201103300 - Laserfiche WebLink

Browse

�011033U� 13. Notices. Any notice to Borrower provided for in this Security Insfiunent shall be given by delivering it or by mailing it by first class ma.il unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Bonower designates by notice to Lender. Any notice to Lender sha11 be given by first class mail to Lender's address stated herein or any address Lender designates by notice to Bonower. Any notice provided for in this Security Instrument sha11 be deemed to ha.ve been given to Bonower or Lender when given as provided in this paragraph. 14. Governing Law; Severability. This Security Instrument sha11 be governed by Federal law and the law of the jurisdiction in wluch the Properiy is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not afffect other pzovisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To tlus end the provisions of this Security Instrument and the Note aze declazed to be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 16. Haz�rdons Snbstances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazazdous Substances on or in the Properiy. Bonower 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 sma11 quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Bonower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any govemmental or regulatory agency or private party involving the Property and any Ha�ardous Substance or Environmental Law of which Borrower has actuallrnowledge. If Borrower learns, or is notified by any governmental or regulatory authority, thai any removal or other remediation of any Hazardous Substances affecting the Property is necessary, Borrower sha11 pzomptly take a11 necessary remedial actions in accordance with Environmental Law. As used in this paragraph 16, "Hazatdous Substances" are those substances defined as to�c oz ha�ardous 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 or formaldehyde, and radioactive materials. As used in this paragraph 16, "Environmental Law" means federal laws and laws of the jurisdicrion where the Property is located thxt relate to health, safety or environmental protection. NON-iTNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Assignment of Rents. Bonower unconditionally assigns and transfers to Lender a11 the rents and revenues of the Property. Bonower 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 Bonower of Borrower's breach of any covenant or agreement in the Security Instnunent, Bonower sha11 collect and receive a11 rents and revenues of the Property as trustee for the benefit of Lender and Bonower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Bflnower: (a) a11 rents received by Bonower sha11 be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the SecuriTy Instrument; (b) Lender sha11 be enfitled to collect and receive a11 of the rents of the Property; and (c) each tenant of the Properiy sha11 pay a11 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 tbe rents and has not and will not perform any act that would prevent Lender from exercising its rights under this paragraph 17. Lender sha11 not be required to enter upon, take control of or maintain the Property before or after giving notice of brea�h to Bonower. However, Lender 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. This assigmment of rents of the Property sha11 terminate when the debt secured by the Security Instrument is paid in full. 2200122106 �/ D V4NNE i��nei8�� — VMP�-4N(NE) roao��.oi Page 8 uf 8