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2oii00053 <br />Borrower shall paromptly give Lr:ndcr written notice of any investig�tion, claim, demand, lawsuit or othcr action by any <br />governmental or regulatory agency or private party involving the Property and any Hazardous Substance or EnvironmenLal <br />Law of which Borrowcr has aclual knowledge. If Borrower learns, ar is notifiecl by any governmental or regulatory <br />aulhority, ihat any removal or other remediation o�any Hazardous 5ubstanccs affccting ihc Properiy is necessary, Borrower <br />shall prornptly lakc a.11 necessary remedia] actions in accordance with Environmcntal Law. <br />As used in this Paragraph 16, " Hazardous Substanccs" arc lhose substances defined as toxic or hazardous substancc5 by <br />Environmental Law anc] the following tiubstanccs: gatiolinc, kcrosene, other flammable or toxic petroleumproducts, toxic <br />pesticides �nd herhicides, volatile solvcnls, malcrials containing asbestos or formaldehyde, and radioactive materials. As <br />used in this Paragraph 16, "�nvironmcnlal Law" means federal laws and laws of the jurisdiction where the Property is <br />located ihai rclatc lo hcallh, safcty or environmenta] protection. <br />N(�N-iJNIFORM COV�NANTS. Borrowcr and Lendcr further covenant and agree as follows: <br />17. Assignment of Rents. Borrower uncondrtionally assigns a.nd transfers to Lender all the rents and revenues of the <br />Property. Borrower auihorizes Lcndcr or Lender's �gents to collect the ren�.� and revenues and hereby directs each ten�nt <br />of thc Property to pay Lhe rents to Lender or Lender's agents. However, prior to Lcndc;r's noiicc to Barrower of Borrower's <br />breach of any covenant ar agrccmcnL in the Security Instrument, $orrower shall collect an� receive all rents and revenues <br />of the Property as lrustce for lhc bcnefit of Lender and Borrower. This as�ignmcni c7f rcntti constitutes an absolute <br />as5ignrncnl and nol an assignment for additional security only. <br />If Lender gives notice of hreach to Borrowcr: (a) all rcnis rcceived by Borrower shall he l�eld by Borrower as trustee for <br />benefit nf Lendcr c7nly, io be applicd to the sums secured by the Security Instrumcnt; (b) Lender shall be entitled to collect <br />and receive all of thc rcnts of thc Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender <br />or Lender's agcnt on Lcndcr's writtcn dem�.nd to the tenant, <br />Borrower has not executed any prior a,tisi�nmcnl of lhc rcnLs and has not and will not perform any act that would prevent <br />Lcndcr From excrcising its rights under this Paragraph 17. <br />Lender shall not be required to enter upon, takc conlrol of or maintain the Property hefore or atter giving notice of breach <br />to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application <br />of rent�s shall not cure or waive any dcfauli or invalidatc any other right or remedy of Lender. This �ssignment of renLs <br />of the Property shall terrxainate when thG debt sccurcd by thc Security Instrument is paid in full, <br />1$. Fal'eClosure Procedure. If Lender requires immediutc paymcnt in full under Paragr�►ph 9, Lcndcr may <br />invukc thc powcr of sale and any other remedies perrnittec� by applicablc law. Lender shull bc cntiticd to <br />cnllcct all expenscs incurred in pursuing the remedies under this Paragraph 18, including, but not limitcd <br />ta, reasonahle attarneys' fces and costs of title evidence. <br />If the powcr oi� sulc is invokcd, Trustee shall recnrd a nntice ot� dcfault in cach county in which any purt of <br />the Property is I��cutcd und shs►11 mail copies of such notice in the mxinner prescribcd hy applicahle Ia�v to <br />Borrower and to the othe�• persons prescribed by applicable law. After the time required by applicable law, <br />Trustcc shall givc public notice of sale to the person,s und in thc manner prescribed by applicablc law. <br />Trustee, withuut demund un Borrower, shall sell the P�•operty at public auctiun to thc highest bidder at the <br />tim;e and place and undcr the tcrms designated in the notice ot sale in one or mare parcels xnd in any order <br />7lrustee detcrmines. Trustcc may postpone sale of all or any purcel uf thc Property by public unnuunccment <br />at the time and place of any previausly schcdulcd sule. Lender or its designee nnay pu�•chase the Property <br />at any sale. <br />X1' the Lcndcr's intcrest in this Security Instrument is held by the �ccrctary and the Sccrctrry rcyuires <br />immediate payment in fu11 under Purttgruph 9, thc Secretary may invoke the nonjudicial power of sale <br />provided in the Single F�tmily M�rtgugc Furcclusurc Act of 1994 ("Act") (l2 U.S.C'. 3751 et seq.) hy requesting <br />a foreclasurc camrnissioncr dcsignated under the Act to commettcc forcclosurc und to scll thc Praperty us <br />HCFG-00703 <br />FHA peed af 7nist-NE Revised 4/96 <br />VMP� <br />Wolters Kluwer Financial Services 201012294.0.O.O,A002-J2p100902Y Page 6 of 8 <br />'741891D216' <br />\ <br />