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�oioo9��s successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreernents of this Security Instrument sha11 bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of Paragraph 9(b). Sorrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does nat execute the Note: (a) is co- signing this Security Instrument only to mortgage, gra�t and convey that Boz interest in the Property under tha terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any oth�r Borrower may agree to extend, modify, forbear or make any accommpdations with regard to the term of this Security Instruznent or the Note without that Borrower's consent. 13. Notices. Any notice to Borrower provided for in this Security Instxument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 14. Governing Law; Severabilfty. This Security Instrument shall be governed by Federal law 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 Nate canflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 15. Sorrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 16. Hazardaus Substances. Borrower shall 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, anything affecting the Property that is in violation of any Environmental 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 normal residential uses and to maintenance of the Property. Borrower sha11 promptly give Lender written notice of any investigation, claim, dexnand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governrnental or regulatory authority, that any removal or other remediation of any Hazardous Substances affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos ar formaldehyde, and radioactive materials. As used in the paragraph 16, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safery or environmental protection. NON-LTNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Assignrnent of Rents. 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 to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any 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 af rents constitutes an absolute assignment and nat 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 far benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Froperty; 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 Paragra�h 17. Lender shall not be required to enter upon, take cantrol of or mamtain the Property before or after giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any tirn� 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 shall terminate when the debt secured by the Security Instrument is paid in full. 18. Foreclosure Procedure. If Lender requires immediate payment in full under Par�graph 9, Lender may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 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 caunty in which any part of the Property is located and shall mail copies of such notice in the manner prescribed by Applicable Law to Sorrower and to the other persons prescribed by Applicable Law. After the time required by Applicable Law, Trustee shall give public notice of sale to the persons and in the manner prescribed by Applicable Law. Trustee, without dem�nd on Borrawer, shall sell the Property at public auction to the highest bidder �t the time and place and under the terms design�ted in the notice of sale in one or more parcels and in any order Trustee deterrr�xnes. Trustee may postpone sale of all or any parcel of the Property by public announcement at the dme and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. Upon receipt of payment 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 st$tements rn�de therein. Trustee shall apply the praceeds of the sale in the following order: (a) to all costs and expenses af exercising the power of sale, and the sale, including the payment of the Trustee's fees actually incurred and reasanable attorneys' fees as permitted by Applicable Law; (b) to all sums secured by this 5ecurity Instrument; and (c) any excess to the person or persons legally entitled to it. If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires immediate payment in full under 1'aragraph 9, the Secretary may invoke the nonjudicial 16256.CV (11 /07) 904783 Page 4 of 5, (� CiOTO(00144015)