|
20000015�
<br /> circumstances. Bonower shall not commit waste or destroy, damage or substantially change the Property or allow the :
<br /> Property to deteriorate, reasonable wear and teaz excepted. Lender may inspect the Property if the Property is vacant :
<br /> or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or
<br /> abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially
<br /> false or inaccurate information or statements to Lender (or failed to provide Lender with any material information)
<br /> in connection with the loan evidenced by the Note, including, but not limited to, representations conceming Borrower's :
<br /> occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Bonower shall comply :
<br /> with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not
<br /> be merged unless Lender agrees to the merger in writing. :
<br /> 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with :
<br /> any condemnation or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby :
<br /> assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under :
<br /> the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under :
<br /> the Note and this Security Instrument, first to any delinquent amounts applied in the arder provided in pazagraph 3, :
<br /> and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone :
<br /> the due date of the monthly payments, which are referred to in paragraph 2,or change the amount of such payments. :
<br /> Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security :
<br /> Instrument shall be paid to the entity legally entitled thereto.
<br /> 7. Charges to Borrower and Protection of Lender's Rights in the Property. Bonower shall pay all governmental :
<br /> or municipal charges, fines and impositions that aze not included in paragraph 2. Borrower shall pay these obligations :
<br /> on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in :
<br /> the Property, upon Lender's request Bonower shall promptly furnish to Lender receipts evidencing these payments. :
<br /> If Borrower fails to make these payments or the payments required by paragraph 2,or fails to perform any other :
<br /> covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly :
<br /> affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or
<br /> regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights :
<br /> in the Property, including payment of taxes, hazard insurance and other items mentioned in paragraph 2. :
<br /> Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be
<br /> secured by this Security Instrument. These amounts shall bear interest from the date of disbursement at the Note rate,
<br /> and at the option of Lender shall be immediately due and payable. :
<br /> Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Bonower: (a) :
<br /> agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests
<br /> in good faith the lien by,or defends against enforcement of the lien in,legal proceedings which in the Lender's opinion :
<br /> operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory
<br /> to Lender subordinating the lien to this Security Instrument. If Lender deternunes that any part of the Property is
<br /> subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying :
<br /> the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving :
<br /> of notice.
<br /> 8. Fees. Lender may collect fees and charges authorized by the Secretary. :
<br /> 9. Gmunds for Accelerarion of Debt.
<br /> (a) Default. Lender may, except as limited by regulations issued by the Secretary in the case of payment :
<br /> defaults, require immediate payment in full of a11 sums secured by this Security Instrument if: :
<br /> (i) Bonower defaults by failing to pay in full any monthly payment required by this Security Instrument :
<br /> prior to or on the due date of the next monthly payment, or :
<br /> (ii) Borrower defaults by failing, for a period of thirty days,to perform any other obligations contained :
<br /> in this Security Instrument. :
<br /> (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including section 341(d) of :
<br /> the Garn-St. Germain Depository Institutions Act of 1982, 12 U.S.C.1701j-3(d)) and with the prior approval :
<br /> of the Secretary, require immediate payment in full of all sums secured by this Security Instrument if: :
<br /> (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold
<br /> or otherwise transferred (other than by devise or descent), and :
<br /> (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the :
<br /> purchaser or grantee does so occupy the Property, but his or her credit has not been approved in :
<br /> accordance with the requirements of the Secretary. :
<br /> (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full,but :
<br /> Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. :
<br /> (d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit :
<br /> Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. :
<br /> This Security Instrument does not authorize acceleration or foreclosure if not pernutted by regulations of the :
<br /> Secretary.
<br /> (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note aze not determined :
<br /> to be eligible for insurance under the National Housing Act within 6 0 DAYS , from the
<br /> date hereof, Lender may,at its option require immediate payment in full of all sums secured by this Security
<br /> Instrument. A written statement of any authorized agent of the Secretary dated subsequent to :
<br /> 6 0 DAYS from the date hereof, declining to insure this Security Instrument and the Note, shall be :
<br /> deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised :
<br /> by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance :
<br /> premium to the Secretary. :
<br /> NEBRASKA-FfIA DEED OF TRUST 6/96
<br /> n����� sy5��,i�.csoo>�av-i�z Page 3 of 6
<br /> � �. �� -�-
<br />. i
<br />
|