|
20�oo��ys
<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. Saccessars and Assigns Bound; Joint and Several Liability; Casigners. The� covenants and
<br />agreements of this Security lnstrument shall bind and benefit the successors and assigns of Lender and
<br />f3orrower, subject to the provisions of Paragraph 9(b). Borrower's covenants and agreemEnts shall be joint
<br />and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is ca
<br />signing this Security Instrument only to mortgage, grant and convey that Borrawer's interest in the Property
<br />under the terms of this Security Instrument; (b) is not personally obli�ated to pay the sums secured by this
<br />Security Instrument; and (c) agrees that I,ender and any other Borrower may agree to extend, modify, forbear
<br />or make any accommodations with regard to the term of this Security Instrument or the Note without that
<br />Borrower's consent.
<br />13. Notices. Any notice to Sorrower provided for in this Security Instrument shall be give�i by
<br />delivering it or by mailing it by first class mail r.rnless applicable law requires use of another method. 'I'he
<br />notice shall be directed to the Property Address or any other address Borrower designates by notice to
<br />Lender. Any notice to Lender shall be given by first c:lass mail to l,ender's �ddress st�ted herein or any
<br />address Lender design�tes by notice ta Bvrrower. Any notice provided for in this Security Instrument sh�ll be
<br />deemed to have been given to Borrower or Lendcr when given as provided in this paragraph.
<br />14. Governin� Ls�w; SeverAbility. 7'his 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 instrument or the Note conflicts wi[h applicable law, such conflict shall not affect other provisions
<br />of this Securit� Instrument or the Note which can be given effect without the conflicting provision. To this
<br />end the provisions of this Security lnstrument ar�d tlie Note are declared to be severable.
<br />1S. Borrower's Copy. Borrower shall be givett one conformed copy of the Note and of this
<br />5ecurity lnstrument.
<br />16. Haaardaus Subst�nces. Borrower shall not cause or permit the presence, use, disposal, storage,
<br />or release of any Hazardous Substances an or in ihe Property. Borrower shall not do, nor allow anyone else to
<br />do, anything affecting the Property that is in violation of any Environmental Law. The preceding two
<br />sentences shall not apply to the presence, use, or storage nn the Property of small quantities of f-tazardous
<br />Substances that are generally recogniz�d to be appropriate to normal residential uses and to maintenance of
<br />the Property.
<br />Borrower shall promptly give Lender written notice nf any investigation, claiin, demand, lawsuit or
<br />other action by any governmental or regulatory agency or private party involving the Property and any
<br />Hazardous Substance or �nvironmental Law ofwl��ch Borrower has actual knowledge. IfBorrower learns, or
<br />is notified by any governmental or regidatory authority, that any removal or other remediation of any
<br />Hazardous 5ubstances affecting the I'roperty is necessary, Borrnwer 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 nr
<br />kaazardous substances by Environmental Law and the following substances: gasoline, kerosene, other
<br />flammable or toxic petroleum pro[lucts, toxic pesticides and herbicides, volatile solvents, materials
<br />containing asbestos or formaldehyde, and radioactive materials. As used in the paragra�h i6, "Gnvironmental
<br />Law" means federal laws and laws af the jurisdictioi�► where the Property is located that relate to health,
<br />safety or environme►�tal protection.
<br />NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents
<br />and revenues of the Froperty. Borrower authori�es Lender or Lender's agents to collect the rents and revenues
<br />and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior
<br />to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the 5acurity
<br />Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit
<br />of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment
<br />for additional security only.
<br />If Lender g�ves notice of breach to Borrower: (a) all re��ts received Uy Sorrower shall be held by
<br />Borrower as trustee for benefit of Lentler only, to be applied to the sums secured by the Security lnstrument;
<br />(b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c� each tenant of thc
<br />Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's wr►tten demand to the
<br />tenant.
<br />Borrower has not executed any prior assigaiment af the rents anrl has not and will not perform any
<br />act that would prevent Lender from exercising its rights under this Paragra�h 17.
<br />Lender shall not be required to enter upon, take control of or matntain the Property before or after
<br />giving notice of breach tn Borrower. However, Lender or a judicially appointed receiver may do so at any
<br />time there is a breach. Any a�plication of rents shall not cure or waive any default or i��validate any other
<br />right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by
<br />the Security Instrument is paid in full.
<br />18. Foreclosure Procedure. lf Lender requires immediate payment in full under ParAgraph 9,
<br />Lender may invoke the power of sale �nd �ny other remedies permitted by A�plicAble I,aw. Lender
<br />shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 18,
<br />including, but not limited to, re�sonable attorneys' fees and costs of title evidence.
<br />If the power of s�le is invoked, Trustee sh�ll record a notice of def�ult in each county in which
<br />any part of the Pru erty is located and shall m�il co�ries of such notice in the manner �rescribed by
<br />Applicable L�w to �orrower and to the other persons prescribed by ApplicAble 1.aw. After the time
<br />required by Applic�ble Law, Trustee sliall give public notice of s�le to the persans �nd in the m�nner
<br />prescribed by Applicable Law. 'I'rustee, without dem�nd on Borrower, shall sell the Property at public
<br />auction to the highest bidder At tl�e time and p1ACe And under the terms designated in the notice of sale
<br />in one or more �arcels and in any vrder Trustee determines. Trustee ms�y postpone sale of all or any
<br />parcel of the Property by pablic �+nnauncement at the time And place of any previously sctaeduled sale.
<br />Lender or its designee m�y purchase the Property �t any sale.
<br />Upon receipt of p�yment of the price bid, Trustee sh�ll deliver to tl�e purchaser 7'rustee'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 therein. Trustee shall Apply the �roceeds of the sale in the following order: (a) to
<br />all costs and expenses of exercising the power of sale, and the sAle, including the payment of the
<br />Trustee's fees actually incurred and reasonable �ttorneys' fees as permitted by Applicable I..aw; (b) to
<br />all sums secured by this Security Instruroent; and (c) any excess to the person or persons legally
<br />entitled to it.
<br />If the I�ender's interest in this Security Instrument is held by the Secret�ry and the Secret�r,y
<br />requires immediAte payment in full under Paragraph 9, the Secretary may invoke the nunjudicial
<br />16256.CV (l l/07) 6898954340 Page 4 of S
<br />aC)'�O(OOZTtct4)
<br />
|