201107212 - Laserfiche WebLink

Browse

201107212 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 Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of IIazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice of any investigation, 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 governmental or regulatory authority, that any removal or other remediation of any Hazardous Substances affecting the Property is necessary, Borrower shall promptly take all 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 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 - Uniform Covenants. Borower and Tender further cokonant and agme as follows: 17. Assignment of Rents. Rrmow•er unconditionally assigns Laid fransfecs to Lender all the rents and revenues of the Property. Borrower e l l6urires I.onder or Lender's agents to collect the rents and revenues and hereby dirmts each tenant of the Property to pay the tcnls to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrow'er's breach of any coceneait or agreement. ht the Seeurityy instrument, Borrower shall collect and roe uivu all l ants and revenues of the Property as lrustoc for the benefit of Lendur and Borrower. This assignment: of rents constitutcz on absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrnwor: (a) all rents received by Borrower shall be held by Borrower as trustee for bonctit. of. T.ender only, to be applied to [tic sums secured by the Security Instrument; (b) Lender shall be endued to collect and receive all of the runts of the Property; and (c) each tenant of the Property shall pay all reins clue and unpaid to Lender or Lender's agent art Lender's written demand w the tenant. Borrower has not executed any prior assignnent of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this paragraph 17. Leader shall not be required to enter upon, tale control of or maintain the Property before or alter giving notice of breach to Borrower. 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 Lender. This assignment of rents of the Property 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 all expenses incurred in pursuing the remedies under this paragraph 18, including, but not limited to, reasonable attorneys' fees and costs of title evidence. FHA Deed of Trust "L 0451100083 VMP O 4196 Wolters Kluw or Financial Services VMNRN (1105 Page f of 1�