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�� co � encement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different gounds in fhe fu or (iii) reinstatement will adversely affect the priority of the lien created by this Securiry Instrument. 1. Borrower Not Released; Forbearance by Lender Not � W�iver. Extension of the rime of payment or modification of rtization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not ' erate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to co ence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortizafion of the s secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in in' rest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any righ r remedy. � 2, Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Sec ty Instrument shall bind and benefit the successors and assigns of Lender and Bonower, subject to the provisions of para' ph 9(b). Borrower's covenants and agreemants shall be joint and several. Any Borrower who co-signs this Security Ins ment but does not execute the Note: (a) is co-signing this Security Inshument only to mortgage, grant and convey that Bo � wer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums sec d by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or mak � any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. ' 3. Notices. Any nofice to Borrower provided for in this Security Instivment shall be given by delivering it or by mailing it b j rst class mail unless applicable law requires use of another method. The notice shall be directed to the Properly Address or other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mait to Lender's ad � ss stated herein or any address Lender designates by notice to Borrower. Any nonce provided for in tlus Security Instrument shal' e deemed to have been given to Borrower or Lender when given as provided in this paragraph. � 4. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the juri ' iction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note co cts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be giv � effect without the conflicting provision. To fhis end the prnvisions of this Security Inshument and the Note are declared to be s erabte. ' 15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. � 16. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Ha dous Substances on or in the Properly. Borrower shall not do, nor allow anyone else to do, anything affecting the Pmperiy that '�i in violation of any Environmental Law. The preceding two sentences shali not apply to the presence, use, or storage on tha oper[y of srnall quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential use � d to maintenance of the Property. ' Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any gov ental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of '�ch Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or reguIatory authority, that any j emoval or other rernediation of any Hazardous Subsfancas affecting the Property is necessary, Borrower shall promptly tak ' 11 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 vironmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pes ' ides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this i aragraph 16, "Environtnental Law" means federal laws and laws of the jurisdiction where the Property is located that retate to ' lth, safaty or environmental protection. NO -UNIFORM COVENANTS. Bonower and Lender fitrther covenant and agree as follows: ', 17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Pro '' rty. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Pro rty to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of an, ovenant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revanues of tha Property as stee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an ass ent 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 for be ' fit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect FHA DEED OF TRUST 6/96 GreatDas� 321-300857�703 . ♦ I