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201503389
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201503389
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Last modified
7/21/2017 2:28:50 AM
Creation date
5/26/2015 11:24:43 AM
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DEEDS
Inst Number
201503389
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201503389 <br /> 15. Borrower's Copy.Bonower shall be given one conformed copy of the Note and of this Securiry <br /> Instrument. <br /> 16. HazardousSubstances,Borrower shall not cause or permit the presence,use, disposal, storage, or release <br /> of any Hazardotts Substances on or in the Property. Bonower 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 Bonower 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,Bonower shall promptly take all necessary remedial actions <br /> in accordance with Environmental Law. <br /> As used in this paragraph 16,"Hazardous Substances"are those substancesdefined as toxic or hazardous <br /> substancesby Environmental Law and the following substances:gasoline,kerosene,other flammable or toxic <br /> petroleumproducts,toxicpesticidesandherbicides,volatilesolvents,materialscontainingasbestosor <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-UniformCovenants.Bonower and Lender further covenantand agree as follows: <br /> 17. Assignmentof Rents.Bonower unconditionatly assigns and transfers to Lender all the rents and revenues <br /> of the Property. Bonower 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,Bonower <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 Bonower shall be held by Bonower <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 a8er giving <br /> notice of breach to Bonower. 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. ForeclosureProcedure.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 /> WolPters�Kguwe Fln ndalServces III�I'lllll��l�ll�l'IIIIII I'IIIIIIIIIIIIII���I�II VMP4N(NPag1e02of�0 <br /> q03340845307 0233 314 0710 <br />
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