|
200505008
<br />8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the
<br />Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable
<br />cause therefor related to Lender's interest in the Property.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection
<br />with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of
<br />condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of
<br />trust or other security agreement with a lien which has priority over this Deed of Trust.
<br />10. Borrower Not Released; f=orbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Deed of Trust granted by Lender to any successor in
<br />interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and
<br />Borrower's successors in interest. Lender shall not be required to commence proceedings against such
<br />successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this
<br />Deed of Trust by reason of any demand made by the original Borrower and Borrower's successors in interest.
<br />Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable
<br />law, shall not be a waiver of or preclude the exercise of any such right or remedy.
<br />11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and
<br />agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and
<br />assigns of Lender and Borrower, subject to the provisions of paragraph 16 hereof. All covenants and
<br />agreements of Borrower shall be joint and several. Any Borrower who co -signs this Deed of Trust, but does not
<br />execute the Note, (a) is co- signing this Deed of Trust only to grant and convey that Borrower's interest in the
<br />Property to Trustee under the terms of this Deed of Trust, (b) is not personally liable on the Note or under this
<br />Deed of Trust, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify,
<br />forbear, or make any other accomodations with regard to the terms of this Deed of Trust or the Note, without
<br />that Borrower's consent and without releasing that Borrower or modifying this Deed of Trust as to that
<br />Borrower's interest in the Property.
<br />12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any
<br />notice to Borrower provided for in this Deed of Trust shall be given by delivering it or by mailing such notice by
<br />certified mail addressed to Borrower at the Property Address or at such other address as Borrower may
<br />designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to
<br />Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as
<br />provided herein. Any notice provided for in this Deed of Trust shall be deemed to have been given to Borrower
<br />or Lender when given in the manner designated herein.
<br />13. Governing Law; Severability. The state and local laws applicable to this Deed of Trust shall be the laws
<br />of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of
<br />Federal law to this Deed of Trust. In the event that any provision or clause of this Deed of Trust or the Note
<br />conflicts with applicable law, such conflict shall not affect other provisions of this Deed of Trust or the Note
<br />which can be given effect without the conflicting provision, and to this end the provisions of this Deed of Trust
<br />and the Note are declared to be severable. As used herein, "costs ", "expenses" and "attorneys' fees" include all
<br />sums to the extent not prohibited by applicable law or limited herein.
<br />14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Deed of Trust
<br />at the time of execution or after recordation hereof.
<br />15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home
<br />rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at
<br />Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an
<br />assignment of any rights, claims or defenses which Borrower may have against parties who supply labor,
<br />materials or services in connection with improvements made to the Property.
<br />16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not
<br />a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment
<br />in full of all sums secured by this Deed of Trust. However, this option shall not be exercised by Lender if
<br />exercise is prohibited by federal law as of the date of this Deed of Trust.
<br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a
<br />period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay
<br />all sums secured by this Deed of Trust. If Borrower fails to pay these sums prior to the expiration of this period,
<br />Lender may invoke any remedies permitted by this Deed of Trust without further notice or demand on Borrower.
<br />NON - UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any
<br />covenant or agreement of Borrower in this Deed of Trust, including Borrower's failure to pay, by the end of 10
<br />calendar days after they are due, any sums securec by this Deed of Trust, Lender prior to acceleration shall give
<br />notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure
<br />such breach; (3) a date, not less than 20 days from the date the notice is mailed to Borrower, by which such
<br />breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may
<br />result in acceleration of the sums secured by this Deed of Trust and sale of the Property. The notice shall
<br />further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert
<br />the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not
<br />cured on or before the date specified in the notice, Lender, at Lender's option, may declare all of the sums
<br />secured by this Deed of Trust to be immediately due and payable without further demand and may invoke the
<br />power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all
<br />reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including, but
<br />not limited to, reasonable attorney's fees.
<br />Nebraska - Second Mortgage Page 3 of 5 Initial
<br />/ T �
<br />
|