|
200203402
<br />condio shalt not affect Wer provisions of this Securvy Instrument or the Now which can be given effect without ihcconflicting p,ocis(un- To
<br />this end the provisions of this Secuny Insuument and the Note are declared to be severable.
<br />15. Borrower's Copy. Borrower shad be given one conformed copy of this Securry tnsu-unnent
<br />16. Hazardous Substances. Borrower shall not cause or permit Me presence, use, disposal, storage, or release of any Hazardous
<br />Substances on or in the Propcity. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in v iulanon of any
<br />Envaomcntat Law_ The preceding two sentences shall not apply to the presence, use, or storage on the Property of smolt quantities of
<br />Hazardous Substances that are generally recognized to be appropriate to normal tusidential uses and to maintenance of the Property.
<br />Borrower shall promptly gives Lender written notice of am mvesdgatron, claim, demand, lawsuit on other action by any govemrenial s
<br />regulatory agency or pr own: party involving the Property and any Hazardous Substance or Emboloadal Law of which Borro ver has actual
<br />know ed -e. IF Borrower learns, or is notified by env governmental or regulatory authority, that any removal or other remediation of any
<br />Hazardous Substances affecting the Property is neeessary, Borrower shall promptly tale all neces.svy remedial actions in accordance mih
<br />Enviromental Law.
<br />As used in this paragraph 16, "Hazardous Substances° arc those substancesdefined as toxic or Inazardous substances by Enviromental Law
<br />and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and lialo ides, volatile
<br />solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in the paragraph 16, Enviromental In"" nwmn
<br />federal laws and Taws of the ro isdiclion where the Property is located that now to health, safety m- envirommod protectSon-
<br />NUV-UNIFURti1COVENAN'fS. Borrower and Lender further covenant and agree as follows:
<br />17. Assignment of Rents. Borrower unconditionally ussi ns and transfer, to Lender all the rents and revenues A the Property. Baro"o
<br />authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender
<br />Ill Lenders auenls, llm cva' prior to Lender's mice to Borrower of Borrower's breach of any covenant w agreement in the Security
<br />Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This
<br />assignment of runts constitutes an absolute assignnunt and not in assignment for additional security only -
<br />If Lender gives notice of breach to Bon -ower ta) all rents received by Bormwer shall be held by Borrower as trustee for benefit of Lender
<br />only, to be applied to the sums secured by the Security Instrunnant: (h) Lender shall be entitled to collect and reverse all of the rents of bw
<br />Property; and ic) 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 pnor awgnrrrnt of the runts and has not and will not perform any on that could prevent I ender from
<br />exercising its rights under this Pnraaruph 16.
<br />Lender shall not be required to enter upon, take coning! of or mainuun the Property before or atto givino . notice of breach to Borrower.
<br />I lowevor Lender or a judivally appointed receiver may do so at any timc there is a breach _Any application of rents shalt nm cute or wove any
<br />default or im alidate any other right or remedy of Lander. Phis asygnnnent of rents of the Property shall terminate when the debt secured by the
<br />Security hustrumcnt is paid in full.
<br />13. Foreclosure Procedure. if Lender requires immediate payment in full under Paragraph 9, Lender may invoice
<br />the power of sale and my other remedies permitted by applicable raw. 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 invoiced, 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 not-bee in the manner as prescribe by applicable tact, to Borrower and to
<br />the other persons prescribed by applicable law. After the time require([ 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 tied
<br />the Property at public auction to the highest bidder at the time and place and under the terns designated in the notiee 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 preciously, 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 watetments [Wade 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 appHeable 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 Wiled to it.
<br />19. Reconveyanee. Upon payment of all sums secured by this Security Instrument, Lender shall request frustee to reconvey the
<br />Property and And surrender this Sccurity Instrument and all noted evidencing debt secured by this Security Instrument ro "frustee "frustee tides.!!
<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 />26. Substitute Trustee. ],ender, at its option, may from lime to time remove Tt.istoe and appoint a successor trustee to any Trustce
<br />appointed hereunder by an instrunnent recmvded in the county in which this Security Instrument is recorded. Without come,.ance of the
<br />Property, the successor trustee shall succeed to ail the title, power and duties conferred upon Trustee herein and by applicable low.
<br />Pale d a,
<br />nar_cv (a -o0 pus?3
<br />
|