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201107195
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Last modified
10/9/2011 10:52:54 PM
Creation date
9/29/2011 8:43:44 AM
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DEEDS
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201107195
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20110�195 <br />16. Hazardou9 3ubstances. Barrowe� sl�all not canse or per�it the presence, use, disposal, storage, or reles�e <br />of any Hazardous Substanoes an or fa tha Proper�g. Boi�rower shall not da, nor allow aayone els� ta da, <br />�ytxung affectmg the I'ropertp that is an vialatian of any F�viro�al Law. The grece�iing tvwo se�es <br />shall not apply to the presence, ase, or storage on the JProp�riy of s�ll quantities of Hazardous Substan� <br />that are generalty r�gnized to be appmpriate to nvrmal x�id�mial wses and ta mainten�nce of the Pmperty. <br />$orrower skiaU gro�nptly give Len�er Writtc.n nndce of any iave�tigation, claim, demand, lavvsnit or other <br />a�tioa bY any governmental or regulatory agency or private party iar+olving the Pmpe�Ry an� any Hazarc�ous <br />S�bstan�e or Enviro�oental Law of which Borrower has acti�al Imawledge. If Bprrower leams, or is noti�ied <br />bY any ga�ernmental ar regulatary authority, that any re�mval �r �other rem�diatioa of aay Hazardous <br />S�bstamc.�s aCfeccing the I'roperty is nece�caury, Borrower shall promptly tai�e ail mece�ary �dial. a�tions <br />in a�ccordance with Envirc�nm�ntal Law. <br />As used in ttris pazagrap� 1G, "Hazazdous Substanoes° are thc�e substances defin,ad as twdc or ha�ardous <br />substances by Envirommemtal. I.aw and ttie �'Nlowing substanc�s: gasoIime, keaasena, flth+ea flammm�ble or <br />ta�io pelroleum pno�u+ct�� toxic gesticidas and h�rbicides, valatile solveats, materials cont�adning asb�tos or <br />for�naldehyde, and radioactive mat�rials. As nsed in this pa�°agrarph 16, "Enviro�a� Law° means fedaral <br />Iaa+s and laa►s of the jurisdicrion where the Proparty as locx�ted tbat rt�late ta healih, safety ar enviranmenis�l <br />pratectioa <br />Non-Unlfnrm Covenants. Bonower aud Lender further cave.n�nr and agree as follows: <br />17. AssignmeM of R�nts. Bonower u�o�litionally a�ig�oss a�xi transfers i� L�nder a11 t�e rents and re+vQnues <br />of the Property. Borrower suthoriz�s L�der or L,en�er's agents to collecE the re�s and rev�ues and hereby <br />direets each tenaat af the Pmperty to pay the rents ta Leudsr or Lender's age�ts. Hawever. prior xo L�nder's <br />notice ta Borrower of Borrower's breacb� of any cavenant or agreement in the Sacurity Instru�ent, Borrower <br />shatr collect and receive all rants and revern�s of the Pmpeci.y as tcostee for the beaeSt of L.ender and <br />Borrower. This assignm,ent of rents crnnstitutes aa a�solnte assegnment and not an assignm�nt far additional <br />secwitY only. <br />If I.ender gives notics of breach to Borrower: (a} all rents receiveci hy Borrr�wer shall be held by Borrow� <br />as ti�ustee for benefit of Lendea only, to be appli�d to tkie sums se�red by the 5ec�urlty Tnsknsment; <br />(b) I.ender sUail be e�itled to collect and re�eiee all of the rents of the Property; and (c} each tenant of the <br />Property shall pay all re�s due and tanpaid tv I.eader ar F.�der's agent on I,ender's writt� demauQ to the <br />tenant. <br />Borrower has not exeaited any pxior assignment of the Xents and bas not and cvill not peaform any act tFiat <br />wovYd prevmt Lender from exercisia$ its rigbits un�er this paragraph 17. <br />I.ender s6a11 not be re�ured to � upvn, take oontrol of or maintain the Property before or aflter gi'ving <br />natice of breack to Borrower. However, Lender or a J�iiciallY ap�ointed r�eiver inay do � at any time <br />th�re is a breach. riny appli�tion of �nts sriall not c�me or wruve any defautt or mvalidame a�+ other right ar <br />remedy of Lend�. This a4sign�n# of rents of the Propert�r ahail te�ate when tke debt secured �y th� <br />S�urity Instrmnea�t is paid in foll. <br />7 S. Forecloaure Procedure. If L�der requires Lmmediate gayment in full nndear paragraph 9, Lend� <br />may invoke tlxe pawer of sale and amy of.her renuedies p�mit�d bj applicable law. I.e�des sha31 be <br />�titled to aollect �ll egpenees incurred in pmwing the �edtea timder tl�s paragraph 18, �incltnding, <br />but aot �i�mutt�d to, re�sunable atturne,ps' fec� and � o� tZtte eti+tdence. <br />FHA � of Tn�e4NE <br />VMP4Fi�A1411168f.00 <br />dt aro Kiuw�er Finm�cisl 3e�waea Pe9e 7 af 10 <br />
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