200600022 - Laserfiche WebLink

Browse

200600022 Section 17.5 BORROWER'S RIGHT To REINSTATE. Notwithstanding Administrative Agent's acceleration of the sums secured by this Security Instrument as provided in Section 8.1 hereof, if the power of sale described in Section 17.4 hereof is to be exercised, Borrower, or its successor in interest in the Property, or any part thereof, or any other person having a subordinate lien or encumbrance of record thereon or any beneficiary under a subordinate deed of trust at any time within one month of the filing for record of notice of default under this Security Instrument, may pay to Administrative Agent, or its successor in interest, the entire amount then due under the terms of this Security Instrument and the obligations secured hereby, including costs and expenses actually incurred in enforcing the terms of such obligation or Security Instrument and the Trustee's fees actually incurred not exceeding in the aggregate Fifty Dollars ($50.00) or one half (1/2) of one (1) percent of the entire unpaid principal sum secured, whichever is greater, other than such portion of the principal as would not then be due had no default occurred, and thereby cure the default theretofore existing and thereupon all proceedings theretofore had or instituted shall be dismissed or discontinued, and the obligations and this Security Instrument shall be reinstated and shall be and remain in force and effect the same as if no acceleration had occurred. Section 17.6 APPLICATION OF PROCEEDS. Section 8.2 is hereby deleted in its entirety and replaced with the following text: "SECTION 8.2 APPLICATION OF PROCEEDS. To the extent permitted by applicable law, the purchase money, proceeds and avails of any disposition of the Property, and or any part thereof, or any other sums collected by Administrative Agent pursuant to the Note, this Security Instrument or the other Loan Documents, may be applied by Administrative Agent to the payment of the Obligations in such priority and proportions as Administrative Agent in its discretion shall deem proper. If required by the laws of the State of Nebraska, the trustee shall apply the proceeds of the trustee's sale, first, to the costs and expenses of exercising the power of sale and of the sale, including the payment of the trustee's fees actually incurred not to exceed the amount which may be provided for in this Security Instrument, second, to payment of the obligations secured by this Security Instrument, third, to the payment of junior trust deeds, mortgagees, or other lienholders, and the balance, if any, to the person or persons legally entitled thereto." Section 17.7 REQUEST FOR NOTICE. Borrower requests that a copy of any notice of default and notice of sale be mailed to it at its mailing addresses set forth in the first paragraph hereof in the manner provided for in the Credit Agreement or as otherwise prescribed by applicable law. Administrative Agent requests that a copy of any notice of default and notice of sale be mailed to it at: Wachovia Bank, National Association, 301 South College Street, TW 10, Charlotte, North Carolina 28288 -0174, Attention: Van Jones, which shall be deemed to be the mailing address of Administrative Agent. The text "IN TRUST WITH THE POWER OF SALE" shall be added after the words "Administrative Agent and its successors and assigns" in Section 1.1, entitled PROPERTY -NEWY 1:7961220.v 1