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2oioo3~7~ 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 conflicts with applicable law, such conflict shall not affect ether provisions of this Secuntty Instrument or the Nnte 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. 1S. Borrower's Cagy. Borrower shall be given one conformed copy of the Nate and of this Security Instrument. 16. Hazardous Substances. Harrower shall not cause or permit the presence, use, disposal, storage, ar release of any Hazardous Substances on or in the Property. Borrower shall not tin, 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, ar 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 Frnperty. Bnrrnwer 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 learns, or is notikled by any governmental or regulatory authority, that any removal or other remediadon of any Hazardous Substance affecting the Property is necessary, Bazxnwer shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos qr formaldehyde, and radioactive materials. As used itl this paragraph 16, "Environmental Law" means federal laws and laws of the jurisdiction where the Properly is located that relate to health, safety or environmental protection. Nt]N-UNIFQRM CQVENANTS. Harrower and Lender further covenant and agree as follows: 17. Assignment of Rcnts. Harrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Banrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Harrower of Borrower's breach of any covenant or agreement in the Security Inswment, Borrower shall collect and receive all rents and revenues of the l?mperty as trustee far the benefit of Lender and Burrower. 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 held by Borrower as trustee for benefit of Lender only, to be applied tq 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 ar Lender's agent on Lender's written demand to the tenant. Borrower has not exeeuted any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this paragraph 17. Lender shall not be required to enter upon, take control of yr maintain the Property before or after giving notice a£ breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of tents shall oat cure or waive any default nr 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. Forealasure Procedure. If 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 shalt be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 18, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If the power of sale is invoked, Trustee, shall record a notice of default in each county in which any part of the Property is located and shall mail copies of such notice in the manner prescribed by applicable law tv Borrower and to the othet persons prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of the sale to the persons and in the manner prescribed by applicable law. Trustee, without demand an Harrower, shall sell the Froperty at public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels and in any nrdex Trustee determines. Trustee may postpone sale of all ar any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender nr its designee may purchase the Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver tv the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all costs and expenses of exercising the power of sale, and the sale, including the payment of the Trustee's fees actually incurred, not ro exceed 0.000 °,6 of the principal amount of the note at the time of the declaration of default, and reasonable attorneys' fees as permitted by law; (b) to all sates secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. t3CC - 1590-diNE (a8/97) Page 5 of 7 Initials! ~~