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98102715
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Last modified
3/12/2012 11:29:54 AM
Creation date
10/19/2005 5:25:37 PM
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DEEDS
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98102715
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conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be <br /> given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to <br /> be severable. <br /> 15. Borrower's Copy. Borcower shall be given one conformed copy of the Note and of this Security Instrument. <br /> 16. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of � <br /> any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the ' <br /> Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or Fr1 <br /> storage on the Property of small quantities of Hazardous Substances that are generally recognfzed to be appropriate to nortnal � <br /> residential uses and to maintenance of the Property. � <br /> Borrower shali promptly glve Lender written notice of any investigation, claim, demand, lawsuit or other action by any <br /> govemmental or regulatory agency or prNate party invoNing the Property and any Hazardous Substance or Environmental Law of � <br /> which Borrower has actual knowledge. If Borrower leams, or is notified by any govemmental or regulatory authority, that any <br /> removal or other remediation o( any Hazardous Substances affecting the Property is n�essary, Borrower shall promptly take al� <br /> necessary remedial actions in accordance with Environmental Law. <br /> As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by <br /> Environmental Law and the followMg substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic <br /> pesticides and herbicides, volatile solvents, materials containing asbestos or formatdehyde, and radioactive materials. As used In <br /> the paragraph 16, "Environmental Law" means federai laws and laws of the jurfsdiction where the Property is located that relate <br /> to health, safety or environmental protection. <br /> NON-UNIFORM COVENANTS. BoROwer and Lender further covenant and egree as (ollows: <br /> 17. Assignment of Rents. BoROwer unconditionally assigns and transfers to Lender all the rents and revenues of the <br /> Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the <br /> Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of <br /> any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property <br /> as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an <br /> assignment for additional security only. <br /> If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for <br /> benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and <br /> 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 <br /> Lender's agent on Lender's written demand to the tenant. <br /> Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent <br /> 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 giving notice of breach to <br /> Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application ot rents <br /> shall not cure or waive any defauft or invalidate any other right or remedy of Lender. This assignment of rents of the PropeRy <br /> shait terminate when the debt secured by 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 appiicable law. <br /> Lender shali be entitled to collect all expenses incurred in pursuing the remedies provided in <br /> this Paragraph 18, including, but not limited to, reasonable attorneys' fees and costs of title <br /> evidence. <br /> If the power of sale is invoked, Trustee shall record a notice of default in each county in <br /> which any part of the Property is located and shall mail copies of such notice in the manner <br /> prescribed by applicabie law to Borrower and to the other persons prescribed by appiicable law. <br /> After the time required by applicabie law, Trustee shall give publlc notice of sale to the persons <br /> and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell <br /> the Property at public auction to the highest bidder at the time and place and under the terms <br /> designated in the notice of sale in one or more parcels and in any order Trustee determines. <br /> Trustee may postpone sale of all or any parcel of the Property by public announcement at the <br /> time and place of any previously scheduled sale. Lender or its designee may purchase the <br /> Property at any sale. <br /> Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's <br /> deed conveying the Property. The recitals in the Trustee's deed shall be prima facie evidence of <br /> the Vuth of the statements made therein. Trustee'shall apply the proceeds of the sale in the <br /> following order: (a) to all costs and expenses of exerclsing the power of sale, and the sale, <br /> inciuding the payment of the Trustee's fees actually incurred, not to exceed 3 °,� <br /> of the principal amount of the note at the time of the declaration of default, and reasonable <br /> attorneys' fees as permitted by law; (b) to all sums secured by thls Security InsVument; and (c) <br /> any excess to the person or persons legally entitled to it. <br /> If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary <br /> requires immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial <br /> power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 ("AcY') (12 U.S.C. <br /> 3751 et seg.) by requesting a foreciosure commissioner designated under the Act to commence <br /> foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence <br /> shall deprive the Secretary of any rights otherwise available to a Lender under this Paragraph 18 <br /> or applicable law. <br /> 19. Reconveyance. Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to <br /> reconvey the Property and shall surrender this Security Instrument and all noted evidencing debt secured by this Securky <br /> Instrument to Trustee. Trustee shall reconvey the Property without warranty and wkhout charge to the person or persons legally <br /> entitled to it. Such person or persons shall pay any recordation costs. <br /> F5813.LMO (1/98) Page 4 0l 5 <br /> 701 <br />
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