201102694 - Laserfiche WebLink

Browse

2U11U2694 receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrumenr, (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shaU pay all rents due and unpaid to Lender or Lender's 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 rigltts under this patagraph 17. Lender shall not be required to enter upon, take contro] of or maintain the Property before or after giving notice 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 shall 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 sewred by the Securiry Instrument is paid in full. 18. Foreclosure Procedure. If Lender requires immediate payment in full under paragraph 9, Lender may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entiUed to collect all expenses incurred in pursuing the remedies provided in this paragraph I8, including, but not limited to, reasonable attorneys' tees and costs ot title evidence. If the power of sale is invoked, Trustee shall record a notice o! default in each county in which any part of the Property is located and shall msil copies of such notice in the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable law. After the time required by applicable ►aw, Trustee, shall give public notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time and place and under the terms designated in the noHce of sale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place ot any previously scheduled sale. Lender or its designee may purchase the Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trastee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to aIl costs and expenses of exercising the power of sale, and the sale, including the payment of the Trustee's fees actuatly incurred and reasonablC a�@eys' fees as permitted by applicable law; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it, lf the Lender's interest in this Security Instrument is held by fhe Secretary and the Secretary reqaires immediate payment in full under paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 ("Act'� (l2 U.S.C. 3751 et seq.) by requesting a foreclosare commissioner designated under the Act to commence foreclosare and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this paragraph 18 or applicable Iaw. 19. Reconveyance. Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to reconvey the Property and shall surrender this Securiry Instrument and all notes evidencing debt sewred by this Securiry Instrument to Trustee. Trustee shall reconvey the Property without warranty to the person or persons legally entiUed to it. Such person or persons shall pay any recordation costs. Lender may charge such person or persons a fee for reconveying the Property, but only if the fee is paid to a third party (such as the Trustee) for services rendered and the charging of the fee is permitted under applicable law. 20. Substitute Trustee. Lender, at its option, may from time to time remove Trustee and appoint a successor trustee to any Trustee appointed hereunder by an instrument recorded in the county in which this Security Instrument is recorded. Without conveyance of the Property, the successor trustee shall succeed to all the tide, power and duties conferred upon Trustee herein and by appticabte iaw. 21. Request for Notices. Borrower requests that copies of the notice of default and sale be sent to Borrower's address which is the Property address. 22. Riders to this Security Instrument. If one or more riders are execvted by Borrower and recorded together with this Security lnstrument, the covenants of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)] � Condominium Rider � Graduated Payment Rider � Growing Equity Rider � Plattned Unit Developmeat Rider � Adjustable Rate Rider � Rehabilitation Loan Rider � Non-Owner Occupancy Rider � Other [Specify] FHA NEBF2ASKA DEED OF TRUST - MERS DocMaglc � NEDOTZ.FHA 11/01/08 Page 5 of 7 www.docmagic.com IIIIIIIII IIIlillil iiil llll ll ll l ll ll ll llllil llllillli lll