201108259 - Laserfiche WebLink

Browse

201108259 NON-UNIFORM COVENANTS. Borrower and Lender fiuther covenant and agree as follows: 17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues ofthe Properly. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Bonower' s breach of any covenant ot agreement in the Security Instrument, Borrower shail collect and 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 no6ce of breach to Borrower: (a) all rents received by Borrower shall be held by Bonower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Insmiment; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender' s agent on Lender' s written demand to the tenant. Bonower 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 rights under this pazagraph 17. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving norice of breach to Bonower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents shall not cute 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 secured by the Secuzity Inshwnent 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 pern►itted by applicable law. Lender shall be enlitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 18, including, but not limited to, reasonable attomeys' fees and costs of tide evidence. If the power of sale is invoked, Trustee shall record a notice of default in each county in which any part of the Property is located and shall mail copies of such notice in the man►�er prescribed by applicable law to Borrower and to the other persons prescribed by applicable law. After the time required by applicable law, Trustee, s6a11 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 notice 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 of 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 Trustee'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 all costs and e�enses of exercising the power of sale, and the sale, including the payment of the Trustee's fees actually incurred and reasonable attorneys' fees as permitted by applicable law; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons ►egaRy entitled to it. If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires 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'� (12 U.S.C. 3751 eY SCq.) by requesting a foreclosure commissioner designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwlse available to a Lender under tltis paragraph 18 or applicable law. 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 secured by this Security Instrument to Trustee. Trustee shall reconvey the Property without warranty to the person or persons legally enritled 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 chazging of the fee is permitted under applicable law. 20. Substitute Trustee. Lender, at its option, may from time to rime 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 ofthe Property, the successor trustee shall succeed to all the title, power and duties conferred upon Trustee herein and by applicable law. 21. Request for Notices. Borrower requests that copies of the notice of default and sale be sent to Bortower's address which is the Property address. 22. Riders to this Security Instrument. If one or more riders aze executed by Borrower and recorded together with this Security Instrument, the covenants of each such rider shall be incorporated into and shait amend and supplement the covenants and agreements of this Security Instrument as iF the rider(s) were a part of this Security Tnstrument. [Check applicable box(es)] � Condominium Rider � Graduated Payment Rider � Growing Equity Rider � Planned Unit Development Rider � Adjustable Rate Rider � Rehabilitafion Loan Rider � Non-Owner Occupancy Rider � Other [Specify] FHA NEBRASKA D� OF TRUST - MERS p NmOTZ.FHA 05/23/11 Page 5 of 7 www.docmagic.cnm Iilqlul Iql IIII I I� IIII I I� I II a I I IIUII Illinlll III