201210156 - Laserfiche WebLink

Browse

'20121015 15. Successors and Assigns Bound; Joint and Several Liability. Borrower may not assign any rights or obligations under this Security Instrument or the Second Note, except to a trust that meets the requirements of the Secretary. Borrower's covenants and agreements shall be joint and several. 16. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address all Borrowers jointly designate. Any notice to the Secretary shall be given by first class mail to the HUD Field Office w th jurisdiction over the Property or any other address designated by the Secretary. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this Paragraph 16. 17. Governing Law; Severability. This Security Instrument shall be governed by Federal law and tie law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Second Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Second Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Second Note are declared to be severable. 18. Borrower's Copy. Borrower shall be given one conformed copy of the Second Note and this Security Instrument. NON - UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 19. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents a d revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lend is agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutres an absolute assignment and not a assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only to be applied to the sums secured by this Secu ity Instrument; (b) Lender shall be entitled to collect and 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 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 ny act that would prevent Lender from exercising its rights under this Paragraph 19, except as provided in the First Security Instrument. Lender shall not be required to enter upon, take control of or maintain the Property before or a er giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do s at any time there is a breach. Any application of rents shall not cure or waive any default or invalid to any other right or remedy of Lender. This assignment of rents of the Property shall terminate w en the debt secured by this Security Instrument is paid in full. 20. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph Lender at its option may require immediate payment in full of all sums secured by t 9, is Nebraska Second Deed of Trust - HECM ADJUSTABLE - TE