200710226 - Laserfiche WebLink

Browse

200710226 30. Assignment of leases and rents. Borrower agrees that the assignment of leases and rents in this instrument is immediately effective on the recording of this instrument. Upon default, the Borrower will receive any rents in trust for the Government, and Borrower will not commingle the rents with any other funds. Any amounts collected shall be applied at the Government's discretion first to costs of managing, protecting and preserving the property, and to any other necessary related expenses. Any remaining amounts shall be applied to reduce the debt evidenced by the note(s). Borrower agrees that the Government may demand that Borrower and Borrower's tenants pay all rents due or to become due directly to the Government if the Borrower defaults and the Government notifies Borrower of the default. Upon such notice, Borrower will endorse and deliver to the Government any payments of rents. If the Borrower becomes subject to a bankruptcy, then Borrower agrees that the Government is entitled to receive relief from the automatic stay in bankruptcy for the purpose of enforcing this assignment. 31. Application of foreclosure proceeds. The proceeds of foreclosure sale shall be applied in the following order to the payment of: (a) costs and expenses incident to enforcing or complying with this instrument, (b) any prior liens required by law or a competent court to be so paid, (c) the debt evidenced by the note and all other debt to the Government secured by this instrument, (d) inferior liens of record required by law or a competent court to be so paid, (e) at the Government's option, any other debt of Borrower to the Government, and (f) any balance to Borrower. If the Government is the successful bidder at foreclosure or other sale of all or any part of the property, the Government may pay its share of the purchase price by crediting such amount on any debts of Borrower owing to the Government in the order prescribed above. 32. Substitute trustee. The Government and its assigns, without notice and without specifying any reason therefore, may appoint a substitute trustee by filing for record in the office where this instrument; is recorded an instrument of appointment. The substitute trustee mayor may not be an employee of the Government. Upon such filing, all the estates, rights, powers, and trusts granted to Trustee shall transfer to the substitute trustee. Any right to notice of substitution and bond from any trustee are hereby waived. 33. Future Advances. Upon request of Borrower, Government may, at its option, make additional and future advances to the Borrower. Such advances with interest thereon, shall be secured by this Trust Deed. 34. Request for Notice. The parties hereby request that a copy of any notice of default and a copy of any notice of sale be mailed to each party to this Trust Deed at the address set forth in the manner prescribed by applicable law. Except for any other notice required by law to be given in another manner, any notice provided for in this Trust Deed shall be given by mailing such notice by certified mail addressed to the parties, at the address set forth above. By signing below, Borrower accepts and agrees to the terms and covenants contained in this instrument and in any rider executed by Borrower and recorded with this instrument. ~j ,1/dY> (Borrower) (Borrower) (Borrower) (Borrower) ACKNOWLEDGMENTS STATE OF NEBRASKA COUNTY OF Hall } SS. (Individual) On this 5th day of December 2007 ,beforemepersonallyappeared Ryan D. Voss, a S inqle person to be known to me to be the same whose name is subscribed to the foregoing instrument, and acknowledged that (he or she) signed and delivered the instrument as (his or her) free and voluntary act, for the uses and purposes set forth. .q-:; 7- 2009 GENERAL NOTARY - State of Nebraska JANICE K. BOEHLE M Comm. . March 27, 2009 ~c/{&AL My commission expires: NOTARY PUBLIC Not$;: Page 7 of7 applies to entities only and will not be recorded for individuals. FSA 1927-1 NE (01-28-05) Page 60f7