|
<br />~B/21/2005 04:44
<br />
<br />6192933420
<br />
<br />HLCMV
<br />
<br />PAGE 09/31
<br />
<br />200701807
<br />
<br />action, or r~val action, as defined in Environmental Law; and (d) an "EnvirolUIlental Condition" meaus a
<br />condition that tan cause, contribute to, or otherwise trigger an Environmental Cleanup.
<br />Borrower shall not cause or pennit the presence, use, dispogal, storage, or release of any Hazardous
<br />Substances. or threaten to release any Hazardous Suh$tances, on OJ: m the Property. Borrower shall not do, nor allo\v
<br />anyone ehe to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which
<br />creates an Env:itonmental Condition, or (c) which, due to the presence, UllC, or release of a Hazardous SubstaItcc:,
<br />creates a condition that adversely affectS the value of the Property. The precedjng two sentences shall not apply to
<br />the presence, use, or storage on the Property of small qwwtities of Hazardous Stilistances that are generally
<br />recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not
<br />limited to, hazardous substances in CODSUJneJ' products).
<br />Borrower shall promptly give Lender written notice of (a) any investigation. claim, demand, lawsuit or
<br />other action by any governmental or regulatory agency or private party involving the Property and any lIazardous
<br />Substance or EnvirotlIncntsl Utw of which :Borrower has actual knOWledge, (b) any Environmental Condition,
<br />including but JJ,Ot limited to, any spilling, leaking, discharge, release or threat of release of any Hazardou, Substance,
<br />and (c) any condition caused by the presence, use or release of It Hazardous Substance which adversely affects the
<br />value of the Property. If Borrower learns, or is notified by any govenunental or ~gulatory authority, or any private
<br />party, that any zt:movaJ or other remediation of any H82ardous Substance affecting the Property ,s necessary,
<br />:Borrower shall promptly take all necessary remedial actioDB in accordance with Environmental Law. Nothing
<br />herein shall create any obligation on Lender for an Environmental Cl~up.
<br />19. Assignment of Leases and Rents. Borrower irrevocably gJ:8nts, conveys, sells and assigns to
<br />Trustee, in 1.TUSt for the benefit of Lender, as additional secuxjty: (a) all of .Borrower's right, title and interest in and
<br />to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and
<br />occupancy of any portion of the l'roperty, includins any extensions, renewals, modlikatlons Dr substimriom of such
<br />agreements (all referred to all "Leases"), and (b) all of the lents, security deposits, issues and profits arising out of or
<br />earned in connection with the Property (all referred to as "Rents").
<br />Borrower will promptly provide Lender with true and COrrect copies of all eJdsting and future Leases.
<br />Borrower may collect, receive, enjoy and Uge the Rents so long as Borrower is not in default under the te'J1X),(l ofthitl
<br />Security InBtrument Borrower agrees that this assignment is itmnediately effective betWeen the partiers to this
<br />Security Instrument. BOttOwer agrees tb.at this assignment is effective as to third patties when Lender or Trustee
<br />takes affirmative action prescribed by law, and that this llIISignment will rcma,W in effect during any redemption
<br />period until the Loan is 98tlsfied. .
<br />Borrowe:r: agrees 1hat Lender or Trustee ~y take actud possession of the Property without the necessity of
<br />commencing legal action and that actual possession is deemed to occm when Lender, or its agent, notifies Borrower
<br />of an event of default and demands that any tlmllnt pay all future Rents directly to Lender. On receiving notice of an
<br />event of default, Borrower will endorse and deliver to Lender any payment ()f Rents in Borrower's possession and
<br />will receive any Rents in trust for Lender and will not commingle the Rents with any other funds. Unless
<br />Applicable Law provides oth~se, all Rents collected by lender or Lender's agent shall be applied fust to the
<br />COS:~ of taking control of and managing the Property llnd collecting the Remts, including, but not limited to,
<br />attorney's fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiutnto,
<br />taXes, assessmentg and other charges on the Property, and then to the Swn!l secured by this Security Instrument in the
<br />order provided for in Section 2. If the Rents of the Property are not sufficient to cover the costs of taking control of
<br />and managing the Property and of collecting the Rents any amounts di~bursed by Lender for such plUpolie8 shall
<br />become additional debt of Borrower secured by this Security Instmment_ These amounts shall bear interest at the
<br />rate applicable to the Debt Instrument from time to time, from. the date of disbunl:'/Il.l:!nt andshall be payable, with
<br />such interest, upon notice from Lender to Borrower requesting p~yment.
<br />Borrower warrants that no default exists under the. Leases or any applicable landlord/tenant law. Borrower
<br />agrees to maintain and requb:e any tenant to comply with the ternt$ orthe Leases and applicable law.
<br />20, Condominiums; Planned Unit DeVelopments. If the PrOperty is a unit in a condominium
<br />project ("CondQminiwn Project") Dr is part of a pJanned unit development ("PUD"), Borrower agrees to the
<br />following:
<br />A. Obligations. Borrower shall perform all of Borrower's obligations under the Constitue~t Oocuments.
<br />The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominiwn
<br />Project OI PUD and any condominium association, homeowners association or equivalent entity ("CommWlity
<br />
<br />IIUlniiiiii..liiilli (5/4/00)
<br />
<br />(pap 9 Qf J!J pagru)
<br />DocUUIl!!OQ: ProQeUed 02-02-2007, 15:16:21
<br />
|