201006843 - Laserfiche WebLink

Browse

2oiooss4~ (ii Be obligated to pay interest under the Note at any time, whether accrued before ar after the payments by the Secretary, and whether or riot accrued interest has been included in the principal balance under the Nvte. d) Na Duty of the Secr~atary. The Secretary has no duty to Lender to enforce covenants of he Seoorx7 Security Instrument or to take actions to preserve the value of the Property, even though Lender may be unable to collect amounts owed under the Note because of restrictions in this Paragraph 13. 14. Forbearanceby LenderNot a Waiver. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 15. Successors and Assigns Bound; Joint and Several Liability. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender. Borrower may not assn any rights or obli~atbns under this Security Instrument or under the Note, except to a trust that meets the requirements of the Secretary. Borrower's covenants and agreements shall be joint and several. 1ti. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address all Borrowers jointly designate. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower ar Lender when given as provided in this Paragraph 16. 17. GoverningLaw; Severability.ThiS Security Instrument shall be gnvemed by Federal law and the law of the jurisdiction in which the Property is bcated. In the event that any provision or clause of this Security Instrument ar the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting pprovision. To this end the provisions of this Security Instrument and the Nate are declared to be severable. 1t3. Borrowers Copy. Borrower shall be given one conformed copy of the Note and this Security Instrument. NON-UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 19. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender ar Lender's agents. However, prior to Lenders notice to Harrower of BarrowePs breach of any covenant or agreement in the Security Instrument, Bonnwer shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Horrower. This assignment of rents constitutes an absolute assignment and net an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Horrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by this Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender ar Lenders agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this Paragraph 19. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving native of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents she I not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by this Security Instrument is [paid in full. 20. ForsclosureProcedure.lf Lenderrequiresimmsdrats pa merit in full under Paragraph9, Lsnderat its option may re uire immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permi#tsd by applicablslaw. Lendsrshall bs entitled to collect all expenses incurred in pursuingtha rremedisaprovidedin this Paragraph20, including,but not limitedto, reasonablsattorneys' fees and costs of title evidence. If the power of sale is invoked, Trustee shall record a notice of default in each county in which any part of the Property is located and shall mail copies of such notice in the matter prescribed by applicable law to Barirowsr and to the other persons prescribed by applicable law. After the time regwredby applicablelaw, Trustee shalt give publrcnotrce of sale to the personsand in the manner prescribed by applicable law. First American Loan Production Services Nebraska MECM ARM Security Instrument ~ 20D8 First American Real Esta6e Solutions LLC FALPS # YQ76 : 05/08 Page 6 NMFL #8913NE (QKNE)