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201004559
<br />LOAN iFs 19617633
<br />(i) Borrower defaults byfailing to pay in lull any monthly payment required by this Security Instrument prior
<br />to or on the due date of the next monthly payment, or
<br />(ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this
<br />Security Instrument.
<br />(b) Saly Without CrodltApproval. Lender shall, if permitted by applicable law (including Section 341 (d) of the
<br />Garn-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the
<br />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 beneficial interest in a trust owning all or part of the Property, is sold or
<br />otherwise transferred (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, ar ttte
<br />purchaser or grantee does so occupythe Property but his or her credit has not been approved in accordance
<br />with the requirements of the Secretary.
<br />(c) No Waiver, tf circumstances occur that would permit Lender to require immediate payment in lull, 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 lull and foreclose'rf not paid.
<br />This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the
<br />Secretary.
<br />(o) Mortgage Not Insured. Borrower agrees that'rf this Security Instrument and the Note are not determined
<br />to be eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender may,
<br />at its option, require immediate payment in lull of all sums secured by this Security Instrument. A written
<br />statement of any authorized agent ofthe Secretary dated subsequentto 60 days from the date hereof, declining
<br />to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility.
<br />Notwithstanding the foregoing, this option may not be exercised by Lenderwhen the unavailability of insurance
<br />is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary.
<br />10. Reinstatement. Borrower has a right to be reinstated H Lender has required immediate payment in full because
<br />of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after
<br />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
<br />this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly
<br />associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the
<br />obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender
<br />is not required to permit reinstatement'rf: (i) Lender has accepted reinstatement after the commencement of foreclosure
<br />proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, {ii)
<br />reinstatement will preclude foreclosure on different grounds in the suture, or (iii) reinstatement will adversely affect the
<br />priority of the lien created by this Security Instrument.
<br />11. Borrower Not Released; Forbearance By Lander Not a Waiver. Extension of ~e time of payment or
<br />modification 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 Instrument 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
<br />or 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 L-lability; Co-Signors. The covenants and agreements
<br />of 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
<br />co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to
<br />mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is
<br />not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other
<br />Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security
<br />Instrument or the Note without that Borrower's consent.
<br />13. Notices. Any notice to Borrower 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
<br />byflrst class mail to Lender's address stated herein or any address Lander 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; Svvvrabllity. 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 />Note 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
<br />the Note are declared to be severable.
<br />15. Borrower's Copy. Borrower shall 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
<br />ofany 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 ofany 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 governmental 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 />FHA Nebraska Died at Truat - 4/98
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