201008579 - Laserfiche WebLink

Browse

2oioos579 successors in interest. Any forbearance by I.endcr in exercisin� any right or remedy shall not be a wai�•er of or preclude the exercise of any right or remedy. IZ. SuCCCSSOrs and Assigns Bound; Joint and Sevcrul L,iabiliry; Casigners, The covenants and agrecments oF this Securiry Instrun�ent shall bind and bencfit thc successors and atisigns of Lender and Borrower, subject to the provisions of Paragraph 9(6). 8orrower's covenAnts and agreenieats shaq be joint and several. Any 8orrower whp casigns this Security Instrument but doe, not execute the Note: (a) is cq- signing this Security Instrument only to mortgage, grant and convey that Borrower's interect in the Property under thc terms of this Security lnstrument; (b) is no1 personally obligatcd to pay the sums secured by this Securiry Instrurnent; and (c) agrees that Lender and any other Borrower may agree to extend, mpdify, forbear or niake any accnmmodations wilh regard to tl�e term of this Security Instrumcnt or tha Note without that Borro�ver's con+ent. 13. Nnti¢es. Any notice to Borrower provided for in this 5ecurity Instrument shall be givett by delivering it or by mailing it hy first class mail unless applicable law requires use nf another method. 'The notice shall be directed to the Property Address or any otlier address Barro�a designates by nntice to T.ender, Any notice to Lender shall be giv�n by first class mail to Lender'ti addra+s sl�ted herein or any address Lender designates by notice ta Borrower. Any notice provided For in this Security Cnstrument shall be dcemed to have becn given to I3orro�ver or I.ender when given us provided in this paragraph. 1�3. Go��erning La�r; Sevcrabilit��. This $ecur�ty Instrument shall be governcd by �'ederal Ia�v and the law of the jurisdiction in which thc Property is located. In the event that any provision or clau�e of this Security Tnsuvment ar the Note canQicts w�di appticable law, such conflict sllall not afi'ect other provisious oF tl�is Securit�+ Instrument or die Note which can be given et�ect withnut the conflicting provision. To this end the proti7sions of this Security Cnstrument and the Note are declared ta be severable. 1�. Borro�ver's Copy. Borro�ver shall be given one conformed copy of the Note and of this Securiry Instrument. 16. I{azardous Su6stances. Borrower shall not causc or permit thc presence, use, disposal, s�orage, or rctease of any Hazardnus Sub:ctances on or in tlic Property. Borrower shal l nat do, ��or allow anyone else ta do, nnything affecting t6e Property that is in violation of any Environmcntal Law. The preceding tw�o sentances shall not apply to the presence. use. or storage on the Property oF small quantities of Hazardous Substances that are generally t'ecognized to bc ttppropriate ta normal residential uses and to maintenance of the Property. Barrower shall promptly ive Lender written notice of any investigation. clnim. damand, lawxuit or ot►�er action by any governmentn� or regulatory agency or private parry �nvol�7ng tha Property und any Hazardous Subtitance or �nvironmental Law af which Sorrower has actual I:nawled$e. If Bonower learns, or is nptilied by any governmental or regulatory authority, that any removal or other rem�diation of any Hazardous Substances affecting thc Properry is necessary, Borrower shall promptly tak� all necessary remedial actious in accardance with Environn�ental Law. As used in this paragruph 16. "Hazardaus Su6stAnce�' are those substances deiined as toxic or liaz�rdous sub.titances by Environm�ntal Law and the following sul�stances: gasolina, kerosene. other flnmmable or toxic �etroleum produets, toxic pesticides and herbicides. volatile salvenu, materials containing asbestos or formaldehyde, and radinactive matcrials. As used in the paragrapl� 16. "Environmencal Law" means federal laws and laµ�s of the jurisdiction where the Properry is locate� ihat relate to health. safcty or environn�entai protectian. NON-UNIFOItM COVENAMS. Borrower and Lender further covenant and agr� as follows: l7. Assignn�ent of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues ofthe Property. Borrower authorizes Lender or Lender's agents to collect the renu and revenues and hcreby direct� each tenant of the Proptrry to pgy the rents to Lender or i.eude�s agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agrecment in the Secunty Instrument, Barrower st�all collcct and receive all rents and revenues of the Prnperty As trustce for the benefit of Lender and Borrnwer, This assi�;nment of re�it� constitutes an absoluce assignment and not an assignment for additional security only. !f Lender gives notice of breaeh to Borrower: (a) all rents reccived by Borrower shall be held by Borrawcr as trustee for benefit vf Lender only, to be applied to ihe sums secured by the S�curiry lnstrumenc: (b} Lender shall be entitled to cnllect and receive all of the rents of the Property; and (c) each tenant of the Froperty shall pay all rents due and unpaid ta l.ender or Lendar's agent vn Lender's written demand to the tcnant. Bortower has not executed any prior a.signment of the rents nnd has npt and will not perform any act that would prevent Lender from exercising its rights under this Paragra�h 17. I.ender shall not be required to enter upon, take cantrol of or ma�ncain the Property before or afrer givin�; notice of breacl� to Borrower. However, Lcnder or a judicially appointed recaiver may do so at any tinie lhere is a breach. Any application of rents shall not cure or waive uny default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall rerminate when die debt secured by the Securiry Instrument is paid in full, 18. Fareclosure Proced��re. If Lendcr requires in►mediute p�►vment in full uuder Paragraph 9, Lender may Invokc the po��er of sale aud �ny other remcdirs perm�tted by Applicuble LA��. Leader sh�ll be enritled tu collect all rspenxes incurred ia pursui�y� the remedies providrd in this Sectian 18, includin�;, but n�t limited ta, res�sonable attorueys' feex und costs of title crddence. If the poH�cr of sale is invoked, Trustce shall record i► nadce �f defuult in each caunty in �ti�hlch any part of the Properh� is locuted and shall mail copies of such notire in the �i�anaer prescri6ed by Applicable La�� to �orro��er :��ad tp the other persaus prescrlbed by Applicable Law. :i[ter the time required 6y Applicablc La�s, Trustee shull givc pubGc notic� af salc to the persnns and in thc m:�naer prescril�ed by Applicable La�v, Trustee, �vithnut demand on Borrower, shull sell the Property at public uurtion ta the highest �idder at the tfine und pluce and under the terms designated in tt�e uotiee of sale in aue or more pareels aud In iu�y order Trustce detcrniines. Trustrc n�ay postpane sale oF all or an� parcel uf the Propert�� by public unnowucement t►t the time and place nf any pre��ously scheduled sale. Lender or its desigr►cc may purctti.ise the Properh• at any sule. Upon receipt af paymeut uf the price btd, Trustee sliall delivcr to the purchaiser Trusree's deed couveytng the Praperty. Thc recitals ln ttae Truxtee's decd shxll bc priniA fACle e�'idcnce of the truth c►f the statemepts madc therein. 'Crustee shall ;�pply the procecds vf tl►e sale in the fullow(ag order: (a) ta all custs and expruses of e�crcising tue po�rer of sale. und the sale, including the payluent of the Trustec's fees actually incurred aud reasonuble aaorneys' fees as perndtted by Applicable La�ti�; (b) to all sums securrd by tl�is Security Instrument; �nd (c) any excess tn the perxun or persons legally cnNtlyd tu it. !f the I.ruder's interest in tl�is Security lnstrument is held by tl�e Secretury und thc Secretary requires Immediate payment in full under Paragraph 9, tl�e Secretury may in��ake the aoujudietal 16:56.CV (11 07) .t2D0691 Page a of 5 FHA Ne6raslra Deed of T�ust l•tERS GOTO[0052156b)