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201005298
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Last modified
7/30/2010 2:45:24 PM
Creation date
7/30/2010 2:45:23 PM
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DEEDS
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201005298
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~oioo52~g <br />from the holder of the lien an agreement satisfactory tp Lender subordinating the lien to all <br />amounts secured by this Security Instrument. if Lender determines that any part of the <br />Property is subject to a lien which may attain priority over this Security Instrument, Lender <br />may give Borrower a notice identifying the Ilan. Borrower shall satisfy the lien or take one or <br />more of the actions set forth above within 10 days of the giving of notice. <br />13. Relationship to First Security Instrum®nt. <br />(a) Second Security instrument. In order to secure. payments which the Secretary may make to <br />or on behalf of Borrower pursuant to Section 255(i)(1)(A) of the National Housing Act and the <br />Lin Agreement, the Secretary has required Borrower to execute a Second Note and this <br />Second Security Instrument. Borrower also has executed a First Note and First Security <br />Instrument. <br />(b) Relationship of First and Second Security Instruments. Payments made by the Secretary <br />shall not be included in the debt under the First Note unless: <br />(i) The First Seaarity Instrument is assigned to the Secretary; or <br />(iq The Secretary accepts reimbursement by the holder of the First Note far all payments <br />made by the Secretary. <br />If the circumstances described in (i) or (ii) occur, then all payments by the Secretary, including <br />interest on the payments but excluding late charges paid by the Secretary, shall be included in <br />the debt under the First Nate. <br />(c) Effect an Borrower. Where there is no assignment or reimbursement as described in (bxi) <br />or (ii) and the Secretary makes payments to Borrower, then Borrower shall not: <br />(i} Be required to pay amounts owed under the First Note. or pay any rents and revenues <br />of the Property under Paragraph 19 to the holder of the First Note or a receiver of the <br />Properly, until the Secretary has required payment-in~irll of all outstanding prindpal and <br />accrued interest under the Second Nots; or <br />(ii) Be obligated to pay interest or shared appreciation under the First Note at any time, <br />whether accrued before or after the payments by the Secretary, and whether or not <br />accrued interest has been included in the prindpal balance under the First Note. <br />(d) No Duty of the Secretary. The Secretary has no duty to the hdder of the First Note to <br />enforce covenants of the Second Searrity Instrument or to take actions tD preserve the value <br />of the Property, even though the hdder of the First Nate may be unable to collect amounts <br />owed under the First Note because oi` restrictions in this Paragraph 13. <br />(e) Restrictions on Enforcement. Notwithstanding anything else in this Security Instrument, the <br />Borrower shall not be obligated io comply with the covenants hereof, and Paragraph 19 shall <br />have na force and effect, whenever there is no outstanding balance under the Second Note. <br />14. Farbesrance by Lender Not a Waiver. Any forbearance by Lender in exercising any right ar <br />remedy shall not be a waiver of or preclude the exercise of any right or remedy. <br />111111 II III I III it I I I I I~~ <br />qo ~ o <br />Mortgage Cadence, Ina. m D27g (D7~ (ti 4t 9) Netxaska Second Dead of Trust - HECM FIXED RATE <br />
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