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<br />20100'�577
<br />successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of
<br />or preclude the exercise of any right or remedy.
<br />12. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and
<br />agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and
<br />Borrower, subject to the provisions of Paragraph 9(b). Borrower's covenants and agreements shall be joint
<br />and several. Any Borrower who casigns this Security Instrument but does not execute the Note: (a) is co-
<br />signing this Security Instrument only to mort�age, grant and convey that Borrower's interest in the Property
<br />under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this
<br />Security Instrument; and (c) agrees that Lender and any other Borrower may agree Ca extend, modify, forbear
<br />or make any accommodations with regard to the term of this Security Instrument or the Note without that
<br />Barrower's consent.
<br />13. Notices. Any notice ta Borrower provided for in this Security Instrument shall be given by
<br />delivering it or by mailing it by first class mail unless applicable law requires use of another method. The
<br />notice shall be directed to the Property Address or any other address Borrower designates by notice to
<br />l,ender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any
<br />address Lender designates by notice to Borrower. Any notice provided far in this Security Instrument shall be
<br />deemed to have been given to Borrawer or Lender when given as provided in this paragraph.
<br />14. Governing Law; Severability. This Security instrument shall be governed by Federal law and
<br />the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this
<br />Security lnstrument or the Note conflicts with applicable law, such conflict shall not affect other provisions
<br />of this Security Instrument or the Note which can be given effect without the conflicting provision. To this
<br />end the provisions of this Security lnstrument and the Note are declared ta be severable.
<br />15. Borrawer's Copy. Borrawer shall be given one conformed copy of the Note and of this
<br />Security Instrument.
<br />' 16. Hazardous Substances. Borrower shall nat cause or permit the presence, use, disposal, storage,
<br />or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to
<br />do, anything affecting the Property that is in violatian of any Environmental Law. The preceding two
<br />sentences shall nat apply ta the presence, use, or storage on the Property of small yuantities of Hazardous
<br />Substances that are generally recagnized to be appropriate to normal residential uses and to maintenance of
<br />the Property.
<br />�orrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or
<br />other action by any governmental or regulatory agency or private party mvolvtng the Property and any
<br />Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If [iorrower learns, or
<br />is notified by any governmental or regulatory authority, that any removal or other remediation of any
<br />Hazardous Substances af�ecting the Property is necessary, Borrower shall promptly take all necessary
<br />remedial actions in accordance with Environmental Law.
<br />As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or
<br />haxardous substances by Environmental Law and the following substances: gasoline, kerosene, other
<br />flammable ar toxic patroleum products, toxic pesticides and herbicidas, volatile solvents, materials
<br />containing asbestos or formaldehyde, and radioactive materials. As used in the paragraph lb, "Environmental
<br />Law" means federal laws and laws of the jurisdiction where the Aroperty is lacated that relate to health,
<br />safety or environmental protectian.
<br />NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as fallows:
<br />17. Assignment of Rents. Borrower unconditionally assigns and transfers to I.ender all the rents
<br />and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues
<br />and hereby directs each tenant of the Aroperty to pay the rents to Lender or Lender's agents. Hawever, prior
<br />to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security
<br />Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit
<br />of Lender and Borrawer. This assignment of rents constitutes an absolute assignment and not an assignment
<br />for additional security only.
<br />If I�ender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by
<br />Borrower as trustee for benefit of i.ender only, to be applied to the sums secured by the Security Instrument;
<br />(b) Lender shall be entitled to collect and receive all of the rertts of the Property; and (c) each tenant of the
<br />Property shall pay all rents due and unpaid to Lender or I,ender's agent on Lender's written demand to the
<br />tenant.
<br />Borrower has not executed any priar assignment of the rents and has not and will not perform any
<br />act that would prevent Lender from exercising its rights under this Aaragra�h 17.
<br />I.ender shall not be required Co enter upon, take contral of or ma�ntain the Property before or after
<br />giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any
<br />time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other
<br />right or remedy of L.ender. This assignment af rents of the Aroperty shall terminate when the debt secured by
<br />the Security Instrument is paid in full.
<br />18. Foreelosure Procedure. If Lender requires imrnediate payment in full under Paragraph 9,
<br />Lender may invoke the pawer of sale and any ather remedies permitted by Applicable Law. I�ender
<br />shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 18,
<br />including, but not limited to, reasonable attorneys' fees and costs of title evidence.
<br />lf the pawer of sale is invoked, Trustee shatl record a notice of default in each caunty in which
<br />any part of the Property is located and shall mail copies of such notice in the manner prescribed by
<br />Applicable Law to Borrower and to the other persons prescribed by Applicable Law. After the time
<br />required by Applicable Law, Trustee shall give public notice of sale to the persons and in the manner
<br />prescribed by Applicable Law. Trustee, without demand on Barrower, shall sell the Praperty at public
<br />auction to the highest bidder at the time and place and under the terms designated in the notice of sale
<br />in onc or more parcels and in any order Trustee determines. 'i'rustee may postpone sale of all or any
<br />parcel of the Property by public announcement at the time and place of any previously scheduled sale.
<br />Lender or its designee may purchase the Property at any sale.
<br />Upon receipt of payment of the price b�d, Trustee shall deliver to the purchaser Trustee's deed
<br />conveying the Property. The recitals in the Trustee's deed shall be prima facie evidence of the truth of
<br />the statements made thcrein. Trustee shall apply the proceeds of the sale in the t'ollowing order: (a) to
<br />all costs and expenses oF exercising the power af sale, and the sale, including the payment of the
<br />Trustee's fees actually incurred and reasonable attorneys' fees as permitted by Applicable Law; (b) to
<br />all sums secured by this Security Instrument; and (c) any excess ta the person or persons legally
<br />entitled to it.
<br />If the Lender's interest in this Security lnstrument is held by the Secretary and the Secretary
<br />requires immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial
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