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201001295
<br />CASE #: NE3212730164703
<br />DOC ID #: 00021067078712009
<br />(b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section 341(4)
<br />of the Garn-St. Germain Depository Institutions Act of 19$2, 12 U.S.C. 1701]-3(d)) and with the prior approval
<br />of the Secretary, require immediate payment in full of all sums secured by this Security Instrument if:
<br />(i) All or part of the Property, or a bene£cial interest in a trust owning all or part of the Property, is sold
<br />or otherwise tiansfered (other than by devise or descent), and
<br />(ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the
<br />purchaser or grantee does so occupy the Property but his or her credit has not been approved in
<br />accordance with the requirements of the Secretary.
<br />(c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but
<br />Lender does not require such payments, Lender does not waive its rights with respect to subsequent events.
<br />(d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit
<br />Lender's rights, in the case of payment defaults, to require immediate payment in full and Foreclose if not paid.
<br />This Security Instrument does not authorize acceleration or Foreclosure if not permitted by regulations of the
<br />Secretary.
<br />(e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not
<br />determined to be eligible for insurance under the National Housing Act within 60 days from the date hereof,
<br />Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument.
<br />A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof,
<br />declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such
<br />ineligibility, Notwithstanding the foregoing, this option may not be exercised by Lender when the
<br />unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the
<br />Secretary.
<br />I0. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full
<br />because of Borrower's failure to pay an amount due under the Note or this Security instrument. This right applies even
<br />after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all
<br />amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this
<br />Security Instrument, foreclosure casts and reasonable and customary attorneys' fees and expenses properly associated
<br />with the foreclosure proceeding, Upon reinstatement by Borrower, this Security Instrument and the obligations that it
<br />secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required
<br />to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings
<br />within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will
<br />preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien
<br />created by this Security Instrument.
<br />11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or
<br />modi£cation of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
<br />interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in interest.
<br />Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for
<br />payment or otherwise modify amortization of the sums secured by this Security Instmment by reason of any demand
<br />made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or
<br />remedy shall not be a waiver of or preclude the exercise of any right Or remedy.
<br />12. Successors and Assigns Bound; Joint and Several Liability; Ca-Signers. The covenants and agreements of
<br />this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the
<br />provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-
<br />signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage,
<br />grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally
<br />obligated fo pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may
<br />agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the
<br />Note without that Borrower's consent.
<br />13. Notices. Any notice to Bon•ower provided for in this Security Instrument shall be given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the
<br />Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by
<br />ftrst class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice
<br />provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as
<br />provided in this paragraph.
<br />14. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the
<br />jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the
<br />Nate conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note
<br />which can be given effect without the conflicting provision, To this end the provisions of this Security Instrument and the
<br />Note are declared to be severable.
<br />15. Borrower's Copy. Borrower shalt be given one conformed copy of the Note and of this Security Instrument.
<br />16. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of
<br />any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting
<br />the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence,
<br />use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be
<br />appropriate to normal residential uses and to maintenance of the Property.
<br />Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by
<br />any govemmental or regulatory agency or private party involving the Property and any Hazardous Substance or
<br />Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or
<br />regulatory authority, that any removal or other remediation of any Hazardous Substances affecting the Property is
<br />necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law.
<br />As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances
<br />by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products,
<br />MFRS FHA Deed of Trust-NE
<br />2n04N-NE (11107) Page 4 of 6
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