201104685 - Laserfiche WebLink

Browse

201�046�5 13. Notices. Any notice to Bouower grovide�i far in this Security Instrument shall be given by delivering it or by mailing it by first class mai.l unless applicable law requires use of anather method. Tha notice ahall be directefl to the Property Address or any other address Bonower desi� by notice to Lender. Any notice to Le.�der shall be given by first class mail to Lender' s address stated hetein or any address Lender designates by notice to Boaower. Any notice provided for in this Security inatn�,,,en� shall be deemed to ha.ve been given to Borrower or Lender wh� given as provideci in this paragraph 14. Govermtng Law; Severabiltty. This Secttrity Insttvment shall be goveme� by Federal la.w and the law of the jurisdiction in which the Properiy is located. in the event tl�t any provision or clause of this Security Instrument ar the Note conflicts with applicable law, such conflict ahall not affect other provisions of this Security Inst�meat or the I�Tote wluch c�n be given effect without the conflicting provision. To this end the provisions of this Security Instrum�at and the Note aze declazed to be severable. 15. Borrower's Copy. Bonower sl�all be given one conformed copy of the Note and of this Security Instrummt. 16. Hazardons Snbstances. Borrower shall not cause ar permit tha presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Bonower shall not do, nor a11ow anyone else to do, anything affecting the Properiy that is in violation of any Enviromn�tal Law. The pr�eding two sentences shall not agply to the pres�ce, use, or storage on the Properiy of small quantities of Fia�ardous Substances that are generally r�ogniz� to be appropriate to noanal residential uses and to maintenance of the Properiy. Boa�ower shall promptly give Lender writtea notice of any inve.gtigation, claino, demand, lawsuit or other action by �y governmental or regulatory agency or Pri� F�Y involving the Progerty �d any Hazazdous Substaace ar Environmental Law of wlrich Bosower has actual lrnowledge. If Borrower learns, or is notified by ffiy govemmental ar regulatory authority, that any removal ar other remediation of any Hazardous Substmnces affe�ting the Property is necessary, Borrower shall promptly take all necessazy remedial actions in accordance with Environmentat Law. As used in this paragraph 16, ��Haxardous Substances" are those substances defined as toxic or harardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic gesticides and herbicides, volatile solvents, materials containing asbestos or farmaldehyde, and radioactive meterials. As used in this paragraph 16, "Environmental Law" means federal laws and laws of the jurisdiction where the Properiy is la�ted that relate to health, safety or environmental protection. NON LTNIFORM COVENANTS. Borrower �d Lender further covenant and agr� as follows: 17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and reveaues of the Properiy. Borrower authorizes Lender or L�der's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the re�ts to Lender or Lender's agents. Howeve�, prior to Lender's notice to Borrower of Bonower' s breach of any covenant ar agreement in the S�vrity Instcvment, Bonower shall colle�t and r�eive all rents and revenues of the Properiy as trustea for the benefit of Lender and Borrower. This assignment of rents co�sritutes an absolute assignment and not an assignment for additional sec�mty only. If Lender give,s notice of breach to Bonower: (a) all rents received by Borrower shall be held by Boaower as trustee for benefit of Lend� only, to be applied to the sums secured by the Se�urity Instrument; (b) Lender shall be entitled to colle�t and r�ive all of the rents of the Properiy; and (c) each tenant of the Properiy shall pay all rents due and unpaid to Lender or Lender' s agent on Lender' s written de�nand to the tenant Bonower has not executed any prior assignment of the rents and has not and will not pe�form any a�:t that would prevent Lender from exercising its rights under this ParagcaPh 17. I.ender shall not be required to �ter upon, take control of or maintain the Property before or after gi�ing notice of breach 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 I,ender. This assignment of rents of the Property shall terminate when the debt secured by the S�urity Instrament is paid in full. 2200130406 D V4NNE im��_ — VMP� loao�).o� Paee s ot s