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201000594
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1/28/2010 2:18:42 PM
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1/28/2010 2:18:42 PM
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DEEDS
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201000594
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<br />zoiooo5s4 <br />12. Successors and Assigns Bound; Joint and Several Liability; Ca-Signers. The covenants and agreements <br />of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the <br />provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who <br />co-signs this Security Instrument but does not execute the Nate: (a) is co-signing this Security Instrument only to <br />mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) <br />is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any <br />other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this <br />Security Instrument yr the Note without that Borrower's consent. <br />13. Nodces. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or <br />by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to <br />the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be <br />given by first class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. <br />Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when <br />given as provided in this paragraph. <br />14. Grrverning Law; Severability. This Security Instrument shall be governed by Federal law and the law of <br />the jurisdiction in which the Properly is located. In the event that any provision yr clause of this Security Instrument <br />or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or <br />the Nnte which can be given effect without the conflicting provision. To this end the provisions of this Security <br />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 Security <br />Instrument. <br />16. Hazardous Substances. Harrower shall not cause or permit the presence, use, disposal, storage, or release <br />of any Hazardous Substances an or in the Property. Borrower shall not do, nor allow anyone else to do, anything <br />affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to <br />the presence, use, or storage an the Property of small quantities of Hazardous Substances that are generally <br />recognized to be appropriate to normal residential uses and to maintenance of the Property. <br />Borrower shall promptly give Lender written notice of any investigation, claim, demand, lativsuit or other action <br />by any governmental or regulatory agency ar private party involving the Property and any Hazardous Substance or <br />Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental <br />or regulatory authority, that any removal or other remediadon of any Hazardous Substances affecting the Property is <br />necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. <br />As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous <br />substances by Environmental Law and the fallowing substances: gasoline, kerosene, other flammable yr toxic <br />petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, <br />and radioactive materials. As used in this paragraph 16, "Environmental Law" means federal laws and laws of the <br />jurisdiction where the Property is located that relate to health, safety or environmental protection. <br />NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: <br />17. AssignrrAent of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues <br />of the Property. Borrower authorizes Lender ar Lender's agents to collect the rents and revenues and hereby directs <br />each tenant of the Property to pay the rents to Lender yr Lender's agents. However, prior to Lender's notice to <br />Borrower of Borrower's breach of any covenant ar agreement in the Security Instrument, Borrower shall collect and <br />receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of <br />rents constitutes an absolute assignment and not an assignment for additional security only. <br />If Lender gives notice of breach to Borrower: (a) all rents received by Harrower shall be held by Borrower as <br />trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be <br />entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents <br />due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. <br />327.-2734948-703 1!t1421)4t3 <br />-4N(Nk7 toao» Wage s or a iresk,~s;-, <br />WWW.DOC51)112ECT.COM 01/27./2010 12:06 PM NEW LOAN <br />
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