|
200305265
<br />cmi shall not affect other provisions of this Security Instmment or the Note which can be given effect without the conflicting provision. In
<br />this end the provisions of this Security Instrument and the Note are declared to be severable.
<br />15. Borrower's Copy. Borrower shall be given one conformed copy oftbis Security Instrument.
<br />16. Ilarardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous
<br />Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any
<br />Enviromental Law. The preceding two scntcnces shall not apply to the presence, use, or storage on the Property of small quantities of
<br />Iiazmdoua Substances 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 action by any governmental or
<br />regulatory agency or private party involving the Property and arty Hazardous Substance or Enviromental Law of which Borrower has actual
<br />knowledge. If Borrower learns, or is notified by any governments[ or regulatory continuity, that any removal or other remediation of any
<br />Hazardous Substances affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with
<br />Enviromental Law.
<br />As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law
<br />and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile
<br />solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in the paragraph 16, 'Triviromental Law' means
<br />federal laws and laws of the jurist iction where the Property is located that relate to health, safety or enviromental protection.
<br />NON4 IN I F0RM COVENANTS. Borrower mid Lender farther covenant and agree as follows:
<br />17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower
<br />authorizes Lender or Lenders agents to collect the rents and revenues and hereby directs each tenml of the Property to pay the rents to Lender
<br />or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security
<br />Instrument, Borrower shall collect and receive all rents and revenues of the Property ai trustee for the benefit of Lender and Borrower. This
<br />assignment ofrents constitutes an absolute assignment and not an assignment for additional security only.
<br />If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender
<br />only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the
<br />Property; and let each tenant of the 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 nut and will not perform any act that would prevent Lender from
<br />exercising its rights under this Paragraph 16.
<br />Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower.
<br />However, Lender or a judicially appointed receiver may do so at any time Mere is a breach. Any upplicetion of rents shall not cure or waive any
<br />detault or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall Woodrum when the debt secured by the
<br />Security Instrument is paid in full.
<br />18. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 9, Lender may Invoke
<br />the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses
<br />incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonable attorneys' fees
<br />and costs of title evidence.
<br />If the power of sale is invoked, Trustee shall record a notice of default in each county in which any part of the
<br />Property is located and shall mail copies of such notice in the manner as prescribe by applicable law to Borrower and to
<br />the other persons prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice
<br />of sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell
<br />the Property at public auction to the highest bidder at the time and place and under the terms designated in the notice of
<br />sale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the
<br />Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may
<br />purchase the Property at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the
<br />Property. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein.
<br />Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, Including, but not limited
<br />to, Trustee's fees as permitted by applicable law and reasonable attorney s' fees; (b) to all sums secured by this Security
<br />Instrument; and (c) any excess to the person or persons legally entitled to it.
<br />19. Reconveyance. Upon payment of all .sums secured by this Security Insuunnent, Lender shall request Trustee to reconvey the
<br />Property and shall surrender this Security Instrument and all noted evidencing debt secured by this Security Instrument to Trustee. Trustee shall
<br />reconvey the Property without warranty and without charge to the person or persons legally entitled to it Such person or persons shall pay any
<br />recordation costs.
<br />20. Substitute' Trustee. Lender, at its option, may from time to time remove Trustee and appoint a successor trustee to any Trustee
<br />appointed hereunder by an instrument recorded in the county in which this Security Instrument is recorded Without conveyance of the
<br />Property, the successor trustee shall succeed to all the title, power and duties conferred upon Trustee herein and by applicable law.
<br />Pee, a ors
<br />11olCc(8 /01) 1691278
<br />GOTO(0004,363)
<br />
|