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� 20110544� 14. Governing Law; SeveraUility. This Security Instivment shall be governed by Federal law and the law of the jurisdiction 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 affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Insirument and the Note are declared to be severable. 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 Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any EnvironmentaI Law. The preceding two sentences shall not apply to the presence, vse, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall prompfly give Lender written notice of any invesHgation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any govemmental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall prompdy take all necessary remedial actions in accordance with En�ironmental Law. As used in this paragraph 16, "Hazardous Substances" are those snbstances defined as toxic or hazardous 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 jurisdiction where the Property is located that relate to health, safety or environmental protection. NON-UIVIFORM COVENANTS. Borrower and Lender fiu�ther covenant and agree as follows: 17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Properly 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 Instrument, Borrower shall collect and receive all rents and revenues of the Proper[y as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absalute assignment and not an assigrunent for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as tivstee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entided to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to. the tenant. Borrower has nof executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender 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 notice of breach to Borrower. However, Lender or a judicially appointed receiver may da so at any time there is a breach. Any application of rents shall not cure or waive any default or 9nvalidate any other right or remedy of Lender. This assignment of rents of the Properly shall terminate when the debt secured by the Security Instrument is paid in full. 18. Foreclosure Procedure. If Lender requires immediate payment in full under paragraph 9, Lender may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect aIl expenses incurred in pursuing the remedies provided in this paragraph I8, including, but not limited to, reasonable attomeys' fees and costs of title evidence. If the power of sale is invoked, Trustee shalI record a notice of default in each county in which any part of the Property is located and shall mail copies of such notice um the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable law. After the time required by applicable law, Trustee shall give puhlic notice of the sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time 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 pwchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed shall be pruna facie evidence of the hvth of the statements made therein. Trustee shall apply the proceeds of the sale in ihe following order: (a) to all costs and expenses of exercising the power of sale, and the sale, including the payment of the Trustee's fees actually incurred, not to exceed % of the principal amount of the note at the time of the declaration of default, and reasonable attorneys' fees as permitted by law; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons Iegally entitled to it. GCC - 1590-5NE (oe/97) Page 5 of 7 Initisis: '��/