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20i103��3 <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. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and <br />agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and <br />Borrower, 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 Borrower's interest in the Property <br />under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this <br />Security Instrurnent; and (c) agrees that Lender and any other Bonower may agree to extend, modify, forbear <br />or make any accommodations with regard to the term of this Security Instrument or the Note wrthout that <br />Borrower's consent. <br />13. Notices. Any notice to Borrower provided for in this Security Insmiment shall be given by <br />delivering it or by mailing it by first class mail unless applicable law requires use of another method. The <br />notice shall be d'irected to the Property Address or any other address Borrower designates by notice to <br />Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any <br />address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be <br />deemed to have been given to Borrower or Lender when given as provided in this paragraph. <br />14. Governing Law; Severability. This 5ecunty 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 with applicable law, such conflict shall not affect other provisions <br />of this Security Instrument or the Note which can be given effect without the conflicting provision. To this <br />end the provisions of this Security Instrument and the Note are declared to be severable. <br />15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this <br />Security Instrument. <br />16. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, <br />or release of any Hazardous Substances on or in the 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 on the Property of small quantities of Hazardous <br />Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of <br />the Property. <br />Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or <br />other action by any governmental or regulatory agency or private parly mvolving the Property and any <br />Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or <br />is notified by any governmental or regulatory authority, that any removal or other remediation of any <br />Hazardous Substances affecting the Property is necessary, Borrower shall promptly take all necessary <br />remedial actions in accordance with Environmental I.aw. <br />As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or <br />hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other <br />flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials <br />containing asbestos or formaldehyde, and radioactive materials. As used in the paragraph 16, "Environmental <br />Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, <br />safety or environmental protection. <br />NON-UNIFORM COVENANTS. Borrower and I,ender further covenant and agree as follows: <br />17. Assignment of Rents. Bonower uncondirionally assigns and transfers to Lender all the rents <br />and revenues of the Property. Borrower authorizes I,ender 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 Bonower's breach of any covenant or agreement in the Security <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 gives notice of breach to Borrower: (a) all rents received by Bonower shall be held by <br />Borrower as trustee for benefit of I,ender only, to be applied to the sums secured by the Security Instrument; <br />(b) Lender shall be entitled to collect and receive all of the rents of the Properly; and (c) each tenant of the <br />Properly shall pay all rents due and unpaid to Lender or Lender's agent on Lender's wntten demand to the <br />tenant. <br />Borrower has not executed any prior assignment of the rents and 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 maintain the Property before or after <br />giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any <br />time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other <br />right or remedy of Lender. This assignm ent of rents of the Property shall terminate when the debt secured by <br />the Security Instrument is paid in full. <br />18. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 9, <br />Lender may invoke the power of sale and any other remedies permitted by Applicable Law. Lender <br />shall be entitled to collect all ezpenses incurred in pursuing the remedies provided in this Section 18, <br />including, but not limited to, reasonable attorneys' fees and costs of title evidence. <br />If the power of sale is invoked, Trustee shall record a notice of default in each county in wluch <br />any part of the Property is located and shall mail copies of such notice in the manner prescnbed by <br />Applicable Law to Borrower and to the other persons prescribed by Applicable Law. After the time <br />required by Applicable Law, Trustee shall give public notice of sale to the persons and in the manner <br />prescribed by Applicable Law. Trustee, without demand on Borrower, shall sell the Property at public <br />auction to the highest bidder at the time and place and under the terms designated in the notice of sale <br />in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any <br />parcel of the Property by public announcement at the time and place of any previously scheduled sale. <br />Lender or its designee may purchase the Property at any sale. <br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee'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 proceeds of the sale in the following order: (a) to <br />all costs and ezpenses of ezercising the power of sale, and the sale, including the payment of the <br />Trustee's fees actually incurred and reasonable attorneys' fees as permitted by Applicable Law; (b) to <br />all sums secured by this Security Instrument; and (c) any ezcess to the person or persons legally <br />entitled to i� <br />If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary <br />requires immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial <br />16256.CV(11/07) 905230 Page4of5 <br />�� � <br />OT O15e51d) <br />