201404886 - Laserfiche WebLink

Browse

��14�4SS� 15. Bor�ower�s�opy.Borro�er sball b��iven one conformed copy of the Not�and of this 5ecurit� Instrument. 1�. HazardousSubstance�.Barrower sha11 not cause or permit the pr�sence,use, disp�sa�, starage, or re��a�e of any Hazardaus�ubstances an or in the 1�'roperty. l�orrower shall not do,nor all�w anyone e�se t�do, anything affecting the F'rvperty that is in violation af any En�ironmenta.I Law.The preceding two sentences shall not apply to th�presence,us�,or st�rage an�he I'roperty of sma11 quantities of Hazardaus Substances that ar�$�nerally rec�gni�ed to be appr�pria��to normal residential uses and to maintenance of the Froper�. Borrovver shai�prompt�y give Lender written not�ce of any in��stigation,ciaim,demand, lawsuit or other action by�n�governmental or regulatory agency ar private par�y�n�olving the Prop�rty and any Ha�ardaus �ubstance or En�uonmenta.l Law of which Borrower has actual knovv�edge. If Borrower��ams,or is not�f ed by any gavernm�nta.l�r regulatory auth�rity,that any remaval or oth�r remediatian af any Hazardous Substanc�s affecting the Property is ne�essa�ry,Borrower shall pr�mpt�y tak�a�l necessas�y remedial actions in accordance with Envir�nmental Law. As used in th�s paragraph 16,"Hazardous Substanc�s"are th4se�ubstancesdefined as t�xic or hazar�ious �ubstancesby En�ironmenta�Law and the follawing substa.nces:gasoline,kerasene,ather flammable or toxic petr�Ie�m produ�ts,tox�c pesticides and herbi�id�s,volatile solvents,materials containu�g asb�sto�vr formaldeh�rde,and radioacti�e materiais.As used in this paragraph 16, "Environmental La�v"mean�f�d�ral laws and�avvs ofthe jurisdict�on�here the Property is�ocat�dthatrelate to health.,safetyor en�ironmentai protection. Non-L�nifvrm Cvven�nts.Borrower and�ender fu.rther cav�nant and agree as fol�ows: 1�. Assignmentof Rents.Borrower uncond�t�onatly assi�ns and transfers to Lender a11 th�rents and revenue� of the Property.Borrower auth�r�zes I.,�nd�r or L.�nder`s agents to co�lect the rents and revenues and hereby d�i.rects e�.ch tenant of the�'roperty ta pay the r�nts to L�n.der or Lender's agents. H�we�er,priar to Lender's notice to B�rrower of Borrower's brcach of any covenant or agreement in the Security Instrun�ent,Borrower shall cal�ect and receive a�l r�nts and revenues�f the�roperty as tru�t��for the benefit Qf i�ender and� Borr�w�r,This assignment of ren�s con5titute�an abso�ut�assignment and not an assignmen�for additional security�nly. If L�ndcr gives notice�f br�ach to Borraw�r: �a�all r�nts r�ceived by Barrower shal�be held by I�arrow�r as trustee for benefit af Lender on1y,to h�applied to th�sums secured by the Security Ins�rument;(b} L��der shal�be ent�tl�d to co�iect a�►�re�ei�e al�of th.�r�n�s o�the P�ope�;and(e}each tenant of the Property sha1l pay a�1 rents due and unpaid to Lender�r L�nder's a�ent�n L�nder's writ�en demand�o th� tenant. B�rro�rer has not executed any prior ass�gnment of the rents and has n�t and wi11 not perform any act that would pre�ent Lender from��erc�sing its ri�hts under this para�raph �7. Lender sha1�not be requir�d to�nter upan,take contr�l af or maintaYn the Pr�perty before or a�er giving notic�of�reach to B�rrovver. Hpw�ver,Lender�r�judicially appaint�d rec�iver may do so at any tim� ther�is a breach. Auy applica�ion of r�nts shal�not cure ar vvaive any default or invalidate any other right or remedy of Lender. This assignment af rents of the Froperty shall terminate when the debt�ecured by the Se�urity Instrument is paid in full. '�8. Fcarec�asur�Rracedure.if Lender requ�.res immed��te p��ment in full under paragraph 9, I�ender may�nvake the power of sale and any other r�med�es perm��ted by applicable law.Lender shall be entitled ta cti�lect all expenses incurr�d in purs�ing the remed�es un�er this paragraph 18,inciud�ng, but nat lim�ted�n,reaso�ab��attorneys`fees an��o�t�of title�v�dence. FHA Martga�e VI�lTH MERS-NE Re�ised 419$ VMP� VMP4N(NE}[13�2�.� Wolters 4�}w�er Financiaf 5�rvices Fage�af 14 q033 414124 � 411 ��1�