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200103932
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Last modified
10/14/2011 3:34:36 AM
Creation date
10/20/2005 8:34:59 PM
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DEEDS
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200103932
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200103932 <br />Lender's request, Borrower provides Lender evidence of the availability during and after the <br />Restoration of the insurance required to be maintained by Borrower pursuant to this Section 19. <br />(h) If the Mortgaged Property is sold at a foreclosure sale or Lender acquires title to <br />the Mortgaged Property, Lender shall automatically succeed to all rights of Borrower in and to <br />any insurance policies and unearned insurance premiums and in and to the proceeds resulting <br />from any damage to the Mortgaged Property prior to such sale or acquisition. <br />20. CONDEMNATION. <br />(a) Borrower shall promptly notify Lender of any action or proceeding relating to any <br />condemnation or other taking, or conveyance in lieu thereof, of all or any part of the Mortgaged <br />Property, whether direct or indirect (a "Condemnation "). Borrower shall appear in and <br />prosecute or defend any action or proceeding relating to any Condemnation unless otherwise <br />directed by Lender in writing. Borrower authorizes and appoints Lender as attorney -in -fact for <br />Borrower to commence, appear in and prosecute, in Lender's or Borrower's name, any action or <br />proceeding relating to any Condemnation and to settle or compromise any claim in connection <br />with any Condemnation. This power of attorney is coupled with an interest and therefore is <br />irrevocable. However, nothing contained in this Section 20 shall require Lender to incur any <br />expense or take any action. Borrower hereby transfers and assigns to Lender all right, title and <br />interest of Borrower in and to any award or payment with respect to (i) any Condemnation, or <br />any conveyance in lieu of Condemnation, and (ii) any damage to the Mortgaged Property caused <br />by governmental action that does not result in a Condemnation. <br />(b) Lender may apply such awards or proceeds, after the deduction of Lender's <br />expenses incurred in the collection of such amounts, at Lender's option, to the restoration or <br />repair of the Mortgaged Property or to the payment of the Indebtedness, with the balance, if any, <br />to Borrower. Unless Lender otherwise agrees in writing, any application of any awards or <br />proceeds to the Indebtedness shall not extend or postpone the due date of any monthly <br />installments referred to in the Note, Section 7 of this Instrument or any Collateral Agreement, or <br />change the amount of such installments. Borrower agrees to execute such further evidence of <br />assignment of any awards or proceeds as Lender may require. <br />21. TRANSFERS OF THE MORTGAGED PROPERTY OR INTERESTS IN <br />BORROWER. <br />(a) The occurrence of any of the following events shall constitute an Event of Default <br />under this Instrument: <br />(1) a Transfer of all or any part of the Mortgaged Property or any interest in <br />the Mortgaged Property; <br />(2) a Transfer of a Controlling Interest in Borrower; <br />(3) a Transfer of a Controlling Interest in any entity which owns, directly or <br />indirectly through one or more intermediate entities, a Controlling Interest <br />in Borrower; <br />01- 327514.1 <br />FANNIE MAE MULTIFAMILY SECURITY INSTRUMENT - Form 4028 4/98 Page 23 <br />NEBRASKA <br />
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