201009435 - Laserfiche WebLink

Browse

20100943� 13. Notices. Any notice to Borrower provided for in this 5ecurity Instrument shall be given by deliverin� it or by mailing it by first class mail unless applicable law requires use af another method. The notice shall be directed to the Property Address or any othear addr�ss Barrpwer designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated her�in or any address Lender designates by notice to Borrawer. Any notice provided for in this Security Instrument shall be deerned to have been given to Borrower or Lender when given as provided in this paragraph. 14. Governing Law; Severability. This Security Instzuxnent sha11 be governed by Federal 1aw and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note canflicts with applicable ]aw, such conflict sha11 not affect other provisions of this Security Instrument or the Note which can be �iven effect without the conflictin� provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. I5. Borrower's Copy. Sorrower shall be given one confornaed copy of the Note and of this 5ecurity Instrum�nt. lb. Hazardous Substances. Borrower shalJ not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anythin� affecting the Property that is in violation of any Environmenta] Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardaus Substances that are generally recognized to be appropriate to norma] residential uses and to rnaintenance of th�; Property. Borrower shall promptly �ive Lender written notice of any investigation, claim, dernand, lawsuit or other actinn by any governmental or regulatory a�ency or private parly involving the Property and any Hazardous Substance or Environmcntal Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any gavernmental or regulatory aufhority, that any removal or other reznediation o£ any Hazardous Substances affecting the Property is necessary, Borrower shall pronaptly tak� all necessary remedial actions in accordance with Environmental Law. As used in this paragraph 16, "Hazardous 5ubstances" are those substances defined as toxic or hazardous substances by Environmental Law and the followin� substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatil.e solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in thi5 paragraph 16, "Environmental Law" means federal ]aws and law� of the jurisdiction where che Property is located that relate to health, safety or environznental protection. NUN-UNIFOILM COVENANTS. Barrower and Lender further covenant and agree as follows: 17. Assi�tment af Rents. Borrower unconditionally assigns and transfers to Lender a11 the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to callect the rents and revenues and hereby directs each tenant of the Property to pay the rents to T,ender or Lender's agents. However, prior to Lender's notice to Borrower of Eorcower's breach af any cavenant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Properiy as uustee £or the benefit of Lender and �rrower. This assi�nnaent of rents constitutea an absolute assignment and not an assignment for additiona] security vnly. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for bene�t of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender sha11 be entitled to collect and receive al] of tk�e rents of the Property; and (c) each tenant. of the Property shall pay all rc;nts due and unpaid ta 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 I.ender from exercising its rights under this paragraph 17. Lender shall not be required to enter upan, take control of or maintain the Property before or after givin� notice af breach ta Borrower. However, T.ender 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. "I'his assignment of rents of the Property shall terminate when the debt secured by the Security lnstrumezat is paid in full. �q 0451018787 FHA Daed of Truat-NE • //' 4/96 VMP p VMP4R(N� (0809) Woltars Kluwer Financial Services __ paga 6 of 9