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201303295
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Last modified
12/31/2013 3:03:59 PM
Creation date
4/29/2013 1:01:04 PM
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DEEDS
Inst Number
201303295
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201303295 <br /> 16. HazardousSubstances.Borrower shall not cause or permit the presence,use, disposal, storage, or release <br /> of any Hazardous 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 quantities of Hazardous Substances <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 governmental or regulatory agency or private party involving the Property and any Hazardous <br /> Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified <br /> by any governmental or regulatory authority,that any removal or other remediation of any Hazardous <br /> Substances affecting the Property is necessary,Borrower shall promptly take all necessary remedial actions <br /> in accordance with Environmental Law. <br /> As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous <br /> substances by Environmental Law and the following substances: gasoline,kerosene, other flammable or <br /> toxic petroleum products,toxic pesticides and herbicides,volatile solvents, materials containing asbestos or <br /> formaldehyde, and radioactive materials. As used in this paragraph 16, "Environmental Law" means federal <br /> laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental <br /> protection. <br /> Non-Uniform Covenants.Borrower and Lender further covenant and agree as follows: <br /> 17. Assignmentof Rents.Borrower unconditionally assigns and transfers to Lender all the rents and revenues <br /> of the Property.Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby <br /> directs each tenant of the Property to pay the rents to Lender or Lender's agents. However,prior to Lender's <br /> notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument,Borrower <br /> shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and <br /> Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional <br /> security only. <br /> If Lender gives notice of breach to Borrower: (a)all rents received by Borrower shall be held by Borrower <br /> as trustee for benefit of Lender only,to be applied to the sums secured by the Security Instrument; <br /> (b)Lender shall be entitled to collect and receive all of the rents of the Property; and(c)each tenant of the <br /> Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the <br /> tenant. <br /> Borrower has not executed any prior assignment of the rents and has not and will not perform any act that <br /> would prevent Lender from exercising its rights under this paragraph 17. <br /> Lender shall not be required to enter upon,take control of or maintain the Property 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 Instrument is paid in full. <br /> 18. ForeclosureProcedure.7f Lender requires immediate payment in full under paragraph 9, Lender <br /> may invoke the power of sale and any other remedies permitted by applicable law.Lender shall be <br /> entitled to collect all expenses incurred in pursuing the remedies under this paragraph 18,including, <br /> but not limited to,reasonable attorneys'fees and costs of title evidence. <br /> FHA Deed of Trust-NE 4/96 <br /> VMP® VMP4R(NE)(1105).00 <br /> Wolters Kluwer Financial Services Page 7 of 10 <br /> 0 <br />
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