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200301031 Property as trustee for the benefit of Lender and Borrower- This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach or Burrower. (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall he entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lenders agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this Paragraph 17. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice 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 shall riot cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in full. 18. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 9, Lender may foreclose this Security Instrument by judicial proceeding. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Paragraph 18, including, but not limited to, reasonable attorneys' fens and cuss of title evidence. If the power of sale is invoked, 'Trustee shall record a notice of default in each county in which any part of the Property is located and shall mail copies of such notice in the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of sale In the persons and in the manner prescribed by applicable law_ trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels and in any order, Trustee determines. Trustee may postpone sale of all or any parcel of this Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made thereiq Trustee shall apply the proceeds of the sale in the following order (a) to all costs and expenses of exercising the power of sale, and the sale, including the payment of The 'I rustee's fees actually incurred, not to exceed S'% of the principal amount of the note at the time of the declaration of default, mid reasonable attorneys' fees as pernutted by law; (b) to all sums secured by this Security Instrument and (c) any excess to the persons legally entitled to it. If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary required immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Mortgage Force] osure Act of 1994 ( "Act ") (12 U.S.C. 3751 el seq.) by requesting a foreclosure conunissioner designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this Paragraph 18 or applicable law. 19. Reconveyanee. Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to 'I rustee. 'I rustee shall reconvey the Property without warranty and without charge to the person or persons legally entitled to it. Such person or persons shall pay any recordation costs. 20. Substitute Trustee. Leader, al its option, may from time to time remove Trustee and appoint a successor trustee to any 'Trustee appointed hereunder by an instrument recorded in the county in which this Security Instrument is recorded. Without conveyance of the Property, the successor trustee shall succeed to all the title, power and duties coterred upon Trustee herein and by applicable law. 21. Request for Notices. Borrower requests that copies of the notices of default and sale be sent to Borrower's address which is the Property Address. 22. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the riders) were a part of this Security Instrument. [Check applicable box(cs)] ❑ Condominium Rider ❑ Graduated Payment Rider ❑ Others) [specify ❑ Planned flint Development Rider ❑ Growing Equity Rider ❑ ARM Rider 00 [5.vxx vueisooa P.,5.17