|
202403609
<br />Property and/or rights under this Security Instrument, including protecting and/or assessing the value of the Property,
<br />and securing and/or repairing the Property. Lender's actions may include, but are not limited to: (I) paying any sums
<br />secured by a lien that has priority or may attain priority over this Security Instrument; (II) appearing in court; and
<br />(III) paying: (A) reasonable attorneys' fees and costs; (B) property inspection and valuation fees; and (C) other fees
<br />incurred for the purpose of protecting Lender' s interest in the Property and/or rights under this Security Instrument,
<br />including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to,
<br />exterior and interior inspections of the Property, entering the Property to make repairs, changing locks, replacing or
<br />boarding up doors and windows, draining water from pipes, eliminating building or other code violations or
<br />dangerous conditions, and having utilities turned on or off. Although Lender may take action under this Section 9,
<br />Lender is not required to do so and is not under any duty or obligation to do so. Lender will not be liable for not
<br />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 Borrower to
<br />avoid foreclosure and/or mitigate Lender' s potential losses, but is not obligated to do so unless required by Applicable
<br />Law. Lender may take reasonable actions to evaluate Borrower for available alternatives to foreclosure, including,
<br />but not limited to, obtaining credit reports, title reports, title insurance, property valuations, subordination
<br />agreements, and third -party approvals. Borrower authorizes and consents to these actions. Any costs associated with
<br />such loss mitigation activities may be paid by Lender and recovered from Borrower as described below in Section 9(c),
<br />unless prohibited by Applicable Law.
<br />(c) Additional Amounts Secured. Any amounts disbursed by Lender under this Section 9 will become
<br />additional debt of Borrower secured by this Security Instrument. These amounts may bear interest at the Note rate
<br />from the date of disbursement and will be payable, with such interest, upon notice from Lender to Borrower
<br />requesting payment.
<br />(d) Leasehold Terms. If this Security Instrument is on a leasehold, Borrower will comply with all the
<br />provisions of the lease. Borrower will not surrender the leasehold estate and interests conveyed, or terminate or cancel
<br />the ground lease. Borrower will not, without the express written consent of Lender, alter or amend the ground lease.
<br />If Borrower acquires fee title to the Property, the leasehold and the fee title will not merge unless Lender agrees to
<br />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 ("Tenant"),
<br />Borrower is unconditionally assigning and transferring to Lender any Rents, regardless of to whom the Rents are
<br />payable. Borrower authorizes Lender to collect the Rents, and agrees that each Tenant will pay the Rents to Lender.
<br />However, Borrower will receive the Rents until (i) Lender has given Borrower notice of Default pursuant to Section
<br />26, and (ii) Lender has given notice to the Tenant that the Rents are to be paid to Lender. This Section 10 constitutes
<br />an absolute assignment and not an assignment for additional security only.
<br />(b) Notice of Default. If Lender gives notice of Default to Borrower: (i) all Rents received by Borrower must
<br />be held by Borrower as trustee for the benefit of Lender only, to be applied to the sums secured by the Security
<br />Instrument; (ii) Lender will be entitled to collect and receive all of the Rents; (iii) Borrower agrees to instruct each
<br />Tenant that Tenant is to pay all Rents due and unpaid to Lender upon Lender' s written demand to the Tenant; (iv)
<br />Borrower will ensure that each Tenant pays all Rents due to Lender and will take whatever action is necessary to
<br />collect such Rents if not paid to Lender; (v) unless Applicable Law provides otherwise, all Rents collected by Lender
<br />will be applied first to the costs of taking control of and managing the Property and collecting the Rents, including,
<br />but not limited to, reasonable attorneys' fees and costs, receiver' s fees, premiums on receiver' s bonds, repair and
<br />maintenance costs, insurance premiums, taxes, assessments, and other charges on the Property, and then to any other
<br />sums secured by this Security Instrument; (vi) Lender, or any judicially appointed receiver, will be liable to account
<br />for only those Rents actually received; and (vii) Lender will be entitled to have a receiver appointed to take possession
<br />of and manage the Property and collect the Rents and profits derived from the Property without any showing as to
<br />the inadequacy of the Property as security.
<br />NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT r DocM agic
<br />Form 3028 07/2021
<br />Page 9 of 19
<br />
|