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200802262 collect the rents of the property, including those past due. Any rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the property and collection of rents including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney fees, and then to the sums secured by this security instrument. 14. That the whole of said principal sum remaining unpaid shall immediately become due and payable upon the occurrence of anyone or more of the following events: (A) At such time as any action or proceeding in commenced to foreclosure upon any prior or subsequent mortgage, deed of trust or lien secured by the Property. (B) If converted to rental, it is my understanding the loan will be in default. This default may be dealt with in the following way: 1. Total repayment of the principal of this note remain unpaid on the date of default together with all amounts advanced as a loan pursuant to separate the memorandum of understanding executed by borrower on this in favors of the LENDER following all requirements under the Owner-Occupied Rehabilitation Loan Program. (C) At such time as the property is sold or conveyed in any manner to another party/entity; (D) At such time as the property ceases to be the primary residence of the borrower(s). 15. Upon payment of all sums as herein provided, Lender shall direct Trustee to reconvey the property and shall surrender this security instrument and the Note secured. Trustee shall reconvey the property without warranty and without charge to the persons legally entitled to it. 16. Lender, at its option, may from time to time remove Trustee and appoint a successor Trustee by an instrument recorded the county in which this security instrument is recorded. Without conveyance of the property, the successor Trustee shall succeed to all the title, power, and duties conferred upon Trustee herein and by Nebraska law. 17. Borrowers request that copies of all notices provided herein be sent to Borrowers' address, which is 316 E. Division Street, Grand Island, NE 68801. Jj;TNESJ~ERE~6;rrowe~:;g;; ~is Ag]~nt r1tAt Alisa A. Grim \ STATE OF NEBRASKA) )ss. COUNTY OF Hall) '..;It The foregoing instrument was acknowledged before me on this ~ day of 1/)/) f ,by Alisa A. Grim, !/a/"(1A GENERAL NOTARY - State of Nebraska PAT SCHWIEGER My Comm. Exp. Jan. 3, 2009 Page 3 of 3