200600022 - Laserfiche WebLink

Browse

ARTICLE 17 - NEBRASKA PROVISIONS 2 O Q 6 O 0 0 2 2 Section 17.1 INCONSISTENCIES. In the event of any inconsistencies between the terms and conditions of the other articles and provisions of this Security Instrument and this Article 17, the terms and conditions of Article 17 shall control and be binding. Section 17.2 ASSIGNMENT OF LEASES AND RENTS. The beginning portion of Section 1.2 stating `Borrower hereby absolutely and unconditionally assigns to Administrative Agent" is hereby deleted and replaced with "Borrower hereby absolutely and unconditionally assigns to Administrative Agent and Trustee, and grants to Administrative Agent and Trustee a security interest (pursuant to Section 521701 et. seq. of the Revised Statutes of the State of Nebraska) in," Section 17.3 REcONVEYANCE. The following text shall be inserted at the end of Article 1: "When the obligations secured by this Security Instrument have been satisfied, the Administrative Agent shall, upon receipt of a written request by the Borrower or the Borrower's successor in interest or designated representative or by the holder of a junior trust deed or junior mortgage, deliver to the Borrower or Borrower's successor in interest or designated representative a reconveyance in recordable form duly executed by the Trustee. The reconveyance may designate the grantee therein as the person or persons entitled thereto. The Administrative Agent shall, upon receipt of a written request, deliver to Borrower or its successor in interest, as directed in the written request, the trust deed and the note or other evidence of the obligation so satisfied." Section 17.4 POWER OF SALE OR FORECLOSURE. At any time following the occurrence and during the continuance of any Event of Default, Trustee may, and upon written request of Administrative Agent shall, by such agents as it may appoint, with or without entry, sell all the Property as an entirety or in parcels as Administrative Agent shall request in writing, or, in the absence of such request, as Trustee may determine, at public auction at the Property or at the courthouse in the County in which the Property is located, at such time, in such manner and upon such terms as Trustee may fix and briefly specify in the notice of sale and as may be required by law, which notice of sale shall state the time when, and the place where, the sale is to be held, shall contain a brief general description of the property to be sold, and shall be sufficiently given if published once a week for five successive weeks prior to such sale, the last publication to be at least ten (10) days but not more than thirty (30) prior to the sale, in a newspaper having a general circulation in the County in which the Property is located. Or, at the option of the Administrative Agent in the exercise of its remedies hereunder, this Security Instrument may be foreclosed in the manner provided by law for the foreclosure of mortgages on real property. - NEWY1:7961220.vl