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201108592 �
<br /> Loan No:3110818003 Data ID: 440
<br /> 16. Hazardous Substances. Borrower shail not cause or permit the presence,use,disposal,storage,
<br /> or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor ailow
<br /> anyone else to do,anything affecting the Propeny that is in violatioa of any Environmenta!Law. The
<br /> oreceding two sentences shall not apply to the presence, use, or storage on the Property of small
<br /> quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential
<br /> uses and to maintenance of the Pxoperty.
<br /> Borrower shall promptly give L.ender written notice of any investigataon,claim,demand,lawsuit or
<br /> other action by any govemmental or regulatory agency or private party involving the Property and any
<br /> Hazardous Substance or Environmental Taw of which Borrower has actual knowledge. If$orrower
<br /> learns, or is notified by any governmental or regulatory authority, that any removal or other
<br /> remediatlon of any Hazardous Substances affec[ing the Property is necessary,Borrower shall promptly
<br /> take all necessary remedial actions in accordance with Environmenta(L,aw.
<br /> As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or
<br /> hazardous substances by Environmental Law and the foUowing substances: gasoline,kerosene,other
<br /> flammable or to�c petroleum products, toxic pesticides and herbicides, volatile solvents, materials
<br /> containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 16,
<br /> "Environmental Law'means federal laws and laws of the jurisdiction where the Property is located that
<br /> rela[e to health,safety or environmental protection.
<br /> NON-UNIFORM COVENANTS. Borrower and L.ender furcher covenant and agree as follows:
<br /> 17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents
<br /> and revenues of the Property. Borrower authorizes L.ender or Lender's agents to collect the rents and
<br /> revenues and hereby zlirects each tenant of the Property to pay the rents to Lender or Lender's agents.
<br /> However,prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in
<br /> the Security Instrument,Borrower shall collect and receive all rents and revenues of the Property as
<br /> trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an a�solute
<br /> assignment and not an assignment for additional security only.
<br /> If Lender gives notice of breach to Borrower: (a) alt rents received by Borrower shall be held by
<br /> Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security
<br /> Instrument; (b)Lender shall be entitled to collect and receive all of the rents of the Property;and(c)
<br /> each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on I,enBer's
<br /> wtitten demand[o the tenant.
<br /> Borrower has not executed any prior assignment of the rents and has not and will not perform any
<br /> ac[that would prevent Lender from exercising its rights under this paragraph 17.
<br /> Lender shail not be required to enter upon,take wntml of or maintain the Property before or after
<br /> giving notice of breach to Borrower. However,Lender or a judicially appointed receiver may do so at
<br /> any time there is a breach. Any application of rents shall not cure or waive any deFault or invalidate
<br /> any other right or remedy of Lender. This assignment of ren[s of the Property sha11 terminate when
<br /> the debt secured by the Security Instrument is paid in fu1L
<br /> 18. Foreclosure Procedure. If Lender requires immediate payment in full under paragraph 9,
<br /> Lender muy invoke the power of sale and any other remedies permitted by applicable law. Lender shall
<br /> be entitled to collect all expenses incurred in pursui�g the remedies under this paragraph 18,
<br /> including,but not limited to,reasonable nttorneys'Fees and costs of tiUe evidence.
<br /> If the power of sale is invoked,Trustee shail record a notice of default in each county in which any
<br /> part of the Property is located and shatl mail copies of such notice in the manner prescribed by
<br /> applicable law to Borrower and to the other persons prescribed by upplicable law. After the time
<br /> required by applicable law,Trustee shall give public notice of sale to the persons and in the manner
<br /> prescribed by applicable law. Trustee,without demand on Sorrower,shall sell the Property at public
<br /> uuction to the highest bfdder at the time and place and under the terms designated in the notice of
<br /> sale in one or more parcels and in any order Trustee determines. Trustee may pnstpone sale oS'all
<br /> or any parcel of the Property by public announcement at the time and place of any previously
<br /> scheduled sale. I,ender or its designee may purchase the Property at any sale.
<br /> Upon receipt of payment oF the price bid, Trustee shall deliver to the purchaser Trustee's deed
<br /> conveying the Property. The recitals in the Trustee�s deed shall be prima facie evidence of the truth
<br /> of the statements mode therein. Trustee shall appty the proceeds of the sale in the f'ollowing order:
<br /> (a) to all oosts and expenses of exercising the power of sale,and the sale,including the payment of
<br /> the Trustee's fees actually incurred and reasonable attorneys'fees as permitted by law;(b)to all sums
<br /> secured by thSs Security Instrument;and(c)any excess to the person or persons legally entitled to it.
<br /> If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary
<br /> requires immediate payment in full under paragraph 9,the Secretary may invoke the nonjudicial power
<br /> of sule provided in the Single Family Mortgage Foreclosure Act of 1994("Act")(12 U.S.C.3751 et sen•)
<br /> by requesting a foreclosure commissioner designated under the AM to commence foreclosure and to
<br /> sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary
<br /> of any rights otherwise avuilable to a Lender under this paragraph 18 or applicable law.
<br /> l9. Recon�eyance. Upon payment of all sums secured by this Security Instrument,L.ender shali
<br /> request Trustee to re-convey the Property and shall surrender this Security Instrument and ali notes
<br /> evidencing @ebt secured by this Security Instrument to Trustee. Trustee shall reconvey the Property
<br /> without warranty to the person or persons legally entitled to it. Such person or persons shall pay any
<br /> recordation costs. Lender may charge such person or persons a fee for reconveying the Property,but
<br /> only if the fee is paid to a third party(such as the Trustee)for services rendered and the charging of
<br /> the fee is permitted under applicable law.
<br /> 20. Substitute Trustee, I.ender,at its option,may from time to time remove Trustee and appoint
<br /> a successor trustee to any Trustee appointed hereunder by an ins[rument recorded in the county in
<br /> which this Security]nstrument is recorded. Withou[conveyance of the Property,the successor vustee
<br /> shall succeed ro all the title,power and duties conferred upon Trustee herein and by applicable law.
<br /> NEBRASKA FHA DEED OF TRUST O6/11 (Page 5 ot 6 Pages)
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