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201t14~458.8 (ii Be obligated to pay interest under the Note at any time, whether accrued before or after the payments by the Secretary, and whether or not accrued interest has been inGuded in the principal balance under the Note. (d) No Duty of the Secretary. The Secretary has no duty to Lender to enforce covenants of the Second Security Instrument or to take actions to preserve the value of the Property, even though Lender may be unable to collect amounts awed under the Note because of restrictions in this Paragraph 13. 14. Forbearanaeby LenderNot a Waiver. Any forbearance by Lender in exercising any right ar remedy shall not be a waiver of or pprreclude the exercise of any right or remedy. 15. Successorsand AssignsBound;Joint and Several Liability The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender. Borrower may not assign any rights or obligations under this Security Instrument or under the Nate, except to a trust that meets the requirements of the Secretary. Borrower's covenants and agreements shall be joint and several. 16. Notices. Any notice to Borrower provided far in this Security Instrument shall be given by deliveririp it ar by mailing it by first class mail unless applicable law requires use of another method. The nonce shall be directed to the Property Address or any other address all Harrowers jaintl)- designate. Any notice to Lender shall be liven b first class mail to Lender's address stated herein or any address Lender des"grates by notice to Borrower. Any notice provided far in this Security Instrument shall be deemed to have been given to Harrower or Lender when given as provided in this Paraggraph 16. 17. GovemingLaw; Severability.This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is bcated. In the event that any provision or clause of this Security Instrument or the Nate conflicts with applicable law, such conflict shall not affect other previsions of this Security Instrument or the Note which can be given effect without the conflicting pprovision. To this end the provisions of this Security Instrument and the Nate are declared to be severable. 18. Borrower'sCopy, Harrower shall be given one conformed copy of the Nate and this Security Instrument. NON-UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 19. Assignmentof Rents. Borrower unconditional assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes ender 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 Borrower of Horrower's breach of any covenant ar agreement in the Security Instrument, Borrower shall collect and receive alt rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assi nment of rents constitutes an absolute assignment and not an ass nment for additional security onlgy. If Lender gives notice of breach to ~orrower. (a} elf rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by this 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. Harrower has Hat executed any prior assignment of the rents and has not and will not perform any act that waukl prevent Lender from exercising its rights under this Pa raph 19. Lender shall not be wired to enter upon, take control of ar maiin the Propert)r before ar after giving notice of breach to Borrower. However, Lender or a Judicially appointed receiver may do so at any time there is a breach. Any application of rents sha~l not cure ar waive any default ar invalidate any other right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by this Security Instrument is paid in full. 20, ForeclosureProcedure.lf Lenderrequiresimmediatepayment in full by Paragraph9, Lender at its option may require immediate payment in full of all sums secured by thrs Security Instrument without further demand and may invoke the ~ower of sale and any other remedies permitted by applicable law. Lender shall be entitled to co lest all expenses incurred m pursuing the remedies provided in this Paragraph20, including,but not limited to, reasonableattorneys' fees and casts of title evidence. If the power of sale is invoked, Trustee shall record a notice of default in each county in which any ppart of the Property is located and shall rreaiN copies of such notice in the matter prescribedby applicablelaw to Borrower and to the other persons prescribed by applicablelaw. After the time requiredby applicablelaw, Trustee shall give publicnotice of sale to the personsand in the manner prescribed by applicable law, First American Loan Production Services Netxaska HEGM Security Instrument © 2008 First American Real Estate Solutions LLC FALPS # 11B05 : 05/08 Page 6 NMFL #8807NE (QFNE)