201104059 - Laserfiche WebLink

Browse

201 �04059 4. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the j 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 Securlty Instrument or the Note which can be give effect without the conflicting provision. To this end We provisions of this Security Instrument and the Note are declared to b severable. 5. Borrower's Copy. Borrower sha11 be given one con£ortned copy of the Note and of ffiis Security Instirument. 6. Hazardous Substances. Borrower shall not cause or permit We presence, use, d3sposal, storage, or release of any H dous Substances on or in the Property. Borrower shall not do, nor allow anyone eLse to do, anything affecting the Pro thak is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or sto e on the Properly of small quanflties of Hazardous Substances that are generally recognized to be appropriate to normal resi ntial uses and to maintenance of the Property. orrower shall prompfly give Lender written no8ce of any investigaHon, claim, demand, lawsuit or other action by any gov ental or regulatory agency or private party involviug the Property and any Hazardous Substance or Environmental Law of ch Bonower has actual knowledge. If Borrower learns, or is notifled by any governmental or regulatory authority, that any moval or other remediaflon of any Hazardous Substance affecting tb.e Property is necessaiy, Borrower shall prompfly take all cessary remedial actions in accordance with Environmental Law. used in this paragraph 16, "Hazardous Substances" are those substances defir►ed as toxic or hazardous substances by En onmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pes des and herbicides, volattle solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this aragraph 16, "Environmental Law" means federal laws and laws of the jurisdicflon where the Property is located that rela to health, safety or environmental protecflon. ON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follaws: 17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Pro � rty. Borrower authori2es 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, prlor to Lender's notice to Bonower of Borrower's breach of any ovenant or agreement in the Security Instrument, Borrower shall collect and receive aIl rettts and revenues of the Property as tee for the benefit of Lender and Bonower. Tbis assignment of rents constitutes an absolute assignment and not an assi ent for addiflonal security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for ben t of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be enflfled to collect and rec e all of the rents of the Property; and (c) each tenant of the Property shall pay all rents dne and unpaid to Lender or Len r's agent on Lender`s written demand to the tenant. Borrower has not exec�cted any prior assignment of the renLs and has not and will not perform any act that would prevent Len r from exercising its rights under this paragraph 17. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving noflce of breach to rtower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of ren shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Pro rty shall terminate when the debt secured by the Security Instrument is paid in full. 18. Foreclosure Procedure. If Lender requires immediate payment in full nnder paragraph 9, Lender may invoke the po r of sale and any other remedies permitted by applicable law. Lender shall be entided to collect all expenses incurred in pur g the remedies provided in this paragraph 18, including, but not limited to, reasonable attorneys' fees and costs of �ifle the the If the power of sale is �lnvoked, Tn�stee shall record a notice of default in each county in which any part of the Property is ed and shall mail copies of such notice in the manner prescribed by app8cable law to Bonower and to the other persons ribed by applicable law. Ai�er the time required by applicable law, Trustee shall give public notice of the sale to the �ns and in the manner prescribed by applicable law. Trustee, without demand on Bonower, shall sell the Property at public m to the trighest bidder at the time and place and under the terms designated in the notice of sale �n one or more parcels n any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcement at me and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property. •ecitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply roceeds of the sale in the following order: (a) to aIl costs and expenses of exercising the power of sale, and the sate, �ing the payment of the Trastee's fees actually incurred, of the note at the time of the declaraflon of default, and reasonable ieys' fees as permitted by law; (b) to all sums secured by th9s SecurYty Instrument; and (c) any excess to the person or ns legally entitled to it. [f the Lender's interest in this Security Inshvment is held by the Secretary and the Secretary requires immediate payinent in mder paragraph 9, the Secretary may invoke the nonJadicial power of sale provided in the Single Family Mortgage losure Act of 1994 ("Act") (12 U.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under the� to 1580-5NE (OB/10) Page 5 of 7 ��5; �f�