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201002852
<br />CAGE #: NE3212742060703 DOC ID #: 00021922168604010
<br />(b) Sale Without Credit \pprnval. Lender shall, if permitted by applicable law (including Section 341 (d)
<br />of the Garn-St. Germain D~ !rository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval
<br />of the Secretary, require immediate payment in full of all scans secured by this Security Instrument if;
<br />(i) All or part of Ihr~ Property, or a beneficial interest in a trust owning all or part of the Property, is sold
<br />or otherwise transfer ~ ~l (other than by devise or descent), and
<br />(ii) The Property is ,ot 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 r~ ~µrircurents of the 5ecretazy.
<br />(c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but
<br />Lender does not require sur !t payments, Lender does not waive its rights with respect to subsequent events,
<br />(d) Regulations of HUD Secretary. In many circuttrstances regulations issued by the Secretary will limit
<br />Lender's rights, in the case ~f payment defaults, to roqufre itrtmediate payment in full and foreclose if not paid.
<br />This Security Instrument dares not authorize acceleration or foreclosure if not permitted by regulations of the
<br />Secretary.
<br />(e) Mortgage Not Insu ed. Borrower agrees that if this Security Instntment 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 ~~~r:urity Instrument and the Nute, 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 />10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full
<br />because of Borrower's failure to pay ~n amount due under the Note or this Secw•ity Instrument. This right applies even
<br />after foreclosure proceedings are instiUtted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all
<br />amounts required to bring Borrower's ,count current including, to the extent they arc obligations of Borrower under this
<br />Sectuity Instrument, foreclosure cost~c 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) Lendr r 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; ~'urbcarance By Lender Not a Waiver. Extension of the time of payment or
<br />modification of amortization of the ~nnrs 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 />Fender shall not be required to comnu•nce proceedings against any successor in interest or refuse to extend time for
<br />payment or otherwise modify amorti%itinn of the sums secured by this 5ecw•ity lnsh•ument 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 prcr lr.rde the exercise of any right ur remedy.
<br />12, Successors and Assigns Bound; ]Dint and Several Liability; Co-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). Borrou ~•r's covenants and agreements shall be joint and several, Any Borrower who co-
<br />signs this Security Instrument but doe~~ not execute the Note: (a) is co-signing this Security Instrument only to mortgage,
<br />grant and convey that Borrower's inter st in the Property under the terms of this Security Instrument; (b) is not personally
<br />obligated to pay the sums secured by Ills Security Instrument; and (c) agrees that Lender and any other Borrower tray
<br />agree to extend, modify, forbear or m:~ke any accommodations with regard ro the terms of this Security Instrument or the
<br />Note without that Borrower's consent.
<br />13. Notices. Any notice to Boi ~ ower provided for in this Security Instrument shall be given by delivering it or by
<br />mailing it by first class mail unless a:.!rlicable law requires use of another method. The notice shall be directed to the
<br />Property Address or any other address >orrower designates by notice to Lender. Any notice to Lender shall he given by
<br />first class mail to Lender's address st,.axl herein or any address Lender designates by notice to Borrower. Any notice
<br />provided for in this Security instrun~.~~nt shall be deemed to have been given to Borrower or Lender when given as
<br />provided in this paragraph.
<br />1Q. Govenring Law; 5cverabirty. This Security Instrument shall be governed by Federal law and the law of the
<br />jurisdiction in which the Property is h ~ sited. In the event that any provision or clause of this Security Instument or the
<br />Note conflicts with applicable law, sw h conflict shall not affect other provisions of this Security Instrument or the Note
<br />which can be given effect without the ~,utlicting provision. To this end the provisiots of this Security Instrument and the
<br />Note arc declared to be severable.
<br />15. Borrower's Capy. Borrow • ; shall be given one conformed copy of the Note and of this Security 6rstruruent.
<br />16. Hazardous Substances. l'rn rower shall not cause or permit the. presence, use, disposal, storage, or release of
<br />any Hazardous Substances on or in th ; Toperty. Borrower shall not do, our allow anyone else to do, anything affecting
<br />the Property that is in violation of any 1{nvirnnmental Law. The preceding two sentences shall not apply to the presence,
<br />use, or storage un the Property of mall quantities of Hazardous Substances that are generally recognircd to be
<br />appropriate to normal residential uses ~ id to maintenance of the Property.
<br />Borrower shall promptly give L~ uler written notice of any investigation, claim, demand, lawsuit or other action by
<br />any governmental or regulatory age r y or private party involving the Property and any Hazardous Substance or
<br />Environmental Law of which Borrow has actual knowledge. If Borrower learns, or is notified by any governmental or
<br />regulatory authority, that any remov I ur other remedtation of any I•Iazar•dous Substances affecting the Properly is
<br />necessary, Borrower shall promptly ta' all necessary remedial actions in accordance with Environmental Law.
<br />As used in this paragraph 16, "H %ardous Substances" are those substances defined as toxic or hazardous substances
<br />by Environmental Law and the follo~~ ing substances: gasoline, kerosene, other flammable or toxic petroleum products,
<br />MER$ FHA peed of Trust-NE
<br />2004N-NE (11107) Page 4 of 6
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