|
5. Occupancy. Section 6 of this Security Instrument is amended and restated to read as follows:
<br />Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 30 days
<br />after the Construction Completion Date and shall continue to occupy the Property as Borrower's principal
<br />residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing,
<br />which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are
<br />beyond Borrower's control.
<br />6. Security Agreement and Financing Statement.
<br />a. The property covered by this Security Instrument includes the Property previously described or referred
<br />to in this Security Instrument, together with the following, all of which are referred to as the "Property."
<br />The portion of the Property that constitutes real property is sometimes referred to as the "Real Property."
<br />The portion of the Property which constitutes personal property is sometimes referred to as the "Personal
<br />Property," and is described as follows: (i) Borrower's right to possession of the Property; (ii) any and all
<br />fixtures, machinery, equipment, building materials, appliances, and goods of every nature whatsoever
<br />now or hereafter located in, or on, or used, or intended to be used in connection with the Property or the
<br />Improvements, and all replacements of and accessions to those goods; and (iii) proceeds and products
<br />of the Personal Property. Despite any other provision of this Rider or any other Loan Document, however,
<br />Lender is not granted, and will not have, a non - purchase money security interest in household goods, to
<br />the extent that such a security interest would be prohibited by applicable law.
<br />b. This Security Instrument is a construction mortgage under the Uniform Commercial Code, to secure
<br />an obligation incurred for the construction of an improvement on land, including the acquisition costs of
<br />the land. This Security Instrument secures a construction loan, and it will be subject to the terms of a
<br />construction loan agreement between Borrower and Lender. Any materials, equipment, or supplies used
<br />or intended for use in the construction, development, or operation of the Property, whether stored on or
<br />off the Property, shall also be subject to the lien of this Security Instrument and Borrower, or Borrower's
<br />contractor if loan proceeds are paid to such contractor, shall apply the loan proceeds to the payment of
<br />lawful claims for labor and material furnished for such construction.
<br />c. This Security Instrument is and shall be a security agreement granting Lender a first and prior security
<br />interest in all of Borrower's right, title and interest in and to the Personal Property, under and within the
<br />meaning of applicable state laws, as well as a document granting a lien upon and against the Real Property.
<br />In the event of any foreclosure sale, whether made by Trustee, or under judgment of a court, or otherwise,
<br />all of the Real Property and Personal Property may, at the option of Lender, be sold as a whole or in par-
<br />cels. It shall not be necessary to have present at the place of such sale the Personal Property or any part
<br />thereof. Lender, as well as Trustee on Lender's behalf, shall have all the rights, remedies and recourse
<br />with respect to the Personal Property afforded to a "Secured Party" by applicable state laws in addition to
<br />and not in limitation of the other rights and remedies afforded Lender and /or Trustee under this Security
<br />Instrument. To the extent permitted by applicable law, Borrower shall, upon demand, pay to Lender the
<br />amount of any and all expenses, including the fees and disbursements of Lender's legal counsel and of
<br />any experts and agents, which Lender may incur in connection with: (i) the making and /or administration
<br />of this Security Instrument; (ii) the custody, preservation, use or operation of, or the sale of, collection
<br />from, or other realization upon any Property, real and/or personal, described in this Security Instrument;
<br />(iii) the exercise or enforcement of any of the rights of Lender under this Security Instrument; or (iv) the
<br />failure by Borrower to perform or observe any of the provisions or covenants in this Security Instrument.
<br />d. Lender may, at its election, at any time after the delivery of this Security Instrument, sign one or
<br />more copies of this Security Instrument in order that such copies may be used as a financing statement
<br />under applicable state laws. Lender's signature need not be acknowledged, and is not necessary to the
<br />effectiveness hereof as a deed of trust, a security agreement, or (unless otherwise required by applicable
<br />state laws) a financing statement.
<br />e. Borrower also authorizes Lender to sign and file, without Borrower's signature, such financing and
<br />continuation statements, amendments, and supplements thereto, and other documents that Lender may
<br />from time to time deem necessary to perfect, preserve and protect Lender's security interest in the Property.
<br />If any other documents are necessary to protect Lender's interest in the Property, Borrower agrees to sign
<br />these documents whenever Lender asks. Borrower also gives Lender permission to sign these documents
<br />for Borrower.
<br />7. Fixture Filing. This Security Instrument will be effective as a financing statement filed as a fixture
<br />filing with respect to all fixtures included within the Property and is to be filed for record in the real estate
<br />records of each county where any part of Property (including said fixtures) is situated. This Security
<br />Instrument shall also be effective as a financing statement covering any other premises and may be filed
<br />Nebraska — Construction Loan Rider to Security Instrument
<br />Ellie Mae, Inc. Page 2 of 3
<br />NECNSTORDU 1017
<br />GCNSTPRLU (CLS)
<br />201805524
<br />
|