|
202404784
<br />LOAN #: 0324066297
<br />to prevent the Property from deteriorating or decreasing in value due to its condition. Unless Lender
<br />determines pursuant to Section 5 that repair or restoration is not economically feasible, Borrower will
<br />promptly repair the Property if damaged to avoid further deterioration or damage.
<br />If insurance or condemnation proceeds are paid to Lender in connection with damage to, or the tak-
<br />ing of, the Property, Borrower will be responsible for repairing or restoring the Property only if Lender has
<br />released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in
<br />a single payment or in a series of progress payments as the work is completed, depending on the size
<br />of the repair or restoration, the terms of the repair agreement, and whether Borrower is in Default on the
<br />Loan. Lender may make such disbursements directly to Borrower, to the person repairing or restoring the
<br />Property, or payable jointly to both. If the insurance or condemnation proceeds are not sufficient to repair
<br />or restore the Property, Borrower remains obligated to complete such repair or restoration.
<br />Lender may make reasonable entries upon and inspections of the Property. If Lender has reasonable
<br />cause, Lender may inspect the interior of the improvements on the Property. Lender will give Borrower
<br />notice at the time of or prior to such an interior inspection specifying such reasonable cause.
<br />8. Borrower's Loan Application. Borrower will be in Default if, during the Loan application pro-
<br />cess, Borrower or any persons or entities acting at Borrower's direction or with Borrower's knowledge or
<br />consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed
<br />to provide Lender with material information) in connection with the Loan, including, but not limited to,
<br />overstating Borrower's income or assets, understating or failing to provide documentation of Borrower's
<br />debt obligations and liabilities, and misrepresenting Borrower's occupancy or intended occupancy of the
<br />Property as Borrower's principal residence.
<br />9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument.
<br />(a) Protection of Lender's Interest. If: (i) Borrower fails to perform the covenants and agreements
<br />contained in this Security Instrument; (ii) there is a legal proceeding or government order that might
<br />significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as
<br />a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien that has
<br />priority or may attain priority over this Security Instrument, or to enforce laws or regulations); or (iii) Lender
<br />reasonably believes that Borrower has abandoned the Property, then Lender may do and pay for whatever
<br />is reasonable or appropriate to protect Lender's interest in the Property and/or rights under this Security
<br />Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing
<br />the Property. Lender's actions may include, but are not limited to: (I) paying any sums secured by a lien
<br />that has priority or may attain priority over this Security Instrument; (II) appearing in court; and (III) paying:
<br />(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
<br />Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but
<br />is not limited to, exterior and interior inspections of the Property, entering the Property to make repairs,
<br />changing locks, replacing or boarding up doors and windows, draining water from pipes, eliminating
<br />building or other code violations or dangerous conditions, and having utilities turned on or off. Although
<br />Lender may take action under this Section 9, Lender is not required to do so and is not under any duty or
<br />obligation to do so. Lender 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
<br />unless 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 insur-
<br />ance, property valuations, subordination agreements, and third -party approvals. Borrower authorizes and
<br />consents to these actions. Any costs associated with such loss mitigation activities may be paid by Lender
<br />and 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 inter-
<br />est at the Note rate from the date of disbursement and will be payable, with such interest, upon notice
<br />from Lender 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,
<br />alter or amend the ground lease. If Borrower acquires fee title to the Property, the leasehold and the fee
<br />title will 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 ("Tenant"),
<br />Borrower is unconditionally assigning and transferring to Lender any Rents, regardless of to whom the
<br />Rents are payable. Borrower authorizes Lender to collect the Rents, and agrees that each Tenant will
<br />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
<br />are to be paid to Lender. This Section 10 constitutes an absolute assignment and not an assignment for
<br />additional security only.
<br />NEBRASKA — Single Family — Fannie Mae/Freddle Mac UNIFORM INSTRUMENT Form 3028 07/2021
<br />ICE Mortgage Technology, Inc. Page 7 of 14 NE21UDEED 0222
<br />NEUDEED (CLS)
<br />09/25/2024 11:43 AM PST
<br />
|