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201504452
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201504452
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Last modified
7/21/2017 2:52:32 AM
Creation date
7/2/2015 12:07:30 PM
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DEEDS
Inst Number
201504452
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201504452 <br /> 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 /> Bonower 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 Bonower leams,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 Envuonmental 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 flammabte or toxic <br /> petroleum products,toxic pesticides and herbicides,volatile solvents,materials containing asbestos or <br /> formaldehyde,and radioactive materials.As used in this paragaph 16,"Environmentat Law"means federal <br /> laws and laws of the jurisdiction where the Property is locatedthat relate to health,safety or environmental <br /> protection. <br /> Non-UniformCovenants.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. Sonower 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 Bonower 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 /> Bonower.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 Bonower: (a)all rents received by Borrower 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 /> Bonower 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 requued 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. 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 appticable 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 /> W P rs�Kuwer Ffln nc^al 3erv ces I)I I�'�III I I I II I II I II II I I II IIII II II I I I(I I I II I I III VMP4N(N P�e 020 000 <br /> q03340122214 0233 427 0710 <br />
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