201005546 - Laserfiche WebLink

Browse

' ~. 20100554E CASE #: 1JE3212894$86703 DOC ID #: 00022127199107010 toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this, 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.Reuts. To the extent permitted by applicable law, Borrower, unconditionally assigns and transfers to Lender ,all the rents and revenues of the Property, Borrower authorizes Lender or Lender's agents to collect the: rents and revenues and hereby directs each tenant of the Property tq pay the rents ro Lender or Lender's agents. However, prior to Lender's notice to borrower of Borrower's breach of arty covenant or agreement in the Security Instrument, Borrower shall ,collect and receive all rents and revenues of the Property as 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 held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) bender 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 or Lender's agent on Lender's written demand to the tenant. Borrower has not executed 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 eater upon, take control of or maintain the Property before or 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 shall not cure or' waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shalltterminate when the debt secured by the Seeurtity Instrument is paid in full. 18. Foreclosure 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 shall be entitled to cuUect all expenses incurred in pursuing the remedies under 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 to Borrower and tc- the other persons prescribed by applicable law. After the time requvred by applicable law, Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on 'Borrower, shall sell the Property ,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 order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.C. 3751 et seg.) by requesting a foreclosure commissioner .designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this Paragraph 18 or applicable law. „ Upon receipt of paymetat of the price bid, Trustee shall deliver to 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 p~ 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 to exceed 5.0.0 0 % of the principar:. amount of the note at the time of the declaration of default, and reasonable attorneys' fees as permitted by law; (b) to all sums secured by this Security Instrament; and (c) any excess to the person or persons legally entitled to it. 19. Reconveyanee. Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee. Trustee shall reconvey the Property without warranty and without charge to the person or persons legally entitled to it. Such person or persons shall pay any recordation costs. 2U. Substitute Trustee. Lender; at its option, may from time to time remove Trustee and appoint a successor wstee to any Trustee appointed hereunder by an instrument recorded in the county in-which this Security Inswment is recorded. Without conveyance of the Property, the successor trustee shall succeed to all the title, power and duties conferred upon Trustee herein and by applicable law. 21. Request for Notices. Borrawer requests that copies of the notices of default and sale be sent to Borrower's address which is the Property Address. I;. ME=RS FMA Deed of Trust-NE 200M1N-NE (11/0~ Page 5 of B ~5