111111 IIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIII VMP4N(NE)(1109).06 Wolters.Kluwer Financial Services q03312225326 0233 350 0710 Page7of10