201208771 - Laserfiche WebLink

Browse

2012087�� CASE #: NE3213161501703 DOC ID #: ********9798100 NON-iJNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Assignment of Rents. To the extent permitted by applicable law, Bonower unconditionally assigns and transfers to Lender a11 the rents and revenues of ��h�: Property. Bonower authorizes Lender or Lender's agents to collect the rents and revenues and. her�by directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Inshvment, Bonower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents teceived by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender sha11 be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay a11 rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this paragraph 17. Lender shall not be reyuired to enter upon, take control of or maintain the Property before or after giving notice of breach to Bonower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secwed by the Security Instrument is paid in full. 18. Foreclosure Procedure. If Lender requires immediate payment in full under paragraph 9, Lender may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all ezpenses incurred in pursu�ng the remedies under this par�grap6 18, including, but not limited to, reasonable attorneys' fees aad�ists of title evidence. �u,r If the power of sale is invoked, Trustee shall record a notice of default in each county in whic6 any part of the Property is located and shall mail co�ies of such notice in t6e manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable law. Trustee, wlt6ouf 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 t6e notice of sale in one or more parcels and in any order Trustee determines. Tcustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this Paragraph 18 or applicable law. MERS FHA Deed of Trust-NE ,",� `��` , 1004M-NE (12/11) Pagte' of 10 � �