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202401228
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<br />to, exterior and interior inspections of the Property, entering the Property to make repairs, changing locks,
<br />replacing or boarding up doors and windows, draining water from pipes, eliminating building or other code
<br />violations or dangerous conditions, and having utilities turned on or off. Although Lender may take action
<br />under this Section 9, Lender is not required to do so and is not under any duty or obligation to do so. Lender
<br />will not be liable for not taking any or all actions authorized under this Section 9.
<br />(b) Avoiding Foreclosure; Mitigating Losses. If Borrower is in Default, Lender may work with
<br />Borrower to avoid foreclosure and/or mitigate Lender's potential losses, but is not obligated to do so unless
<br />required by Applicable Law. Lender may take reasonable actions to evaluate Borrower for available
<br />alternatives to foreclosure, including, but not limited to, obtaining credit reports, title reports, title insurance,
<br />property valuations, subordination agreements, and third -party approvals. Borrower authorizes and consents
<br />to these actions. Any costs associated with such loss mitigation activities may be paid by Lender and
<br />recovered from Borrower as described below in Section 9(c), unless prohibited by Applicable Law.
<br />(c) Additional Amounts Secured. Any amounts disbursed by Lender under this Section 9 will
<br />become additional debt of Borrower secured by this Security Instrument. These amounts may bear interest at
<br />the Note rate from the date of disbursement and will be payable, with such interest, upon notice from Lender
<br />to Borrower requesting payment.
<br />(d) Leasehold Terms. If this Security Instrument is on a leasehold, Borrower will comply with all
<br />the provisions of the lease. Borrower will not surrender the leasehold estate and interests conveyed or
<br />terminate or cancel the ground lease. Borrower will not, without the express written consent of Lender, alter
<br />or amend the ground lease. If Borrower acquires fee title to the Property, the leasehold and the fee title will
<br />not merge unless Lender agrees to the merger in writing.
<br />10. Assignment of Rents.
<br />(a) Assignment of Rents. If the Property is leased to, used by, or occupied by a third party
<br />("Tenant"), Borrower is unconditionally assigning and transferring to Lender any Rents, regardless of to
<br />whom the Rents are payable. Borrower authorizes Lender to collect the Rents, and agrees that each Tenant
<br />will pay the Rents to Lender. However, Borrower will receive the Rents until (i) Lender has given Borrower
<br />notice of Default pursuant to Section 26, and (ii) Lender has given notice to the Tenant that the Rents are to
<br />be paid to Lender. This Section 10 constitutes an absolute assignment and not an assignment for additional
<br />security only.
<br />(b) Notice of Default. If Lender gives notice of Default to Borrower: (i) all Rents received by
<br />Borrower must be held by Borrower as trustee for the benefit of Lender only, to be applied to the sums
<br />secured by the Security Instrument; (ii) Lender will be entitled to collect and receive all of the Rents; (iii)
<br />Borrower agrees to instruct each Tenant that Tenant is to pay all Rents due and unpaid to Lender upon
<br />Lender's written demand to the Tenant; (iv) Borrower will ensure that each Tenant pays all Rents due to
<br />Lender and will take whatever action is necessary to collect such Rents if not paid to Lender; (v) unless
<br />Applicable Law provides otherwise, all Rents collected by Lender will be applied first to the costs of taking
<br />control of and managing the Property and collecting the Rents, including, but not limited to, reasonable
<br />attorneys' fees and costs, receiver's fees, premiums on receiver's bonds, repair and maintenance costs,
<br />insurance premiums, taxes, assessments, and other charges on the Property, and then to any other sums
<br />secured by this Security Instrument; (vi) Lender, or any judicially appointed receiver, will be liable to
<br />account for only those Rents actually received; and (vii) Lender will be entitled to have a receiver appointed
<br />to take possession of and manage the Property and collect the Rents and profits derived from the Property
<br />without any showing as to the inadequacy of the Property as security.
<br />(c) Funds Paid by Lender. If the Rents are not sufficient to cover the costs of taking control of and
<br />managing the Property and of collecting the Rents, any funds paid by Lender for such purposes will become
<br />indebtedness of Borrower to Lender secured by this Security Instrument pursuant to Section 9.
<br />(d) Limitation on Collection of Rents. Borrower may not collect any of the Rents more than one
<br />month in advance of the time when the Rents become due, except for security or similar deposits.
<br />NEBRASKA --Single Family --Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 07/2021
<br />L1 25306.5 Page 9 of 18
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