Laserfiche WebLink
200604018 <br />Section 17.2 ASSIGNMENT OF LEASES AND RENTS. The beginning portion of Section 1.2 <br />stating `Borrower hereby absolutely and unconditionally assigns to Lender" is hereby deleted <br />and replaced with "Borrower hereby absolutely and unconditionally assigns to Lender and <br />Trustee, and grants to Lender and Trustee a security interest (pursuant to Section 52 -1701 et. seq. <br />of the Revised Statutes of the State of Nebraska) in," <br />1: <br />Section 17.3 RECONVEYANCE. The following text shall be inserted at the end of Article <br />"When the obligations secured by this Security Instrument have <br />been satisfied, the Lender shall, upon receipt of a written request <br />by the Borrower or the Borrower's successor in interest or <br />designated representative or by the holder of a junior trust deed or <br />junior mortgage, deliver to the Borrower or Borrower's successor <br />in interest or designated representative a reconveyance in <br />recordable form duly executed by the Trustee. The reconveyance <br />may designate the grantee therein as the person or persons entitled <br />thereto. The Lender shall, upon receipt of a written request, <br />deliver to Borrower or its successor in interest, as directed in the <br />written request, the trust deed and the note or other evidence of the <br />obligation so satisfied." <br />Section 17.4 POWER OF SALE OR FORECLOSURE. At any time following the occurrence <br />and during the continuance of any Event of Default, Trustee may, and upon written request of <br />Lender shall, by such agents as it may appoint, with or without entry, sell all the Property as an <br />entirety or in parcels as Lender shall request in writing, or, in the absence of such request, as <br />Trustee may determine, at public auction at the Property or at the courthouse in the County in <br />which the Property is located, at such time, in such manner and upon such terms as Trustee may <br />fix and briefly specify in the notice of sale and as may be required by law, which notice of sale <br />shall state the time when, and the place where, the sale is to be held, shall contain a brief general <br />description of the property to be sold, and shall be sufficiently given if published once a week for <br />five successive weeks prior to such sale, the last publication to be at least ten (10) days but not <br />more than thirty (30) prior to the sale, in a newspaper having a general circulation in the County <br />in which the Property is located. <br />Or, at the option of the Lender in the exercise of its remedies hereunder, this Security <br />Instrument may be foreclosed in the manner provided by law for the foreclosure of mortgages on <br />real property. <br />Section 17.5 BORROWER'S RIGHT To REINSTATE. Notwithstanding Lender's <br />acceleration of the sums secured by this Security Instrument as provided in Section 8.1 hereof, if <br />the power of sale described in Section 17.4 hereof is to be exercised, Borrower, or its successor <br />in interest in the Property, or any part thereof, or any other person having a subordinate lien or <br />encumbrance of record thereon or any beneficiary under a subordinate deed of trust at any time <br />within one month of the filing for record of notice of default under this Security Instrument, may <br />pay to Lender, or its successor in interest, the entire amount then due under the terms of this <br />Security Instrument and the obligations secured hereby, including costs and expenses actually <br />incurred in enforcing the terms of such obligation or Security Instrument and the Trustee's fees <br />actually incurred not exceeding in the aggregate Fifty Dollars ($50.00) or one half (1/2) of one <br />19 <br />Nebraska <br />[TPW: NYLEGAL:423132.1 ] 20528 -00020 01/26/2006 10:1.4 AM <br />