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201500301
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4/14/2015 11:57:46 AM
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1/14/2015 3:32:24 PM
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DEEDS
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201500301
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15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security <br />Instrument. <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 toxic <br />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; (b) <br />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. Foreclosun3Procedure.If 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 Mortgage WITH MERS -NE <br />VMP <br />Wolters Kluwer Financial Services <br />iii IIIIII1II 11 l l IIIIIll III IIIIII I IIIII III IIII I III <br />2016°6301 <br />Revised 4/96 <br />VMP4N(NE) (1302).00 <br />Page 7 of 10 <br />
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