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<br />I.
<br />
<br />8S- i0280S)
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<br />rights and ~"o~i", accruing to the Borrower under any and all oil and
<br />g"" leases on said premises, with the right to receive and receipt for
<br />th', same and appiy thorn to said indebtedness as well before as after
<br />def."lt in 'he conditions of this Instrument, and the Lender mav de-
<br />mand, sue for and r';""ver any suoh payments when due and p~yable,
<br />but sholl not be required so to do, This lISSlgnment ls to terminate and
<br />become null and void uPO,? release of thls instrument,
<br />
<br />10. That the Bo....ower will keep the buildlnw; upon said premises in
<br />good repair; and neither commit nor permit waste upon sold land. nor
<br />suffer the said p~emises to be used for any unlawful purpose,
<br />
<br />II. That if the premises, or any port thereof, be condemned under
<br />the power of eminent domain, or acquired for a public use, the
<br />damages awarded, the proceeds for the taking of, or the consideration
<br />for such acquisition. to the eslent of the full amount of Indebledness
<br />upon this instrument and the note which it is given to secure rcntu.ln~
<br />ing unpaid, are hereby assigned by the Borrower to the Lender, aod
<br />shall be paid forthwith to sold Lender to be applied by the latter on
<br />a"""unt of the next maturing Installments of such Indebtc-dness,
<br />
<br />12. The Borrower further agrees that should this instrument and thl~
<br />note secured hereby not be eligible for Insurance under lhe Nal;onal
<br />Housing Act within eight months from the date hereof (writteo slnle.
<br />ment of any officer of the Department of Housing und lI,bun
<br />Development or authorized agent of the S"",retary of 1I0llslnR and lIr,
<br />ban Development dutet.l subsequent to the eight months' time from the
<br />date of this instrument1 declining to Insure said note ond this mort-
<br />gage, being deemed conclusive proof of such Ineliglhility), lhe Lender
<br />or holder of the note may, at It> optlor., declare all sums s"",.red
<br />hereby Immediately due and payable, Notwithstanding the foreRolnR,
<br />this option may not be exercised by the Lender or the holder of the
<br />note when the ineligibillty for Insurance under the Nutlonal IInu,ln~
<br />Act is due to the Lender's Cailure to remit the mort~a~c insurance
<br />premium to the D~partmcnt of Housing and Crhlln DI!\'clopnwnt
<br />
<br />130 That If th~ Borrower fails to make any pUYJTll'nb 01 "Illllt~' \\ 11l't1
<br />the same I)(.>come due. or fails to l.'Onfnrm tn and cllmph wI! II 1111\ "'
<br />the conditions or agreements l.'ontuim.'tl in thb jmtrllllH'llt, or tI\l' IIlIll'
<br />which it st!t:ur~. then the t:utire principal ,una lind i1t'('llwd lIItt'H....1
<br />shull at onc:e bCl.'omc due and payablt." lit the ch~tiuTl III the I.I"nell'r.
<br />
<br />Lender !ihu.1l ~i\!e noUce (u Borrower priur 10 llCl't'!'"Ulliun lolluwllll<!:
<br />Borrower's breach or any covenant or a~rM:'lIlcnl lu 1111.. tll~lrlllllt'l1t
<br />(but not prior to acceleratiun umler pilra~TUl'h 12 llnll.'!\.... .ll'llliL'ublt~
<br />law provides otherwise), The notice .hall 'l'c'Cily: 101 Ihe default, Ih)
<br />the action requinod to cure the default; (e) a date, 1101 It..")..'i thul1 10
<br />days from the date the notice 15 given to Borrm"'t:r, Iiy which the
<br />default must be cured; and (d) that failure to cure thL' defaull un (lr
<br />belore the date specified in the nutice mu~' TL';!ault in uCI,'clcrutlun of the
<br />sums secured by this lnstrument and sale uf the Propt'rty, The notice
<br />shall further inform Borrower (If the right to reimtalt' llftl'C .Il.'cdt"ru.
<br />tiCD Ilnd the right to bring u court action to aS~l'rt the non.cxhtcnce uf
<br />Q default or any other defense of Borrower to acceleration and ~alc. If
<br />the default is nol cured on or before the dote 'pc'Cifled 10 the nntlce,
<br />Lend~r at its opUon may require lmmt.-dilltc piJ)Omcnt in full of all
<br />sums secured by this i115trwnp,nt without further demand and may in-
<br />,,'oke the power of sale and any other remedies p~rmltled by IIp~
<br />plicable law, Lender shall be enUlled to collect ull expen.es Incum.,)
<br />in pursuing the remedies provided in this paragraph 13, includln~, hut
<br />not limited to, reasonable attorner's fees and cost3 of title c\'idcnct.
<br />
<br />If the power of sale ls invoked, Trustee shall record a noUce of
<br />default In each county in which any part of the Property is located
<br />and shall mall copies of such notice In the mannerprescrlbed by ap-
<br />plicable law to Borlower and to the other persons prescrlD-.': :'y ap-
<br />plicable law. After the time required by applicable law, Trustee sh.lI
<br />give public notice of sale to the persom and in the m.nner prescribed
<br />by applicable law, Trustee, without demand on Borrower, shall sell
<br />the Property at public aucUon to the hl!lhest bidder at the time and
<br />place and under the terms designated In the noUce of sale in one or
<br />more pan:els and In any order Trustee determines. Trustee may
<br />postpone sole of all or any parcel of the ProJl"rty by public announce.
<br />menl at the Ume nnd place of any previously scheduled sale. Lender
<br />nr its designee may purchll5e the Property at any sale.
<br />
<br />Upnn receipt of payment of the price bid, Trustee shall deliver to
<br />the purchaser Trustee's deed conveying the Property, The recitals in
<br />the Trustee's deed sholl be prima facie evidence of the truth of the
<br />stutements mode therein, Trustee shall apply the proceeds of the sole
<br />In lhe follnwlng order: (a) to all expenses of the sale. Including but
<br />nul Ihulled In, Trustee's fees os permitted by applicable law and
<br />rCD!iOl1ilble Ilttornc)'s' fees; (b) to all sums secured by this Security In.
<br />~trlll11cnt: and te) any excess to the person or persons legally entitled
<br />lu H.
<br />
<br />l~ lIpon ueeeleratlon under paragraph 13 or ahandonment of the
<br />Properly. Lender (In person, by agent or by judiciolly appointed
<br />receiver) shall be entitled. to enter upon, take possessiOD of and
<br />manage the Property and to collect the rents of the Property including
<br />thoxe post due, Any rents collected by Lender or the receiver shall be
<br />applied first to payment of the costs of management of the Property
<br />Ilnd collection of rents, ineluding, but not limited to, receiver's fees,
<br />premiums on receiver's bonds and reasonable attorneys' fees. and then
<br />tu the mms sL"Cured b). this instrument.
<br />
<br />15 L'pnn payment of all sums secured by this instrument, Lender
<br />~hnll n'llllcst Trustec to recon...e>-' the Property and shall surrender this
<br />im,lrulllcnt IInd ull notes c...;dencinJ.:: debt secured by this instrument to
<br />Tru,..h't.'. Trustee shull fecon\'eny the Property without warranty and
<br />\\ Itholll ,'hilntt. to Ihe person or persons legally entitled to it, Such
<br />IWHUII IIr 1'l.'f!lIJII.'i ~hull pay uoy recordatiun costs.
<br />
<br />I (i. Lcnder. ut Its option. ma}' from time to time remove Trustee'
<br />olud appoint u :-;uct'C!SSor trustee to Bny Trustee appointed hereunder b,.,
<br />\11 inst runll'nt rccordt-d in t he county in which this instrument is
<br />rl'l'ordcd. \Vithuut conveyunce of the Property, the successor trustee
<br />.~hal1 ~lIccced La all the title. power and duties conferred upon Trustee
<br />herem und by applicable law 0
<br />
<br />17. Burrower requ~ts that copies of the noUces of default ond sale
<br />hl' .~cnt to Borrower's address 'which is the Propert,.. Address.
<br />
<br />IS, If nne or more ridcrs are executed by Borrower and recorded
<br />lU~l,thl'r \,,'Ith thls instrument, the co\'enants and agreements of each
<br />such rider shall be incorporated into and shallllmend and supplement
<br />the ro\'(~nants and agreements of this instrument as if the rider(s) were
<br />II purt ut this instrument.
<br />
<br />1 Y. The covenants herein contained shall bind, and the benefits and
<br />advantages ~hall Inure to. the respecUvc heirs, executors, ad-
<br />ministrators. 'i:uccessors. Bnd assigns of the parties hereto. \Vhenc\'cr
<br />used. the singular number shall include the plural. the plural the
<br />sin~ular, and the use of any gender shall include all genders.
<br />
<br />By !loi.;.ning bduYr. llorru\l"t:r aCI..'t:pb "I.J a!r4i'i'w to fb,- :~ ;,.... ..:A..r...nLi -.:nntallled In this ~..:curity Instrument nnd in any ridcr(s) c-:-;ecutro by
<br />Borrower and recorded with It.
<br />
<br />Stote of Nebr8!ka,
<br />
<br />County of
<br />
<br />Hall
<br />
<br />Ji? ,/~
<br />eo. rrt'>1.;I
<br />
<br />~~M8 ~c;;r!() l<<tD ~
<br />na. y urn
<br />
<br />[Seal]
<br />B,)ITQ"O:Of
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<br />ISeul]
<br />Uonll",r-f
<br />
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<br />
<br />The forellOing Instrument was acknowledged before me this 31 B t day or Ma v
<br />1988 , by Leo N. Rayburn and Rana G. Rayliurn. husband and-Wife
<br />
<br />Witness fny hand and notortal K'al lit
<br />
<br />Grand Island
<br />
<br />My commlnion
<br />
<br />~.G+n.'.'NQt8rY .Statlfel Nabr..Ir.
<br />,I. i(.lsm HOLM~TEOT
<br />~_.. MyCornm,hp.Dot..\Z,\989
<br />
<br />-? ~-'.:J;,J
<br />
<br />In said Count', the dllte IIfnn~.u.ld
<br />
<br />Jtp~t{
<br />
<br />...."'un I'llhhc
<br />
<br />;'Ir..;:.-
<br />
<br />'~l ,;' I." ~ 1['1
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