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20�_oo74�s
<br />12. Successurs and Assigns Bound; Joint and Several Liability; Co-Si�ners. The covenants and a�reements
<br />of this Security Instrument shall bind and benefit the successors and assigns of L.ender and Borrower, subjcct to the
<br />provisions of paragraph 9(b). Borrower's covenants and agreerncnts shall be joint and several. Any Borrower wh� co-
<br />signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage,
<br />�rant and convey that Sorrower's interest in the Property under the terms of this Sc;curity Instrument; (b) is not personally
<br />obli�ated co pay the surns secured by this Security Instrument; and (c) agrees that Lender and any other Borrower rnay
<br />agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the
<br />Note without that Borrower's consent.
<br />13. Notices. Any notice to Borrower provided for in this Security Instrurnent shall be given by delivering it or
<br />by 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 L.ender shall be givcn by
<br />first class mail to I.ender's address stated herein or any address L.ender desi�nates by notice to Borrowcr. Any notice
<br />providcd for in this Security Instrument shall be deemc:d to have been g'rven to Borrower or Lendcr when given as
<br />provided in this paragraph.
<br />14. Governing I.�►w; Severability. 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 />whrch can be given effect without the conflicting provision. 7'o this end the provisions of thrs Security Instrument and
<br />the Nate are declared to be sevcrable.
<br />LS. Barrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security InstrumEnt.
<br />16. Hazardous Substances. Bnrrower shall not cause or permit the presencc, use, disposal, stora�e, or release
<br />of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyane else to do, anything
<br />affecting the Property thac is in violation of any Environmental I,aw. The preceding two sentenccs shall not apply to the
<br />presence, use, or storage on the Property of srnall quantities of Hazardous Substances that are gc:ncrally recognized to
<br />be appropriate to norznal residential uses and to maintenance of the Property.
<br />Borrower shall p'romptly give I.end�.r written notice of any investigation, claim, demand, lawsuit or other action
<br />by any governmental or regulat�ry agency or private party involving the Property and any Hazardous Substance ar
<br />Envirnnmental I.aw of which Borrower has actual knowledge, If Borrower learns, nr is notified by any �overnmental or
<br />regulatory authority, that any removal or other remediation of any Hazardous Substances affecting the Froperty is
<br />necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental I.,aw.
<br />As used in this paragraph 16, "Haiardous Substances" are those substances defined as toxic or hazardnus
<br />substances hy Environmental �tw and the following substances: gasoline, kerosene, other flammable or toxic petroleum
<br />products, toxic pesticides and herhicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive
<br />rr�aterials. As used in this paragraph 16, "Environrnental Law" means federal laws and laws of the jurisdiction where the
<br />Property is located that relate to health, safety or enviranmental protection.
<br />NoN-UNiFOxM CovENAtv'['s. Borrower and Lcnder further covenant and agree as follows:
<br />17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues
<br />of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each
<br />tenant of the Property to pay the rents co Lender or L.cnder's agents. However, prior to Lender's notice lo Borrower
<br />of Borrower's breach nf any covenant ar agreement in the Security Instrument, Borrower sha11 collect and receive all rents
<br />and revenues of the Property as trustee for the benet'it of Lender and Borrower. This assignment of rents constitutes
<br />an absolute assignment and not an assignment for additional security only.
<br />If L,�nder gives noticc of breach to Borrow�r: (a) ail rents received by Borrower shall be held by Borrower as
<br />trustee for ben�:fit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be
<br />entitled to c:ollec:t and receive all of the rents of the Property; and (c) each tenant of thc Property shall pay all rents duc
<br />and unpaid to Lender or I.ender's agent on L.ender's written demand to the tenant.
<br />Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would
<br />prevent Lender from exercasing its rights under this paragraph 17.
<br />L.ender shall not be required to enter upon, take control of or maintain the Property before or after giving notice
<br />of breach to Borrower. Howevcr, Lender or a judicially appointed receiver may do so at any time there is a breach. Any
<br />application of rents shall not cure or wa'rve any default or invalidate any other right or remedy of Lender. This assignment
<br />of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in full.
<br />18. Foreclosure Procedu�re. If Lender requires immediate payment in full under paragraph 9, I.�nder may
<br />invoke the power of sale and any other remedies permitted by applicable law. l.ender shall be entitled to collect
<br />all expenses incurred in pursuing the remedies under this paragraph 18, including, but not limited to, reasonable
<br />attorneys' fees and costs of title evidence.
<br />If the power of sale is invoked, Trustee shall record a notice of default in each county in which any part of
<br />the Pirc�perty is located and shall rnall capies of such notice in the manner prescribed by applicable law to Borrowcr
<br />apd to the other persons prescribed 6y applicable law. After the time reqaired by applicable law, Trustee shall give
<br />public notice of sale to the persons and in the manner pcescribed by applicable law. Trustee, without dcmand on
<br />Borrower, shall sell the Propeirty at public auction to the highest bidder at the time and place and under the terms
<br />designated in the notice of sale in one or more parcels and in any order Trustee determines. Trustee may postpone
<br />sale of all or any parcel of the �roperty by public announcement at th� time and place of any previously scheduled
<br />sale. I.Qnder or its designee may purchase the Piraperty at any sale.
<br />Upon receipt af payment of thc price bid, Trustee shall deliver to the purchaser Trustee's deed conveying
<br />the Property. The recitals in the Trustee's deed shall be prima facie evidence of the truth oF the statements made
<br />therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all costs and expenses of
<br />exercising the power of sale, and the sale, including the payment of the Trustee's fees actually incurred and
<br />reasan�ble attorneys' fees as permitted hy law; (b) to all sums secured by this Security Instrument; and (c) any
<br />excess ta the person or persons legally entitled to it.
<br />If the Lender's interest in this Security Instrament is held by the Secretairy and the Secretary requires
<br />immediate payment in full under Paragraph 9, the S�cretary may invoke the nonjudicial power oF sale provided in
<br />the Single Family Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.C. 37'51 et seg) by requesting a foreclosure
<br />commisswoner designated under the Act to commence foreclosure and to sell the Prop�rty as provided in the Act.
<br />Nothing in the preceding sentence shall deprive the Secretary oF any rights otherwise available to a Lender under
<br />this Paragraph 18 or applicable law.
<br />19. Recanveyance. Upon payrnent af all sums secured by this Security Instrument, Lender shall reyuest Trustee
<br />to reconvey the Property and shall surrender this Security Instrument and all notes evidencing d�bt secured by this Security
<br />Instrument to Trustee. T`rustc:e shall reconvey the Property without warranty and without chargc to the person or persons
<br />legally entitled to it. Such person or persons shall pay any recordation c:osts.
<br />NEBRASKA FHA DEED OF TRUST �/02 (Page 4 of 5 Pages)
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