201104029 - Laserfiche WebLink

Browse

2olio4o2� 13. Notices. Any notice to Borrower provided for in this Securiry Instrument 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 norice provided for in this Security Instrument shall be deemeci to have been given to Borrower or Lender when given as provided in this paragraph. 14. Governing Iaw; Severability. This Security Instrument shall be governed by Federal law and the law of the jurisdicrion in which the Property 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 provisions of this Security Instrument or ttie Nate which can be given eff�t without the conflicting provision. To this end the provisions of this Security Instrunient and the Note are declazed to be severable. 15. Borrower's Capy. Bortower sha1l be given one conformed copy of the Note and of t1u� S�urity Instrument. 16. Hazardous Substances. Bonower shall not ca.use or permit the presence, use, disposal, storage, or release af any Hazardous Substances on or in the Progert�r. �orrower shali not do, nor a11ow anyone else to do, anything affecting the Property that is in violarioa of ang Environmental Law. Tl�e prececiing two sentences s1�all not apply to the presence, use, or storage on the Properiy of smatl quautities of Hazardaus Su�stance� that are generally recognized to be appropriate to normal residenrial vses aad to maintenance of the Property. Borrower shall prompdy give Lender written notice vf azry iuvestigarion, claim, demand, lawsuit or other �rion hy any governmental or regulatory agency or private pazty involving the Froperty and any Hazardous Substance ar F..IIVironmental Law of which Borrower has actual 1mowledge. If Barrower Iea�s, or is norified by any governtnental or regulatory authority, that any removal or other remediatian af any Hazardous Substances affecting the Property is necessary, Borrower shall pmmptly take alI ne�;�ssary remectial actions in accardauee with Enviroumental Law. As usect in this paragraph I6, "Hazardous Substances" aze tl�ose suhstances defuied as toxic or hazardovs substances by Environmental Law antY the followin� substances: gasoline, kerosene, other ffammable or to�c petroleum products, toxic �ticid� aud herbicides, voiatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 16, "Environmental Law" means federal laws anc� taws of the jurisdiction where the Property is located that relate to health, safety or environznental pmtection. NON-UNIFORM COVEN�NTS. Borrower and Lender further covenant and agres as follows: 17. Assignznent of Rents. Borrower unconctirionally assigns and transfers to Lender all the rents and revenues o€ the Property. Bonower authorizes Lender or Lender's agents to collect the rents and revenues and here�y directs each ten�nt of the Property to pay the rents to Lender or Lender's agents. I�owever, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, Bonower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives norice of breach to Bonower: (a) all rents received by Bonower shall be held by Borrower as uustee for 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 Property; and (c) each tenant of the Property shall pay all rents due and wipaid to Lender or Lender's agent on Lender's written demand to the tenant. Banower has not executed any prior assignment of the rents and has not and will not gerform any act that would prevent Lender from exercising its rights under this pazagraph 17. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at ang 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 assignment of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in full. FHA Deed of Trust-NE VMP Q Wolters Kluwer Financial Services ��o�a�ip� �{ r .. aiss VMP4R(NE) (0809) Page 8 of 9 �� � .