201205908 - Laserfiche WebLink

Browse

20120590� 15. Rehabilitation Loan Agreement Borrower sha11 fulfill all of Bonower's obligarions under any home rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option, ma,y require Bonower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or services in connection with improvements made to the Properly. 16. T�ansfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Properiy or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or h�ansferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of a11 sums secured by this Deed of Trust. However, this option shall not be �ercised by Lender if exercise is prohibited by federal law as of the date of this Deed of Trust. If Lender exercises this option, Lender sha11 give Borrower notice of acceleration. The notice shall provide a period of not less than 30 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 pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Deed of Trust without further norice or demand on Borrower. NON-LTNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Acceleration; Remedies. Egcept as provided in paragraph 16 her�f, upon Borrower's breach of any covenant or agreement of Borrower in this Deed of Trast, inclnding Borrower's failure to pay, by the end of 10 calendar days after they are dne, any sums secured by this Deed of 1Yust, Lender prior to accelerat3on shall give notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the aclion required to cure such breach; (3) a date, not less than 20 days from the date the notice is mailed to Borrower, by wluch such breach must be cured; and (4) that failure to cnre such breach on or before the date specified in the notice may result in acceleratlon of the sums secured by ttus Deed of Trast and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the none�stence 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, Lender, at Lender's option, may declare all of the snms secured by t}us Deed of Trust to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be enl3Ued to collect all reasonable costs and egpenses incurred in pursuing the remedies provided in tlus paragraph 17, including, but not limited to, reasonable attorneys' fees. If the power of sale is invoked, 1Yustee shall record a notice of default in each county in which the Property or some part thereof is located and shall mail copies of such notice in the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable law After the lapse of such time as may be required by applicable law, TYustee shall give pubHc notice of sale to the persons and in the manner prescribed by applicable law 1Yustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time and place and under the 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 parcel of the Property by public announcement at the time and place of any previously sche.cluled sale. Lender or Lender's designee may pnrchase the Property at any sale. Upon receipt of payment of the price bid,lYastee shall deliver to the purchaser TYust�'s deed conveying the Property sold. The recitals in the TYustee's deed shall be prima facie evidence of the truth of the statements made therein. TYustee shall apply the proceeds of the sale in the following order: (a) to all reasonable costs and expenses of the sale, including, but not limited to, TYustee's fees actually incurred reasonable attorneys' fe� as permitted by Applicable Law; (b) to all sums secured by tbis Deed of 1Yust; and (c) the escess, if any, to the person or persons legally entitled thereto. NEBRASKA - Second Mortgage -1/80 VMP-76(N� (0509) Page 5 of 7 Amended 7/04 Borrower(s) Inidals ,�'—� '�' -