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12/4/2012 4:00:34 PM
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201210155
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by the Security Instrument equals or exceeds the maximum principal amount stated or the <br />maximum period under which loan advances retain the same lien priority initially granted to <br />loan advances has expired) and state law permits the original lien status to be maintained for <br />future loan advances through the execution and recordation of one or more documents, then <br />Lender shall obtain title evidence at Borrower's expense. If the title evidence indicates that the <br />property is not encumbered by any liens (except this Security Instrument, the Second Security <br />Instrument described in Paragraph 13(a) and any subordinate liens that the Lender <br />determines will also be subordinate to any future loan advances), Lender shall request the <br />Borrower to execute any documents necessary to protect the lien status of future loan <br />advances. Borrower agrees to execute such documents. If state law does not permit the <br />original lien status to be extended to future loan advances, Borrower will be deemed to have <br />failed to have performed an obligation under this Security Instrument. <br />(b) Tax Deferral Programs. Borrower shall not participate in a real estate tax deferral program, if <br />any liens created by the tax deferral are not subordinate to this Security Instrument. <br />(c) Prior Liens. Borrower shall promptly discharge any lien which has priority over this Security <br />Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by <br />the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends <br />against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to <br />prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from <br />the holder of the lien an agreement satisfactory to Lender subordinating the lien to all amounts <br />secured by this Security Instrument. If Lender determines that any part of the Property is <br />subject to a lien which may attain priority over this Security Instrument, Lender may give <br />Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one more of the <br />actions set forth above within 10 days of the giving of notice. <br />13. Relationship to Second Security Instrument. <br />Second Security Instrument. In order to secure payments which the Secretary may make to <br />or on behalf of Borrower pursuant to Section 255(i)(1)(A) of the National Housing Act and the <br />Loan Agreement, the Secretary has required Borrower to execute a Second Note and a <br />Second Security Instrument on the Property. <br />(b) Relationship of First and Second Security Instruments. Payments made by the Secretary <br />shall not be included in the debt under the Note unless: <br />(a) <br />(I) <br />This Security Instrument is assigned to the Secretary; or <br />:01210155 <br />(ii) The Secretary accepts reimbursement by the Lender for all payments made by the <br />Secretary. <br />If the circumstances described in (I) or (ii) occur, then all payments by the Secretary, including <br />interest on the payments, but excluding late charges paid by the Secretary, shall be included <br />in the debt under the Note. <br />(c) Effect on Borrower. Where there is no assignment or reimbursement as described in (b)(i) or <br />(ii) and the Secretary makes payments to Borrower, then Borrower shall not: <br />(i) Be required to pay amounts owed under the Note, or pay any rents and revenues of the <br />Nebraska Deed of Trust HECM ADJUSTABLE RATE - MERS <br />
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