|
86- 1035$3
<br />4
<br />12) Any subordination of this lien to additional liens 3r er.aunbr.src-s of the assignee or succe-s�r
<br />the BORROWER shall be only upon the wri tea c"; er.t of the 'cEN,ER, v::ch additional liens and
<br />encumbrances shall extend to and includY any zontract f_r deed, land ,contract, or other agreemcr.-
<br />between the BORROWER and his 3"cces3cr r assignee. Such consent to subordinate snail not be
<br />upreasanably withheld so long as LENDER has the a;s,irance, reasonable to the LENDER, that the
<br />provisions of this lien remain enforceable and are adequately secured by the project.
<br />13) To assure and protect its rights in this lien and the PF.C.;ECT, the LENDER shall have right of
<br />access and inspection of the PROJECT at reasonable times and 41th reasonable notice to the BORa_44_R,
<br />14) Any forbearance by the LENDER with respect to any of t ^.e ' -rms and conditions of this lien in no
<br />*ay constitutes a waiver of a::y of the LENDER's rights or }r- v:leges granted hereunder.
<br />15) Any notice of one party to the other shall be in writing to the parties as follows:
<br />The LENDER - THE CITY OF GRAND 'ISLAND, NEBRASKA, a municipal Sorporation.
<br />The BORROWER - Randy Pfeifer, a single person
<br />The BORROWER, or iris ezecuter Ln tn¢ 3v$nt of the death of t.e 3 ng dEg, shall notify the (ENDS`
<br />any change in the BORROWER'S name and address or any s, ^cess. ;r D^ assignee of the BORROWER.
<br />16) The interpretation and app!;catior: of this lien, shall be in ar,ordance with the laws ana
<br />procedures of the State of webs : <s, as may from _ .,me be amended.
<br />17) In the event of default and n.onaaynent •;f the ba'3nre due the BORROWER, the LENDER, may tix e
<br />such measures as may be .awful L f:, recovery :,f _ndebteeness and includlr.g, but not
<br />liaited to, for( sure and sale ,, the ^..F R�'d__ -'s .:znts in the ?FOJECT arid/or the assignment
<br />collection of _,e rents and prcii.._, of the PROBE:;',
<br />18) Upon satisfactory ¢ompieticr. ,,, all terms and _ „r,; tf this lien oy the BORROWER or u ^u
<br />payment or any and ail ba :anc� tile. F
<br />°.ter, ?'.'n of �, �. :a._ .._ _...._,2] LO a release and 3aCi9faCt:0(:^
<br />this lien by tre LENDER at the ?3F�SIY's's wn _ ^st.
<br />This lien is express y -reated on1 above d riceJ project for the ,ur;osa
<br />assuring the compliance .f *_ ^.e a'NyCwcv ql±n !rr,s and or.d:_,ons nc.dent 'o the deferred Rayne ^r
<br />loan evidenced L;1 _hi_ :32r Sur for
<br />-s .r :nF �•xc :a±valY �ur,ose reha0ilitating, pre �, .'.q
<br />and enehancing renta.3dwei,. is 'ne PRC'Ja-_T zn ac, .. .. ...2 with the rules and p.r.c_ u.en
<br />Rental Rehabilitation Program of the of .;rand :s.ond, NttrasK3 .
<br />D L
<br />3 aTki
<br />a'2 -- — — Lender'.. Cesig' --
<br />STATE OF NEBRASKA
<br />COUNTY OF BALL
<br />On the pp - day of _� A... tefore n2, a 90 *ar, Eutli-
<br />personally appear-c
<br />and are to me :n ^wn _•, :s the 2 ` a. -- --
<br />acknowledged tnat this was _':ei v„_.r.,3. a,71 e- gpirg ;rs *.rument, al:;
<br />r r
<br />
|