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200903477 successors in interest. Any forbearance by Lender in exercising anyright or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 11. Suceessors and Assigns Bound; Joint and Several Liablilty; Co-slpen. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower. subject to the provisions of Paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument: (b) is not personally obligated to pay the sums secured by this Security Instrument: and (c) agrees that Lender and any other Borrower may agree to extend, modify. forbear or make any accommodations with regard to the leMU of this Security Instrument or the Nole without that Borrower's consent. 13. Nodees. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by fust class mail unless applicable law requires use of another method. The notiee 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 staled herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when Biven lIS provided in this paragraph. 14. Governing Law; Severability. This Secunty Instrument shall be governed by Federal law and the law of the jurisdiction in which the Pro~rty is located. In the event that any provision or clause of this Security Instrument or the Note conflicts WIth applicable law. such contlict shall not affect other provisions of this Securil)' InstrumCllt or the Note which can be given effect without the conflicting pro\ision. To this end the provistons of this Security InstrurnClltand the Note are declared to be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Seeurity 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 Propeny. 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 five Lender wrinen notice of any investigation, claim, demand. lawsuit or other action by any governmenta 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 govemmental or regulatory 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 paragrapb 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and me 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 the 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 transfers to lender all the rents and revenues of the Property. BOITower authorizes lender or Lender's agents to collect the rents and revenues and hereby directs each tCllant orthe 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 thc Security Instrument, Borrower shall collect and receive all rents and revenues aCthe Property lIS 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 beld by Borrower lIS 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 Propcrty. and (c) each tenant of the Property shall pay all renll; due and unpaid to Lender or Lender's agent on Lender's wrillen demand to the tenant. BOITOWtr has not executed any prior assi~nment of the rents and hIlS not and will not perform any act that would prevent Lender from exercising its ngbts under this Paragraph 17. Lender shall not be required to enter upon. take control of or mawtain the Property before or after giving notice of breach to Borrower. However, lender Of a ~cia1lr 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 Proccdure. If Lender requires immediate payment in full under Parllgrapb 9. Lender may Invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses ineurred In pursuing the remedies pro,ided lu tbIs Section 18. Including, but not limited to, reasonable attorneys' fees and costs of title evidence. If the power of sale is invoked, Trostee shall record a notice of default In each county in which aoy part of the Property Is located and sball mail copies of sueh notice in the manner prescribed by Applicable Law to Borrower and to the other persons prescribed by Applicable Law. After tbe time required b)' Applicable Law. Trustee sball give public notlee of sale to the persons and In thc manner prescribed by Applicable Law. Trustee, "ithout demand on Borrower, shall seU the Property at public auction to the highest bidder at the time and place and under the terms deslenllted in the notice of sale In one or more parcels and in IIny order Trustee determines. Trustee may postpone sllle of 1111 or an)' parcel of the Property by publle announcement at tile time and place of any previously scheduled sale. Lender or Its designee may pure base the Property at any sale. Upon receipt of payment ohhe price bid, TrUSlee sball deliver to the purchaser Trustee's deed conveying tbe Property. The recitals in tbe Trustee's deed shall be prIm II fade e,idenee of the trutb of the statements made therein. Trustee shall apply tbe proceeds of the sale in the following order: (a) to 1111 costs IInd expellses of exercising tbe power 01 sale, and tbe sale, Including the paymellt of the Trustee's lees actually Incurred and reasonable attorneys' fees as permitted by Applicable Law; (b) to all sums seeured by tbIs Security Instrument; and (e) any excess to tbe person or persons legally entitled to iI. If the Lender's iuterest In tltls Security Instrumeut is held by the Secretary and the Secretary requires immediate payment In full under Paragraph 9, the Seeretar)' may invoke the nonjudicial 1~2$6.CV(II,07) 4~81 PallC4o(S FHA N._ DeedorTl1IJ' MEltS GOTO(I)ll2I dOe9)