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98102857
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Last modified
3/12/2012 11:32:38 AM
Creation date
10/19/2005 5:27:37 PM
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DEEDS
Inst Number
98102857
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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. Borrower shall be given one conformed copy of the Note and of this Security Instrument. <br /> 16. Hazardous Substances. Borrower shall not cause or pertnit 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 � <br /> storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal � <br /> residential uses and to maintenance of the Property. C� <br /> Borrower shall promptly give Lender wrkten notice of any invesNgation, claim, demand, lawsuit or other action by any N <br /> governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of � <br /> which Borrower has actual knowledge. If BoROwer learns, or is notified by any governmental or regulatory authority, that any � <br /> removal or other remediation of any Hazardous Substances affecting the Property is necessary, Borrower shall promptly take all � <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 following substances: gasoline, kerosene, other (lammable or toxic petroleum products, toxic <br /> pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in <br /> the paragraph 16, "Envkonmental Law" means federal laws and Iaws of the jurisdiction where the Property is located that relete <br /> to heafth, safety or env�onmental protection. <br /> NON-UNIFORM COVENANTS. Bonower and Lender further covenant and agree as follows: <br /> 17. Assignment of Rents. Borrower unconditionally assigns end 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 af Lender and Borrower. This assignment ot 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 (or <br /> benefit ot 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 oi breach to <br /> Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents <br /> shatl not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property <br /> shall 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 applicable law. <br /> Lender shall 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 appiicable law to Borrower and to the other persons prescribed by appiicable law. <br /> After the time required by applicabie law, Trustee shall give public notice of sale to the persons <br /> and in the manner prescribed by appifcable 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 shail be prima facie evidence of <br /> the truth of the statements made therein. Truste� shall apply the proceeds of the sale in the <br /> following order: (a) to all costs and expenses of exercising the power of sale, and the sale, <br /> including 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 deciaration of defauit, and reasonable <br /> attorneys' fees as permitted by law; (b) to all sums secured by this Security Instrument; 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 sey.) by requesting a foreclosure 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 applicabie law. <br /> 19. Reconveyance. Upon payment of all sums secured by this Securky Instrument, Lender shall request Trustee to <br /> reconvey the Property and shall surrender this Security Instrument and all noted evidencing debt secured by this Security <br /> Instrument to Trustee. Trustee shall reconvey the Property without warranty and without charge to the person or persons legally <br /> entitled to it. Such person or persons shall pay any recordation costs. <br /> FSBt3.LMo (1/9B) Pags 4 of 5 <br />
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