201404110 - Laserfiche WebLink

Browse

��14�411� 15. BorravWer's Copy.Barrower s�a11 be given one conformed copy of the N�te and of this Seeurr� Inst�ment. ��. HazardousSubstances.Borrower shal�not cause or permit the presence,use, dis�ao�a1, storage, or release of any Ha�ardous Substances on or in t�e Proper�y. Borro�rer shall not da,nor a11ow anyane else to do, anythi�g affecting the Property that is in violation of any Environmental La�. The preceding two sentences shall not apply to the presence,use,or storage on the Property of sma11 quantiti�s of Hazardous Substances that a�e ge��erall�r recvg�ized to b�appropriate to n�rmal res�de�tia��ses ar�d to maintena��ce of the Froperty. Borrower shall promptly gi�e Lender wr�tten no�ice of any investigation,Glaim,dema�d, lawsuit or other action by any�overnmental or re�latory agency or privat�party invol�ing the l�roperty and any Hazardaus Substance�r Envir�nmental Law of vvhich Borrower has actual knowledge. If Barrower learns,or is notifed by any go�ernmental�r r�gulatory authority,that any removal or ather r�mediation of any Ha2ardous Su�stances affecting the Pra��rty is ne�essary,Bortower shall�romptly tak�a11 necessary rexnedial ac��ons in accardanc�with En�ironmental Law. As used in th�s paragraph 1�,"Hazardous S�bstances"are those substances defined as t�xic or hazardous substancesby Environmental Law and the following substances:gasoline,ker�sene,other flammable ar t�x�c petroleum products,toxic pesticides and herbicides,volatile solven�s,materials contain�ng asbestos or formaldehyde,and rad�oact�ve materials.As used in this para.�raph 16, "Envuonmental Law;'mean�federa� la�us and�a�vs of the jurisdic�ion where th�Froperty is�ocated that relate to health,�afety or environm�nta� protectian. Non-Uniform Co�er�ants.Barrower and Lender further covenant and agree as fo�t��v�: '17. Assignmentof Rents,Borrower unconditionall�assigns and�ransfers to Lender all the ren�ts and r�venues of the�roper�.Banower author��es�ender ar i,ender's agents ta c�llect the rents and revenues and h�reby directs�ach tena�t nf the Proper�to pay th�rents to Lender or Lender's agents. Haw�ver,pri�r to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the 5ecuri�y�nstrument,Barro�ver shall collect and recei�e all rents and revenues�f the Property as�rus�ee f�r the bene�'it of Lender and Borrower.'This assign.�ment of rents canstitutes an absolute assignment and not ar�assignrnent for add�t�onal secur�ty on�y. Tf Lender gives notice of br�ach to�orrower: (a}a11 rents received by Borrowve�shal�be held by Borrower as trustee far benefit of Lender on.1y,to be applied to the sums secured by the Security In.strumen�; �b) Lender si�all be�ntitled to collect and receiv�a11 of th�rent�of the Froperty;and(c)each tenant of the Properly sha�l pay a11 rents due and unpaid to Lender ar Le�.der's agent on Lender's written demand to�he tenant. Borrower has not executed any pr�ar assignment of the rer�ts and has nat and wi��not perform any act that wou�d prevent Lender from exercising its rights under this paragraph 17. Lend�r shali no�be requ�red to ent�r up�n,take contro�of or maintain the Property before or after giving notice of breach�o Borrawer. However, Lender or a judicially appo�nted receiver may do so at any time there is a breach.Any application of rents shall not cure or wai�e any default ar inval�date aay other right or remedy of Lender. This assignment of rents of the Prap�rty sha��terminate when the debt secured by the Security Instrument is paid in fu11. '�8, ForeciosurePr�Qcedure.If Lender requ�res in�mediate payment in�ull un�er paragraph 9, Lender may invake the power of sal�and any Qther remedies permitted by appl�c�ble iaw.Lend�r shall be en.titled ta callect all expenses ineurred in pursuing the remedies under this paragraph 18,including, but nvt lim�ted ta,reas�uable attorneys'fees and Gosts�f tit��evidence, FHA Mortgage WITH MERS-NE Re�ised 4I9fi VMP� VMP4N(NE)(13n2}.44 WoPters�{lwwer Financial Ser�ices Page 7 of 1 D q433�3328�13 4�33 44z Q71�