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201109223 of the Second Security Instrument o�• to take actions to preserve the value of the Property, even though the holder oY the F�itst Note may be unable to collect amounts owed under the Ii irst Note because oi�restrictions in this Paragraph 13. (e) Restrictions on Enforcement. Nohvithstanding anything else in this Security Instrument, the Borrower shall not be obligated to compiy with the covenants hereoF, and Paragraph 19 shall have no force and effect, �vhenever there is no outstanding balance under the Second Note. 14. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy shall not be a waiver ot;or preclude the exercise of.any right or remedy. 15. Successors and Assigns Bound; Joint and Several Liability. Borrower may not assign any rights or obligations under this Security Instrument or under the Second Note,eYCept to a trusl that meets the requirements of the Secretaiy. Borrower's covenants and agreements shall bejoint and seveial. 16. Notices. Any notice to }3orrower provided lor in this Security [nstrument shall be given by de(ivering it or by mailing it by iirst class mail unless applicable la�v requires use of another method. The notice shail be directed to the Property Address or any other address all Borro�i�ers jointly designate. Any notice to the Secreta�y shall be given by lirst class mail to the HUD Field Otfice with jurisdiction over the Property or any other address designated by the Secretaiy. Ai�y notice provided for in this Security Instrument shall be deemed Co have been given to Borrower or Lender when given as provided in this Paragraph 16. 17. Governing Law; Severability. 'I'his Security Instrument shall be governed by Federal law and the law of the .jurisdiction in which the Propeily is located. In the event that any provision or clause of this SecuriYy Instrument or the Sccond Note contlicts with applicable law, such conflict shall not affect oCher provisions oP this Security Instrument or the Second Note which can be given effiect without the contlicting provision. "Tb this end the provisions of this Security Instrument and the Second Note are declared to be severable. 18. Borrower's Copy. Borrower shall be given one conformed copy of the Second Note and this Security Instrument. NON-UNIFORM COVENAN'I'S. Borrower and t,ender lurther covenant and agree as tollows: 19. �#ssignment of Rents. Borrower unconditionally assigns and transfers to Lender all the renis and revenues o1' the Property. Borrower authori-r.es Lender or Lender's agents to collect the rents and revenues and hereby directs each tienant of the Property to pay the rents to Lender or Lcndcr's agents. Flowever, prior to Lender's notice to Borrower of Borrower's breach o1'any covenant or agreement in the Security Instrument, I3orrower shall collect and receive all rents and revenues of the Property as trustec for the benelit of Lender and Borrower. This assignment oi' rents constitutes an absolute assignment and not an assignment Foe additional security only. 11'L,ender gives notice of breach l0 13orrower: (a)all rents received by Borro�ver shall be held by [3orrower as tirustce 1or benetit of Lender only,to be applied Co the sums secured by this Security Instrument; (b)Lende�•shall be entitled to collect and reccive all of the rents of the Property; and(c)each tenant o1'the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's�r�ritten demand to the tenant. Borro�ver has not executed any prior assignment of the rents and has not and will not perform any act that would revent L,ender ti•om exercisin its ri hts under this Para ra h 19 exce t as rovided in the Fiist Securit P , � � g P P p Y Instrument. Lender shall not be required to enter upon,take control of or maintain the Property before or after giving notice of breach to Qorrower. However, Lendcr or a judici111y appointed receiver may do so at any time there is a breach. NebrasCcn 2°'�Sec:mitv lnsh-rmaen� c0 Bay Docs,/ne.06/10 Pnge 6