200213488 - Laserfiche WebLink

Browse

2002134SS conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to he severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of this Security Instrument 16. llamrdous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or is the Property. Bonower shall not de. nor allow anyone else to do, anything affecting the Property that is in viclutio t of any Environtenml Law_ The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice of rwy investigation, claim, demand, lawsuit or other action by any governmental of regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Lew of which Borrower has actual knowledge. If Borrower learns, or is cool by any governmental or regulatory authority, that any removal or other remediation of any l lazardons Substances affecting the Property is necessary. Bonower shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Enviromental Law and the following substances: gasoline, kerosene. other Ilanunable of toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in the paragraph be, " Envimmental Law" means federal laws and laws ofthe jurisdiction where the Property is located that relare to health, safety or enviromental protection NON - UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows. 17. Assignment of Rents. Borrower unconditionally assigns and transfers to Under all the rents and revenues of the Property. Borrower authorizes Lender m Lenders agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrowers breach of any covenant or agreement in the Security Instrument Borrower shall collect and receive all cuts and revenues of the 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 ofbeadr to Borrower: (a) all rents received by Borrower shall beheld by Borrower as trustee for benefit of Lender 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 Property: and (e) each tenant of the Property shall pay all rents due and unpaid to Lender m Lenders agent on Lenders wooden demand to the tenant. Borrower has not executed any prior ussignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this Paragraph 16. 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 not are or waive any default or invalidate any other right or remedy of Lcndcr. This assignment of rams urine Property shall terminate when the debt secured by the Security Instrument is paid in full. 18. Foreclosure Procedure. If Lender requires immediate payment in fall under Paragraph 9, tender may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonable attorneys' fees and costs 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 as prescribe 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 to 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 the 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, 'fruder shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's decd shall be prinm facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including, but not limited lo, Trustee's fees as permitted by applicable law and reasonable attorney s' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 19, Reconveyance. Upon payment of all sums secured by this Security Instrument Lender shall request I'mstee to reconvey the Property and shall surrender this Security Instalment and all noted evidencing debt secured by this Security Instrument to Trustee. Trustee 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. Lender, at its option, may from time to time remove Trustee and appoint a successor trustee to any Trustee appointed hereunder by rot 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 conferred upon Trustee herein and by applicable law. Puy, 4 a5 Itnl ( 'V pan) [619573 1 l0 1110.11.w.il11