|
98- iQ�39�9
<br /> interest.Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify
<br /> arliortization of the sums secured by this Deed of Trust by reason of any demand made by the original Borrower and Borrower's successors in
<br /> interest.Any forbearance by Lender in exercising any right or remedy hereunder,or otherwise afforded by applicable law, shall not be a waiver
<br /> � of or preclude the exercise of any such right or remedy.
<br /> 11. S�uccessors and Assigns Bound;Joint and Several Liability;Co-signers.The covenants and agreements herein contained shall
<br /> bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Bonower, subject to the provisions of
<br /> paragraph 16 hereo£All covenants and agreements of Borrower shall be joint and several.Any Borrower who co-signs this Deed of Trust,but
<br /> does not execute the Note,(a)is co-signing this Deed of Trust only to grant and convey that Bonower's interest in the Property to Trustee under
<br /> the terms of this Deed of Trust, (b) is not personally liable on the Note or under this Deed of Trust, and (c) agrees that Lender and any other
<br /> Bonower hereunder may agree to extend,modify,forbear,or make any other accommodations with regazd to the terms of this Deed of Trust or
<br /> the Note without that Bonower's consent and without releasing that Borrower or modifying this Deed of Trust as to that Borrower's interest in
<br /> the Property.
<br /> 12. Notice.Except for any notice required under applicable law to be given in another manner,(a)any notice to Borrower provided
<br /> for in this Deed of Trust shall be given by delivering it or by mailing such notice by certified mail addressed to Borrower at the Property Address
<br /> or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by
<br /> certified mail to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein.Any
<br /> notice provided for in this Deed of Trust shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br /> 13. Governing Law; Severability.The state and local laws applicable to this Deed of Trust shall be the laws of the jurisdiction in
<br /> which the Property is located.The foregoing sentence shall not limit the applicability of Federal law to this Deed of Trust. In the event that any
<br /> provision or clause of this Deed of Trust or the Note conflicts with applicable law,such conflict shall not affect other provisions of this Deed of
<br /> Trust or the Note which can be given effect without the conflicting provision,and to this end the provisions of this Deed of Trust and the Note
<br /> aze declared to be severable.As used herein,"costs","expenses"and"attorneys'fees"include all sums to the extent not prohibited by applicable
<br /> law or limited herein.
<br /> 14. Borrower's Copy.Borrower shall be furnished a conformed copy of the Note and of this Deed of Trust at the time of execution
<br /> or after recordation hereof.
<br /> 15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home rehabilitation,
<br /> improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option, may require Borrower to
<br /> execute and deliver to Lender,in a form acceptable to Lender,an assignment of any rights,claims or defenses which Bonower may have against
<br /> parties who supply labor,materials or services in connection with improvements made to the Property.
<br /> 16. Transfer of the Property or a Beneficial Interest in Borrower.If all or any part of the Property or any interest in it is sold or
<br /> transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written
<br /> consent,Lender may, at its option,require immediate payment in full of all sums secured by this Deed of Trust. However,this option shall not
<br /> be exercised by Lender if exercise is prohibited by federal law as of the date of this Deed of Trust.
<br /> If Lender exercises this option,Lender shall give Bonower notice of acceleration.The notice shall provide a period of not less than 30
<br /> days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Deed of Trust.If Borrower fails to
<br /> pay these sums prior to the expiration of this period,Lender may invoke any remedies permitted by this Deed of Trust without further notice or
<br /> demand on Borrower.
<br /> NON-LTNIFORM COVENANTS.Borrower and Lender further covenant and agree as follows:
<br /> 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof,upon Borrower's breach of any covenant or agreement of
<br /> Borrower in this Deed of Trust, including the covenants to pay when due any sums secured by this Deed of Trust,Lender prior to acceleration
<br /> shall give notice to Borrower as provided in paragraph 12 hereof specifying: (1)the breach; (2)the action required to cure such breach; (3)a
<br /> date,not less than 10 days from the date the notice is mailed to Bonower,by which such breach must be cured;and(4)that failure to cure such
<br /> breach on or before the date specified in the notice may result in acceleration of the sums secured by this Deed of Trust and sale of the Property.
<br /> T'he notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence
<br /> of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notice,
<br /> Lender,at Lender's option,may declaze all of the sums secured by this Deed of Trust to be immediately due and payable without further demand
<br /> and may invoke the power of sale and any other remedies permitted by applicable law.Lender shall be entitled to collect all reasonable costs and
<br /> expenses incuned in pursuing the remedies provided in this paragraph 17,including,but not limited to,reasonable attorneys'fees.
<br /> If Lender invokes the power of sale,Lender shall execute or cause Trustee to execute a written notice of the occurrence of an event of
<br /> default and of Lender's election to cause the Property to be sold and shall cause such notice to be recorded in each county in which the Property
<br /> or some part thereof is located.Lender or Trustee shall mail copies of such notice in the manner prescribed by applicable law.Trustee shall give
<br /> public notice of sale to the persons and in the manner prescribed by applicable law.ABer the lapse of such time as may be required by applicable
<br /> law,Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time and place and under the
<br /> terms designated in the notice of sale in one or more parcels and in such order as Trustee may determine.Trustee may postpone sale of all or any
<br /> pazcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender's designee may
<br /> purchase the Property at any sale.
<br /> Trustee shall deliver to the purchaser Trustee's deed conveying the Property so sold without any covenant or warranty, expressed or
<br /> implied. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the
<br /> proceeds of the sale in the following order:(a)to all reasonable costs and expenses of the sale,including,but not limited to,reasonable Trustee's
<br /> and attorneys'fees and costs of title evidence;(b)to all sums secured by this Deed of Trust;and(c)the excess, if any,to the person or persons
<br /> legally entitled thereto.
<br /> 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Deed of Trust due to
<br /> Bonower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Deed of Trust discontinued at any
<br /> time prior to the earlier to occur of(i)the fifth day before sale of the Property pursuant to the power of sale contained in this Deed of Trust or(ii)
<br /> entry of a judgment enforcing this Deed of Trust if: (a)Borrower pays Lender all sums which would be then due under this Deed of Tnist and
<br /> the Note had no acceleration occuned;(b)Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Deed
<br /> of Trust; (c) Borrower pays all reasonable expenses incuned by Lender and Trustee in enforcing the covenants and agreements of Borrower
<br /> contained in this Deed of Trust,and in enforcing Lender's and Trustee's remedies as provided in paragraph 17 hereof, including,but not limited
<br /> to,reasonable attorneys'fees;and(d)Bonower takes such action as Lender may reasonably require to assure that the lien of this Deed of Trust,
<br /> Lender's intcrest in the Property and Borrower's obligation to pay the sums secured by this Deed of Trust shall continue unimpaired. Upon such
<br /> payment and cure by Bonower,this Deed of Trust and the obligations secured hereby shall remain in full force and effect as if no acceleration
<br /> had occuned.
<br /> NEBRASKA-SECOND MORTGAGE-1/80 FNMA/FHLMC UNIFORM INSTRUMEN Page 3 of 4 Form 3828
<br />
|