201301631 - Laserfiche WebLink

Browse

201301631 16. HazardousSubstances.Bormwer 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 Environmenml 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 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 paragraph 16, "Enviromnental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. Non-Uniform Covena nts.B o rrower 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 authonzes Lender or Lender's agents to collect the rents and revenues and hereby directs each levant of the Properly to pay Ili. rents to I coder or I,cnder's agents. I-Iowever, 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 tmstee for the benefit of Lender and Borrower. This assiglrumnt nt ftiuts enastitlrtes an ahsol Ile assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower. fat all rents received by Borrower shall be held by Borrower as trustee IorbetieJit of i.ender only, to be applied to the sums secured by the Security Instrument; (h) Lender shall be curdled to culler] and rcerir c all ul the riots ol'the Property; and (c) each tenant of the Property shall pay all tents due and unpaid to Lender or Lender's agent on Lender's willful'demand to the tenant. Borrower has net 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.ff 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 cods of title evidence. FHA Deed of Trust-NE 4198 MP O VMP4R(NE)(1106)00 Wolters Kluwer Financial Services Page 7 of 10