201802606 - Laserfiche WebLink

Browse

THIS REHABILITATION LOAN RIDER is made on April 20, 2018, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed ( "Security Instrument") of the same date given by the undersigned ("Borrower") to secure Borrower's Note ( "Note ") to First National Bank of Omaha ("Lender") of the same date and covering the Property described in the Security Instrument and located at: 2320 Viking Ct, Grand Island, NE 68803 [Property Address] Additional Covenants. In addition to the covenants and agreements in the Security Instrument, Borrower and Lender further covenant and agree as follows: 1. Loan proceeds are to be advanced for the premises in accordance with the Rehabilitation Loan Agreement dated April 20, 2018, between Borrower and Lender. This agreement is incorporated by reference and made a part of this Security Instrument. No advances shall be made unless approved by the Secretary of Housing and Urban Development or a Direct Endorsement Underwriter. 2. If the rehabilitation is not properly completed, performed with reasonable diligence, or is discontinued at any time except for strikes or lockouts, the Lender is vested with full authority to take the necessary steps to protect the rehabilitation improvements and property from harm, continue existing contracts or enter into necessary contracts to complete the rehabilitation. All sums expended for such protection, exclusive of the advances of the principal indebtedness, shall be added to the principal indebtedness, and secured by the Security Instrument and be due and payable on demand with interest as set out in the Note. 3 If Borrower fails to perform any obligation under the loan, including the commencement, progress and completion provisions of the Rehabilitation Loan Agreement, and such failure continues for a period of 30 days, the loan shall, at the option of Lender, be in default. 4. The Property covered by this Security Instrument shall include all of Borrower's interest in funds held by Lender in escrow under the Rehabilitation Loan Agreement. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Rehabilitation Loan Rider. Borrower Ashley M `'ttles Seal FHA Multistate Rehabilitation Loan Rider VMP® Wolters Kluwer Financial Services Rehabilitation Loan Rider thh ,� `G� g - 2018041818.1.0.1520- J20170612Y 201802806 FHA Case No. 321 - 3624844 -702 1264256 September 2014 0312017 Page 1 of 2