200710274 - Laserfiche WebLink

Browse

200710274 CASE #: NE3212488473703 DOC ID t: 00018092664511007 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 conflict~ 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 Qf this Security Instrument and the Note are declared to be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 16. Hazardous Substances. Borrower shall not cause or permit 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 leam.~, or is notified by any governmental or regplatory authority, that any removal or other remediation of any Hazardous 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 a~ toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvent~, 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~UNU10RM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Assigmnent of Rents. Borrower unconditionally a~signs and transfers to Lender all the rents and revenues of the Properly. Borrower authorizes Lender or Lender's agents to collect the rents and revenue.~ and hereby directs each tenant of the Properly to pay the rents to Lender or Lender's agent'!, 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 rent~ and revenues of the Property a~ trustee for the benefit of Lender and Borrower. This assignment of rents constitute.~ 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 a~ 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 (c) 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 tenant. Borrower has not executed any prior assignment of the rents and ha~ not and will not perform any act that would prevent Lender from exercising its right~ 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 rent~ shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall tenninate when the debt secured by the Security Instrument is paid in full. 18. Foreclosure Procedure. H Lender requires immediate payment in full under paragraph 9, Lender may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect aU expenses incurred in pursuing the remedies under this paragraph 18, including, but not limited to, reasonable attorneys' fees and costs of title evidence. H the power of sale is invoked, Trustee shan record a notice of default in each county in which any part of the Property is located and shan mail copics of sucb notice in the manner prescribed 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 prpscribed by applicable law. Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder at tbe 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. H 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 Aet of 1994 ("Act") (12 V.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under the Act to commence foreclosure and to sen the Property as provided in the Act. Nothing in the preceding sentence shan deprive the Secretary of any rights otherwise available to a Lender under this Paragraph 18 01' applicable law. _ -4N(NE) (0407) <!> CHL (09105) Page 5016