Laserfiche WebLink
~oiooss4~ <br />the same lien priori initially granted tv ban advances has expired) and state law permits <br />the original lien eta us to be maintained far future Ivan advances through the execution <br />and recordation of ane or more documents, then Lender shall obtain title evidence at <br />Borrower's ex ense. If the title evidence indicates that the Prope is not encumbered <br />by any liens (except the First Security Instrument described in aragraph 13(a), this <br />Second Secun Instrument and any subordinate liens that the Lender determines will <br />also be subordinate to any future loan advances), Lender shall request the Borrower to <br />execute any documents necessary to protect the lien status of future loan advances. <br />Borrower agrees to execute such documents. If state law does not permit the original lien <br />status to be extended to future Ivan advances, Borrower will be deemed to have failed to <br />have performed an obligation under this Security Instrument. <br />(b) Tax Deferral Programs. Borrower shall nv participate in a real estate tax deferral <br />Program, if any liens created by the tax deferral are not subordinate to this Security <br />nstrument. <br />[c) Prior Liens. Borrower shall promptly discharge any lien which has priority over this <br />Security Instrument unless Borrower: (a) agrees in writing to the payrrtent of the <br />obligation secured by the lien in a manner acceptable to Lender (b) contests in goad faith <br />the lien by, or defends against enforcement of the lien in, Iega~ proceedings which in the <br />Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part <br />of the Property; or (c) secures from the holder of the lien an agreement satisfactory to <br />Lender subordinating the lien to all amounts secured by this Secunty Instrument. If <br />Lender determines that any part of the Property is sub~ect to a lien which may attain <br />Priority over this Security Instrument, Lender may give ~orrower a notice identifying the <br />ien. orrower shall satisfy the lien or take ane or more of the actions set forth above <br />within 10 days of the giving of notice. <br />13. Relationshipto First Security Instrument. <br />(a) Second Security Instrument. In order to secure payments which the Secretary may <br />make tv or an behalf of Borrower pursuant to Section 255(1)(1 (A) of the National <br />Housing Act and the Loan Agreement, the Secretary has required orrowar to execute a <br />Second Note and this Second Security Instrument. Borrower also has executed a First <br />Note and First Seca ''ty Instrument. <br />(b) Relationship of First and Second Security Instruments. Payments made by the <br />Secretary shall not be included in the debt under the First Note unless: <br />i) The First Security Instrument is assigned to the Secretary; or <br />#ii) The Secretary accepfs reimbursement by the holder of the First Note for all <br />payments made by the Secretary. <br />If the circumstances described in (i) or (ii) occur, then all payments by the Secretary, <br />inGuding interest on the payments, but excluding late charges paid by the Secretary, <br />shall be included in the debt under the First Nnte. <br />c Effect on Borrower, Where there is no assignment or reimbursement as described in <br />~b (i) ar (ii) and the Secretary makes payments to Harrower, then Borrower shall oat: <br />(i) Be required to pay amounts awed under the First Note, or pay any rents and <br />revenues of the Property under Paragraph 19 to the holder of the First Note or a <br />receiver of the Property, until the Secretary has required payment in full of all <br />outstanding principal and accrued interest under the Second Note; or <br />(ii) Be obligated to pay interest or shared appreciatbn under the First Note at any <br />time, whether accrued before or after the payments, by the Secretarryy, and whether or <br />not accrued interest has been included in the principal balance under the First Note. <br />((d) No Duty of the Secretary, The Secretary has nv duty to the holder of the First Nvte <br />fa enforce covenants of the Second Security Instrument or tv take actions to preserve <br />the value of the Property, even though the holder of the First Nate may be unable to <br />collect amounts owed under the First Note because of restrictions in this Paragraph 13. <br />~e) Restrictions on Enforcement. Notwithstanding an~hing else in this Security <br />nstrument, the Borrower shall not be obligated to comp y with the covenants hereof, <br />and Paragraph 19 shall have no farce and effect, whenever there is no outstanding <br />balance under the Second Note. <br />14. Forbearancsby LenderNot a Waiver. 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 />First American Loan Production Services Nebraska HELM ARM Second Security Instrument <br />~ 20D8 First American Real Estate Solutions LLC <br />FALP5 # 91YQ : 02/US Page 5 <br />NMFL #8914NE (pLNE) <br />