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200701390 CASE #: NE3212461718703 DOC ID #: 00015822063402007 14. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such 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 be severable. 15. Borrower's Copy. Borrower shall be given one confooned copy of the Note and of this Security Instrument. 16. Hazardous Substances. Borrower shall not cause or pennit the presence, use, disposal, storage, or release of any Hazardous 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 Environmental 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 any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any Ha7.ardous Substances affecting the Property is necessary, Borrower 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 Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 16, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Assignment of Rents. Borrower unconditionally assigns and transfcrs to Lender all the rents and revenucs of the Property. Borrower authorizes l.ender or Lender's 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 Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents 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 of breach to Borrower: (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 reccive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or l.ender's 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 perfoon 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 not 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 paragrapb 9, Lender may invoke tbe power of sale and any otber remedies permitted by applicable law. Lender sball be entitled to collect all expenses incurred in pursuing tbe remedies under tbis paragrapb 18, Including, but not limited to, reasonable attorneys' fees and costs oftitle evidence. If tbe power of sale is invoked, Trustee sball record a notice of default in eacb county in wblcb any part of tbe Property is located and shall mail copies ofsucb notice in the manner prescribed by applicable law to Borrower and to the otber persons prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of sale to tbe persons and in the manner prescribed by applicable law. Trustee, witbout demand on Borrower, sball sell tbe Property at public auction to the highest bidder at the time and place and under tbe terms designated in tbe notice of sale in one or more parcels and in any order Trustee determines. Trustee may postpone sale ofall or any parcel ofthe Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purcbase tbe Property at any sale. If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires immediate payment in full under Paragraph 9, the Secretary may inVOke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.c. 3751 el seq.) by requesting a foreclosure commissioner 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 Jaw. _ -4N(NE) (0407) CHL (09/05) Page 5 of6 ~~ 1(;;1