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<br /> successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of
<br /> or preclude the exercise of any right or remedy.
<br /> 12. Successors and Assigns Bound; Joint and Several: Liability; Co-signers. The covenants and
<br /> agreements of this Security instrument shall bind and benefit the successors and assigns of Lender and
<br /> Borrower, subject to the provisions of Paragraph 9(b). Borrower's covenants and agreements shall be joint
<br /> and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-
<br /> signing his Security Instrument only to mortgage, grant and convey that Borrower's interest in the property
<br /> under the terms of this Security Instrument; (b) is not personally obligated to pay he sums secured by this
<br /> Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear
<br /> or make any accommodations with regard to the term of this Security Instrument or the Note without that
<br /> Borrower's consent.
<br /> 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by
<br /> delivering it or by mailing it by first class mail unless applicable law requires use of another method. The
<br /> notice shall be directed to the Property Address or any other address Borrower designates by notice to
<br /> Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any
<br /> address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be
<br /> deemed to have been given to Borrower or Lender when given as provided in this paragraph.
<br /> 14. Governing Law; Severability. This Security Instrument shall be governed by Federal law and
<br /> the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this
<br /> Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions
<br /> of his Security Instrument or the Note which can be given effect without the conflicting provision. To this
<br /> end the provisions of this Security Instrument and the Note are declared to be severable.
<br /> 15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this
<br /> Security Instrument.
<br /> 16. Razardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage,
<br /> or release of any Hazardous Substances on or in the Property, Borrower shall not do, nor allow anyone else to
<br /> do, anything affecting the Property that is in violation of any Environmental Law. The preceding two
<br /> sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous
<br /> Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of
<br /> the Property.
<br /> Borrower shall promptly give, Lender written notice of any investigation, claim, demand, lawsuit or
<br /> other action by any governmental or regulatory agency or private party involving the Property and any
<br /> Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or
<br /> is notified by any governmental or regulatory authority, that any removal or other remediation of any
<br /> Hazardous Substances affecting the Property is necessary, Borrower shall promptly take all necessary
<br /> remedial actions in accordance with Environmental Law,
<br /> As used in his paragraph 16, "Hazardous Substances" are those substances defined as toxic or
<br /> hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other
<br /> flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials
<br /> containing asbestos or formaldehyde, and radioactive materials. As used in he paragraph 16, "Environmental
<br /> Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health,
<br /> safety or environmental protection,
<br /> NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br /> 17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents
<br /> and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues
<br /> and hereby directs each tenant of he Property to pay he rents to Lender or Lender's agents. However, prior
<br /> to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security
<br /> Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for he benefit
<br /> of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment
<br /> for additional security only. Lendr, gives notice of breach to Borrower: (a) all rents received by Bborrower as trustee for benefit of Lender only, to be lied to the sums secured by he Security Instrument; held by d to
<br /> llect and
<br /> Property s
<br /> the
<br /> or sall hall payeall rents dueoand paid to Lender h~ dees agent on~Leennder's wriitten demand of he
<br /> tenant.
<br /> Borrower has not executed any prior assignment of the rents and has not and will not perform any
<br /> act that would prevent Lender from exercising its rights under this Paragraph 17.
<br /> Lender shall not be required to enter upon, take control of or maintain the Property before or after
<br /> giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any
<br /> time there is a breach, Any application of rents shall not cure or waive any default or invalidate any other
<br /> right or remedy of Lender. This assignment of rents of the Property shall terminate when he debt secured by
<br /> the Security Instrument is paid in full.
<br /> 18. Foreclosure Procedure. If Leader requires immediate payment in full under Paragraph 9,
<br /> Lender may invoke the power of sale and any other remedies permitted by Applicable Law. Lender
<br /> shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 18,
<br /> Including
<br /> If the power of sale Is invoked, Trustee shall record a notice of default , but not limited to, reasonable attorneys' fees and costs of title evidence.
<br /> any par o the Pro is located and shall mail copies of such notice In he mannerop~rescr In which
<br /> bed by
<br /> Applicable Law to Werrower and to the other persons prescribed by Applicable Law: After the time
<br /> required by Applicable Law, Trustee shall give public notice of sale to the persons and In the manner
<br /> prescribed by Applicable Law. Trustee, without demand on Borrower, shall sell the Property at public
<br /> auction to the highest bidder at the time and place and under the terms designated in the notice of sale
<br /> in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any
<br /> parcel of the Property by public announcement at the time and place of any previously scheduled sale.
<br /> Lender or Its designee may purchase the Property at any sale.
<br /> Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed
<br /> conveying the Property. The recitals in the Trustee's deed shall be prima facie evidence of the truth of
<br /> the statements made therein. Trustee shall apply the proceeds of he sale in the following order; (a) to
<br /> all costs and expenses of exercising the power of sale, and the sale, including he payment of the
<br /> Trustee's fees actually Incurred and reasonable attorneys' fees as permitted by Applicable Law; (b) to
<br /> all sums secured by this Security Instrument; and (c) any excess to the person or persons legally
<br /> entitled to It.
<br /> If the Lender's Interest to this Security Instrument Is held by the Secretary and the Secretary
<br /> requires immediate payment in full under Paragraph 9, he Secretary may Invoke the nonjudicial
<br /> r ass6.CV (11/07) 4200220
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