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201109003
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Last modified
1/5/2012 9:47:00 AM
Creation date
12/2/2011 8:47:32 AM
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DEEDS
Inst Number
201109003
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201109003 <br />original lien status to be extended to future loan advances, Borrower will be deemed to have <br />failed to have perFormed an obligation under this Security Instrument. <br />(b) Tax Deferral Programs. Borrower shall not participate in a real estate tax deferral program, if <br />any liens created by the tax deferral are not subordinate to this Security Instrument. <br />(c) Prior Liens. BoROwer shall promptly discharge any lien which has priority over this Security <br />Instrument unless BoROwer: (a) agrees in writing to the payment of the obligation secured by <br />the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends <br />against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to <br />prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from <br />the holder of the lien an agreement satisfactory to Lender subordinating the lien to all amounts <br />secured by this Security Instrument. If Lender determines that any part of the Property is <br />subject to a lien which may attain priority over this Security Instrument, Lender may give <br />Bo�rower a notice identifying the lien. Borrower shall satisfy the lien or take one more of the <br />actions set forth above within 10 days of the giving of notice. <br />13. Relationship to Second Security Instrument. <br />(a) Second Security Instrument. In order to secure payments which the Secretary may make to <br />or on behalf of Borrower pursuant to Section 255(i)(1)(A) of the National Housing Act and the <br />Loan Agreement, the Secretary has required BoROwer to execute a Second Note and a <br />Second Security Instrument on the Property. <br />(b) Relationship of First and Second Security Instruments. Payments made by the Secretary <br />shall not be included in the debt under the Note unless: <br />(i) This Security Instrument is assigned to the Secretary; or <br />(ii) The Secretary accepts reimbursement by the Lender for all payments made by the <br />Secretary, <br />If the circumstances described in (i) or (ii) occur, then all payments by the Secretary, including <br />interest on the payments, but excluding late charges paid by the Secretary, shall be included <br />in the debt under the Note. <br />(c) Effect on Borrower. Where there is no assignment or reimbursement as described in (b)(i) or <br />(ii) and the Secretary makes payments to Borrower, then Borrower shall not: <br />(i) Be required to pay amounts owed under the Note, or pay any rents and revenues of the <br />Property under Paragraph 19 to Lender or a receiver of the Property, until the Secretary <br />has required payment-in-full of all outstanding principal and accrued interest under the <br />Second Note; or <br />(ii) Be obligated to pay interest or shared appreciation under the Note at any time, whether <br />accrued before or after the payments by the Secretary, and whether or not accrued <br />interest has been included in the principal balance under the Note. <br />(d) No Duty of the Secretary. The Secretary has no duty to Lender to enforce covenants of the <br />Second Security Instrument or to take actions to preserve the value of the Property, even <br />III IIIIIII IIIIIIIIIIII II�IIIII�IIIIII III IIII�III IIIIII IIIIIIIII III IIIIII III III <br />q0330066775102330000000i <br />Finale Document Servtces � 0228 07/07 (8 of 10) Nebraska Deed oT Truat HECM FIXED RATE <br />
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