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20110408� <br />collect the rents of the property, including those past due. Any rents collected by Lender or the receiver shall be <br />applied first to payment of the costs of management of the property and collection of rents including, but not limited <br />to, receiver's fees, premiums on receiver's bonds and reasonable attorney fees, and then to the sums secured by <br />this security instrument. <br />14. That the whole of said principal sum remaining unpaid shall immediately become due and payable upon <br />the occurrence of any one or more of the following events: <br />(A) <br />�B) <br />(D) <br />At such time as any action or proceeding in commenced to foreclosure upon any prior or <br />subsequent mortgage, deed of trust or lien secured by the Property. <br />If converted to rental, it is my understanding the loan will be in default. This default may be <br />dealt with in the following way: <br />1. Total repayment of the principal of this note remain unpaid on the date of default <br />together with all amounts advanced as a loan pursuant to separate the memorandum of <br />understanding executed by borrower on this in favors of the LENDER following all <br />requirements under the Owner-Occupied Rehabilitation Loan Program. <br />At such time as the property is sold or conveyed in any manner to another party/entity; <br />At such time as the property ceases to be the primary residence of the borrower(s). <br />Homeowner(s) Initials ��� 1� <br />15. Upon payment of all sums as herein provided, Lender shall direct Trustee to reconvey the property and <br />shall surrender this security instrument and the Note secured. Trustee shall reconvey the property without warranty <br />and without charge to the persons legally entitled to it. <br />16. Lender, at its option, may from time to time remove Trustee and appoint a successor Trustee by an <br />instrument recorded the county in which this security instrument is recorded. Without conveyance of the property, <br />the successor Trustee shall succeed to all the title, power, and duties conferred upon Trustee herein and by <br />Nebraska law. <br />17. Borrowers request that copies of all notices provided herein be sent to Borrowers' address, which is 715 <br />N. Cedar Street, Grand Island, NE 68801. <br />IN WITNESS WHEREOF, the Borrowers have signed this Agreement. <br />' I ' � . <br />Elizabe . Patterson <br />STATE OF NEBRASKA) <br />)ss. <br />COUNTY OF Hall) <br />The foregoing instrument was acknowledged before me on this ��` day of �`�l� , <br />�p I( , by Elizabeth M. Patterson, a single person. <br />dN � -State of NBbraSka <br />DI�WE K. WONKA <br />My Coimn. Exp. apr� 8, 2013 <br />i <br />� �- Ws� <br />Notary Public <br />Page 3 of 3 <br />