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201406252
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Last modified
11/21/2014 9:01:19 AM
Creation date
10/1/2014 4:12:57 PM
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DEEDS
Inst Number
201406252
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201406252 <br />7005000670 <br />If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by <br />Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security <br />Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each <br />tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written <br />demand to the tenant. <br />Borrower has not executed any prior assignment of the rents and has not and will not perform any act <br />that would prevent Lender from exercising its rights under this Paragraph 17. <br />Lender shall not be required to enter upon, take control of or maintain the Property before or after giving <br />notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time <br />there is a breach. Any application of rents shall not cure or waive any default or invalidate any other <br />right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt <br />secured by the Security Instrument is paid in full. <br />18. Foreclosure Procedure <br />If Lender requires immediate payment in full under Paragraph 9, Lender may invoke the power <br />of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all <br />expenses incurred in pursuing the remedies provided in this Paragraph 18, including, but not <br />limited to, reasonable attorney's fees and costs of title evidence. <br />If the power of sale is invoked, Trustee shall record a notice of default in each county in which any <br />part of the Property is located and shall mail copies of such notice in the manner prescribed by <br />applicable law to Borrower and to the other persons prescribed by applicable law. After the time <br />required by applicable law, Trustee shall give public notice of sale to the persons and in the <br />manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the <br />Property at public auction to the highest bidder at the time and place and under the terms <br />designated in the notice of sale in one or more parcels and in any order Trustee determines. <br />Trustee may postpone sale of all or any parcel of this Property by public announcement at the time <br />and place of any previously scheduled sale. Lender or its designee may purchase the Property at <br />any sale. <br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed <br />conveying the Property. The recitals in the Trustee's deed shall be prima fade evidence of the <br />truth of the statements made therein, and Trustee shall apply the proceeds of the sale in the <br />following order: (a) to all costs and expenses of exercising the power of sale, and the sale, including <br />the payment of the Trustee's fees actually incurred, not to exceed 5% of the principal amount of <br />the Note at the time of the declaration of default, and reasonable attorney's fees as permitted by <br />law; (b) to all sums secured by this Security Instrument; and (c) any excess to the persons legally <br />entitled to it. <br />If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary <br />required immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial <br />power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 ( "Act ") (12 U.S.C. <br />3751 et seq.) by requesting a foreclosure commissioner designated under the Act to commence <br />foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall <br />deprive the Secretary of any rights otherwise available to a Lender under this Paragraph 18 or <br />applicable law. <br />19. Reconveyance <br />Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to reconvey <br />FHA Nebraska Deed of Trust -12/13 <br />391.31 Page 8 of 10 <br />
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