201104017 - Laserfiche WebLink

Browse

201iO401i section. Lender shall be g�ven natice of any sale or �efinancing of the Property occurring prior to the end of the Retention Period. Provided that Borrower complies with the terms of the l�ote, the amounts due and payable under the Note shail not become due and payable, but shall be forgiven as follows: The principal amount of the Laan shall be reduced over the first 5 years by 1/6ath of the original principal balance of the Loan for each month the Loan is outstanding. Such monthly reductions shall take effect in arrears on the same day of the month the Loan was originaliy made. The amount of the Loan due and payable at any time shall be determined after deducting the principai amount of the Loan which has been forgiven by Lender. 2. SUBORDINATION. This MortgagQ is subject and subordinate in all respects to the liens, terms, covenants and conditions of the First Mortgage and to all advances heretofore made or which may hereafter be made pursuant to the First Mortgage, including all sums advanced for the purpose of (a) protecting or further securing the lien of the First Mortgage, curing defaults by Borrower under the First Mortga�e or for any other purpose expressly permitted by the First Mortgage; or (b) constructing, renovating, repairing, furnishing, fiuturing or equipping the Property. The terms and provisions of the First Mortgage are paramount and controlling, and they supersede any other terms and pruvisions hereof in conflict therewith. In the event of foreclosure or deed-in-lieu of foreclosure ofi the First Martgage, or ff the First Mortga�e is assigned to the Secretary of the U.S. Department of Housing and Urban Development, any provisions herein or any provisions in any other collateral agreement restricting the use of the Property or otherwise restricting Borrower's ability to sell the Property shall have no further force or efFect on subsequent owners or purchasers of the Property. Any person, including his successors or assigns (other than Borrower or a related entity of Borrower), receivin� title to the Property through a foreclosure or deed-in-lieu of foreclosure of the First Mortgage, or through the assignment of the �irst Mortgage to the Secretary of the U.S. Department of Hausing and Urban Development, shall reteive title ta the Property free and clear from such restrictions. 3. NOTICES. Any notice to Barrower provided for in this Mortgage 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 Borrower desi�nates by notice to the Lender. 4. RELFASE. Upon satisfaction of ail sums secured by this Mortga�e (whether by payment or forgiveness), Lender shall release this Mortgage without charge to Borrower. Borrower shall pay any recordation costs. 5. MODIFICATION OF FIRST MORTGAGE LOAN DOCUMENTS. The Lender consents to any agreement or arran�ement in which 5enior Lien Holder waives, postpones, extends, reduces or modifies any provisions of the First Mortgage Loan Documents, includin� any provisions requiring the payment of money. IN ITNESS W REOF, rrawer has executed this Mortgage. Bo wer � L' ja ful Loudy - n M i�oudy OF Nebraska OF Halt ) ) ss. ) The regoing instrument was acknowledged before me on this 27th day of May, ZQ11. by J� ed M Loudy and Jean M loudy, Husband and Wife. nny GENEFi�L NOTARY - State af Nebraska Expires: �0 ° Z�d � A z HOi1XTHEl3 My Cemm. Exp. Qct. 27, 2Q12 Public 2