201501178 - Laserfiche WebLink

Browse

��15�1175 'I 5. Borrvw�r's Gopy.Borro�ver sha11 be given one conformed capy of the Note and of this Security Instrument. , �I fi. HazardvusSubstances.Borro�ver sha11 not cause or pernni�the presence,use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrovver shatl no�do,n�r a11ow anyone else to da, anyth�ng affecting the Praperty that is in violation af any Envuonmen�a�Law. The preceding two sentences sha11 no�app�y to�he presence,use,or storage an�he Praperty of sma��quantities of Hazardous Substances that are generall�recognized ta be appropriate to normal residentia�uses and to maintenan�e of the Property. Borro�er shal�promptly give Lender written notice af any in�estigat�on,claim,demand, �aws�it or�ther action�y any gavernmental or regulatory agency or private par�y invotv�ng the Property and any Ha�ardous Substance or En�ironmental Law of which Borro�rer has actua�know�edge. If Borrower l�arns,or is notified by any gaveramental or regulatory authority,that any remo�al or other remediation of any Ha�ardous Substances affecting the Property is necessary,Borrower shal�promptty take all necessary remedial actions in accordance�uith EnvirQnmental Law. As used in this paragraph 16, "Hazardous Substan.c�s"are those subs�ancesdefined as toxic ar hazardous substancesby Envi.ronmental Law and the following substances:gaso�ine,kerasene,other flammable or toxic petraleum products,taxic pesticides and herb�cides,volatile solvents,materials containing asbestos or formaldehyd�,and radioactive materia�s.As used in�his paragraph I6, "Environmental Law"means fed�ral laws and laws�f the jurisdiction where the Property is lacated that re�ate to health,safety�r en�ironmental protectian. Non-Uniform Co�enants.Barrower and Len�er further cnveaant and agree a�fall�ws: 'I�. Assignmentof Rents.Borrower un�ondit�onally assigns and transfers to Lender al�the rents and revenues . of the Property. Borrower authorizes Lender or Lender's agen�s�o eoltect the rents and revenues and hereby � directs each tenant of the Property to pay�he rents�o Lender�r Lender's agents. Hotiv�ver,prior ta Lender's notice to Borro�ver of Borrower's breach of any co�enant or agreement in the Security Instrument,Borrower sha��collect and receive a11 rents and re�enues af��e Property as trustee for the benefit of Lender and Barrower. This assignment of rents constitutes an abso�ute as�xgnment and not an assignment for additional security on1y. If Lender gives notice af�areach to Borrower: (a]all rents recei�ed by Borrower shal�be held by Borrower as trustee for benef�t of Lender an1y,to be appl�ed to the sums secured by the Secur�t�Instrument;[b} Lender sha11 be entitled ta collect and recei�e a��of th�rents af the Proper�;and(c�each tenant of the Property sha11 pay a11 rents due and unpaid ta Lender or Lender's agent on Lender's written demand t�the te nant. Borrower has n�t�xecuted any priar assignmen�of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this p�ragraph 17. Lender sha11 n�t be required to enter upon,take control of or maintain the Property bef�re ar after giving r�atice of breach to Borrower. However,Lender or a judicially appointed receiver may do so at any time there is a breach.Any application of rents sha11 not cure or waive any default or invalidate any ather right or r�me�y�f Len�ier. This assignment of rents of the Property shall term�nate when the debt secured by the �ecurity Instrument is paid in fu11. 1$. F�reclosureProcedure.If Lender requires immediate payment in full under paragraph 9, Lender may in�oke the power af sale and any other remedies permitted by app�icab�e Iaw,Lender shall be entitied to col�ect all expenses incurred in pursuing the remedies under this paragraph 1$,including, but not limited to,reasonable attorneys'fees and casts af titte evidence. FHA Mortgage WITH MERS-NE Re�ised 419fi VMP� VMP4N[NE}[1342}.44 Wo�ters Kluwer Financial Services Page 7 of 10 q03336580445 �233 384 �71�