201402874 - Laserfiche WebLink

Browse

��14��574 19.Ass�gnment af Rents. �orrower uncondit�onally assigns and transfers to Lender all�he rents and re��nues of the Property. B�rraw�r au�horizes L�nder or Lender's ag�nts to coll�ct the rents and revenues and here�y directs each��nant af the Property t�pa}�the rents�o L�nder ar Lender's agents. Ho�ve��r, prior ta Lender's na��e t� Borro�er of B�rro�ver's brea�h of a�y cov�nant or agreement�r��he Security �nstrum�nt,Barrower sl-�ali ��Ilec�and rec��ve all rents and r�venues af�he Propert�as trustee for�h�benefit of Lender and B�rrower. This assignrn.�nt�f ren�s c�ns�itut�s an a�solute assignm�n�and not an ass�gnment for additi�na� security only. If L�nder g�ves natice of breach to Barr�vW�r: �a}al�re��s recei��d by Lorrawer shall be he�d by Borrower as�rustee far ben�fit of Lender only,�o be appiied�o the sums s�cured by�h�s Securi�y �nstrument;�b�Lend�r shall be enti�led to col�ect and rece�ve al� of the rents of�he Property; and�c} ea�h te�an�af the PrQpert� sha�� pay all rents due and unpaid to Lender ar L�nder's agent on Lend�r's �vritten demand to the tenant. Borrower has no�execu�ed any prior ass�gnment of th�rents and has not and�vi�i na�perform any ac� that would prevent Lender from exercising i�s r�ghts under this Paragraph �9. Lender sha�l na�be reauir�d t�en�er upon,take contro� af or mainta�n the Propert�before or af�er giv�ng not�ce of breach to Borrower. Ho�ve�er, Lender Qr a j udic�aily appo�n�ed rece�ver may do so at any�im� there is a breach. An�app�ication of rents shail not cure or wa�v�any default or�nvalidate an}�o�her right�r remedy of Lender.Th�s assignmen�of rents of�he Property sha��terminate wheri the debt secured by this S�cur�ty Ins�trum�nt is paid�n fu11. 24. Foreclasur�Proce�iure. If Lender requires imme�iate payment-�n-fu��under Paragraph 9, Lender may invoke th�power vf sale and any�ther re�ned�es permitted by applicable�aw. Lender sha��be ent�t�ed to col�e�t a��xpenses�ncurred in pursu�ng the remedies pra��de�in this Paragraph 2U, including,but not�imited to,reasonabie attorneys'fees and costs of title eviden.ce. If the power of sale�s�nvaked,Trustee shall record a nvt�ce of defau�t�n ea�h county in wh�ch any part of the Property is located and shall mai�cop�es of such not�ce�n the manner pres�ribed by appl��ab�e�avv to Borr�wer and ta the other persons prescribe�l b�app��cable law. After the time required by appl��able law,Trustee sha��give public not�c�of sa�e to the persons and xn the manner prescr�bed by app�icable law. Tru�tee,v�vithout dernand on Borrvwer,sha��se��the Property at public auctian to the h�ghest bidder at t�e time and plac�and under the terms des�gnated�n the notice�f sale in one or more parcels and in any�rder Trustee deterrn�nes. Trustee may p�stpone sale of a�l or any par�el of the Property by publ�c announ�ement at the tinr�e and place vf any previaus�y sch�du�ed sa�e. Lender nr xts designee may pur�has�the Property at any sa�e. Upon re��ipt of paymen�af the pric�bid,Trustee s�a11 de�iver to the purchaser Trustee's deed con�eying the Prop�rty. The recita�s�n the Trustee�s deed sha�i be prima facie ev�dence of the truth of the statements made therein. Trustee shall apply the praceeds of the sale in the fo�Yowing order: (a)to a�l�asts and expense�of exercising the p��ver af sa�e,and the sa�e,�nc�uding the payment of the Trustee's fees actually incurred and reasonable att�rneys'fees as permitted by appl�cab�e la�w; [h)ta a��sums secured by th�s Secur�ty Instrument; and(c�any excess ta the persQn or p�rsons legal�y entitled to�t. � 21. Lien Pr�ority. The full amount secured by this Secur��y �nstrumen�shall have the same pr�ority aver any o�her�iens on the Pro�ert_y as if�he full amt�unt had been disbursed an the date�he initial Page 8 af 12 HECM First Deed Of Trust