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�Q�10�0�� <br />reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely <br />affect the priority of the lien created by this Security Instrument. <br />11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the tinne of <br />payment or modification of amortization of the sums secured by this Security Instrument ganted by Lender <br />to any successor in interest of Borrower sha11 not operate to release the liability of the onginal Borrower or <br />Borrower's successor in interest. Lender shall not be required to commence proceedings against any <br />successor in interest or refuse to e�ctend time for payment or otherwise modify amortization of the sums <br />secured by this Security Instrument by reason of any demand made by the original Borrower or Bonower's <br />successors in interest. Any forbeazance by Lender in exercising any right or remedy shall not be a waiver of <br />or preclude the exercise of any right or remedy. <br />12. Successors and Assigns Bound; Jaint and Several Liability; Co-s�gners. The covenants and <br />agreements of this Security Inslrument shall bind and benefit the successors and assigns of Lender and <br />Borrower, subject to the provisions of Paragraph 9(b). Bonower's covenants and agreements shall be joint <br />and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co- <br />signing this Security Instrument only to mortgage, grant and convey that Bono�ver's interest in the Properiy <br />under the terms of this Security Instrument; (b) is not personally abligated to pay the sums secured by this <br />Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear <br />or tnake any acconnmoda#ions with regazd to the term of this Security Instrument or the Note without that <br />Borrower's consent. <br />13. Notices. Any notice to Borrower provided for in this Security Insh�ument shall be given by <br />delivering it or by mailing it by first class mail unless applicable law requues use of another method. The <br />notice shall be d'uected to the Property Address or any other address Borrower designates by notice to <br />Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any <br />address Lender designates by notice to Borrower. Any notice provided for in this Security Instrutnent shall be <br />deemed to have been given to Bonower or Lender when given as provided in this paragraph. <br />14. Gaverning Law; 5everability. This Secunty Inslrument shall be governed by Federal law and <br />the law of the jurisdiction in which the Pro�erty is located. In the event that any provision or clause of this <br />Securily Instrument or the Note conflicts wrth applicable law, such conflict shall not affect other provisions <br />of this Security Instrument or the Note which can be given effect �vithout the conflicting provision. To this <br />end the provisions of this Security Instrument and the Note aze declared to be severable. <br />15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this <br />Security Instrument. <br />16. Hazardous Substances. Borrower shall not cause or pernut the presence, use, disposal, storage, <br />or release of any Hazardous Substances on or in the Property. Bonower shail not do, nor allow anyone else to <br />do, anything affecting the Property that is in violation of any Envuonmental Law. The preceding two <br />sentences shall not apply to the presence, use, or storage on the Property of small quantities of Ha�ardous <br />Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of <br />the Property. <br />Bonower sha11 promptly give Lender written notice of any investigation, claim, demand, lawsuit or <br />other action by any governmental or regulatory agency or private party mvolvmg the Property and any <br />Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or <br />is notified by any governmental or regulatory authority, that any remavai or other remediation of any <br />Hazardous Substances affecting the Property is necessary, Borrower shall promptly take all necessary <br />remedial actions in accordance with Environmental Law. <br />As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or <br />hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other <br />flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials <br />containing asbestos or fornnaldehyde, and radioactive materials. As used in the paragraph 16, "Environmental <br />Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, <br />safety or environmental protection. <br />NON-LINIFORM COVENANTS. Bonower and Lender further covenant and agree as follows: <br />17. Assignment of Rents. Bonower unconditionally assigns and transfers to Lender all the rents <br />and revenues of the Property. Bonower authorizes Lender or Lender's agents to collect the rents and revenues <br />and hereby directs each tenant of the Properiy to pay the rents to Lender or Lender's agents. However, prior <br />to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security <br />Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit <br />of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment <br />for additional security only. <br />If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by <br />Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; <br />(b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the <br />Property sha11 pay all rents due and unpaid to Lender or Lender's agent on Lender's wntten demand to the <br />tenant. <br />Borrower has not executed any prior assignment of the rents and has not and will not perForm any <br />act that wauld prevent Lender from exercising its rights under this Paragraph 17. <br />Lender shall not be required to enter upon, take control of or maintain the Property before or after <br />giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any <br />time there is a breach. Any application of rents shall not cure or warve any default or invalidate any other <br />right or remedy of Lender. This assignment of rents of the Properiy shall termmate when the debt secured by <br />the Security Instrument is paid in full. <br />18. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 9, <br />Lender may invoke the power of sale and any other remedies permitted by Applicable Law. Lender <br />shall be entitled to collect all espenses incurred in pursuing the remed'aes provided in th�s Sechon fl8, <br />including, but not limited to, reasonable attorneys' fees and costs of title evidence. <br />If the power of sale is invoked, Trustee shal! aecord a a�otice of default in each county in which <br />any part of the Property is located and shall mail copfes of such notice in the manner prescribed by <br />Applicable Law to Borrowes and to the othes persons preseribed by Applicable Law. After the time <br />required by Applicable Law, Trustee shall give public notice of sale to the persons and in the manner <br />prescribed by Applicable Law. Trustee, wlthout demand on Borrower, shall sell the Property at public <br />auction to the highest bidder at the time and place and under the terms designated in the notice of sale <br />in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any <br />parcel of the Property by public announcement at the time and place of any previously scheduled sale. <br />Lender or its designee may purchase the Property at any sale. <br />16256.CV (9/11) 6894086640 .y� <br />Page 4 of 5 �, � �C <br />GOTO(00326968) <br />