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200809698 11. Bon"ower Not Released; Forbearance by Lender Not a Waiver. Extension of the time of payment or lllodification of amortization of the stilns secured by tIlis Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrwnent by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of tIlis Security lnstunnent shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of para!,'Taph Y(b) Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument bnt docs not execute the Note: (a) is co-signing tIlis Security Instrwnent only to mortgage, grant and convey that Borrower's interest in the Property under the tenns of this Security Instrument: (b) is not personally obligated to pay Ihe sums secured by this Security Instrument: and (c) agrees that Lender and any other Borrower may a!,'Tee to extend, modify, forbear or make any accommodations with regard to the terms of tllis Security Instrument or the Note witllOut that Borrower's consent. ] 3. Notices. Any notice to Borrower provided for in tllis Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another metllOd. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in tllis Security Instnunent shall be deemed to have been given to Borrower or Lender when given as provided in tllis paragraph. 14. Governing Law; Severability. This Security Instrument shall be govemed by federal law and the law of the jurisdiction in wllich 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 alTcct 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 confonl1ed copy of the Note and of tllis Security Instrument. ]6. Hazardous Substances. Borrower shall not cause or pernlit 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 thaI 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 Ha/llrdous Substances tlmt are generally recogllized to be appropriate to normal residential uses and 10 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 Ha71lrdous Substance or Environmental Law of wllich Borrower has actual knowledge. If Borrower leams, or is notified by any govenunental or regulatory authority, that any removal or other remediation of any Hazardous Substances affecting the Property is necessmy, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this paragmph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following subst~mces: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fonl1aldehyde, and radioactive materials As used in tIlis paragraph 16, "Environmental Law" memlS federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. NON-UNIFORM COVENAN'T'S. Borrower and Lender further covenant and agree as follows: 17. Assignment of' Rents. Borrower unconditionally assigns and transfers to Lender all the rents ,U1d revenues of the Property, Borrower autllorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property 10 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 slmll collect and receive all rents ~Uld revenues of tlle Property as trustee for the benefit of Lender and Borrower. Tllis 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 tmstee 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 slmll pay all rents due and lUlpaid 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 has not and will not perfonn any act that would prevent Lender from exercising its rights under tllis paragraph 17. NEllRASK^ FHA DEEO 01" TRlIST IVI"'RS ITEM 2696L5 (0709) GreatDocs™ (Page 5 of 7) Ofl-G- ~b,