201501958 - Laserfiche WebLink

Browse

201501958 LOAN#: 1410006481 flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 16, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is iocated that relate to health, safety or enviranmental protection. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. 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#o collect the rents and revenues and hereby directs each tenant of the Property ta 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 Instrument, 8orrower shall collect and receive a(I 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 rece+ved by Borrower shall be held by Borrower as trustee for benefit af Lender only, to be applied to the sums secured by the Security 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 any act that would prevent Lender from exercising i#s rights under this paragraph 17. Lender shal( not be required to enter upon, take controi of or maintain the Property before or after giving notice of breach to Borrower. 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 invafidate any other right or remedy of Lender.This assignment of rents of the Property shall terminate when the debt secured by#he Security Instrument is paid in full. 18. ForeclosureProcedure.lf 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 expenses incurred in pursuing#he remedies under this paragraph 18, including, but not limited to, reasonable attorneys'fees and costs of titie evidence. If the power of sale is invoked,Trustee shall record a notice of default in each county in which any part of the Property is located and shall mail copies of such notice in the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable law.After the time required by applicabfe law,Trustee shall give public notice of sale to the persons and in the manner prescribed by applicabie law.Trustee,without 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 the notice of sale in ane or rnore parcels and in any order Trustee de#ermines.Trustee may postpone sale o# all or any parcel of the Property by public announcement at the time and piace of any previously scheduled sale. Lender or its designee may purchase the Properly 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 cammissioner 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. Upon receipt of payment of the price bid,Trustee shall deiiver to the purchaser Trustee's deed conveying the Properly.The recitals in the Trustee's deed shafl be prima facie evidence of the tru#h of the statements made therein.Trustee shall apply the proceeds of the sale in the following order: (a)to all costs and expenses of exercising the power of sale, and the sale, including the payment of the Trustee's fees actually incurred,not to exceed 0.00 % of the principai amount of the note at the time of the declaration of default, and reasonable attorneys' fees as permitted by law; (b)to all sums secured by this Security Instrument; and (c) any excess to the persan or persons legalfy entitled to it. 19. Reconveyance.UponpaymentofallsumssecuredbythisSecuritylnstrument,Lendershallrequest Trustee to reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee.Trustee shall reconvey the Property without warranty and.without charge to the person or persons legally entitled to it. Such person or persons shall pay any recardation costs. 20. Substitute Trustee. Lender, at its option, may from #ime to time remove Trustee and appoint a successortrustee to any Trustee appointed hereunder by an instrument recorded in the county in which this Security Instrument is recorded.Without conveyance of the Property,the successor trustee shall succeed to all the title, power and duties con#erred upon Trustee herein and by applicable law. 21. Request for Notices. Borrower requests that copies of the notices of default and sale be sent to Borrower's address which is the PropertyAddress. � FHA Nebraska Deed of Trust-4196 111iti81S4� ' �� Ellie Mae,inc. Page 6 of 7 NEEFHADE 0914 NEEFHADE 03/23/2015 08:27 AM PST .ti � 1