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201201358 179003552 I mortgngc insurancc preroium if this Security Ins[rument is held by thc Secretary. Each monthly installmcnt oCthe mortgage insurattce pretnium shall be in an amount sufficient to aecumulate the full annual mortgage insurxncc prcmium with Lender one month prior to the date the full xnnual mortgage insurance premium is due to thc Swreta[y, or if this Secuxity Instn�ment is held by the Secrctary, each monthly cha�ge shall bc in an amount equal to one-twclIlh of one-lialf perce�t of tUe outs[anding.principxl balance due on tl�e Note. If Borrower tenders to Lender the full payment of all sums secured by this Security Instrument, � Sorrower's account shall be credited with the balance reinaining for all installments for items(a), (b) and(c) and any mortgage insurance premium instalhnent that Lender has not become obligated to pay to thc Secretary, 2nd Leuder shall promptly refund any excess funds to Borrower. Itnm�diately prior to x forcclosure sale of[he Property or iYS acquisition by Lender, Borrowcr's accoimt shall be credited with any balance remaining for all installments for items (a), (b), and (c). 3. .4pplication of Payments.Afl payments under paragraphs l and 2 shall bc applicd by Lender as follows: Pirst to the martgage insurance premium to be paid by Lendcr to the Secretary or to the montlily charge by ihe Secretary instead of the montl�ly mortgage liisurance preinium; Second, to any taxes, special asscssmcnts, Icaschuld paymen[s or ground rents, and tire, flood and other hazard insurance premiums, as requircd; 7'hird, to interost due under the Note; Fourtli,to amortizatiou of the principal of the Note; Fifth,to late cl�arges due under the Note. 4. Fire, Flood and Other Hazard Insurance. Borrowcr ehal] irisure all improveinents on t6e Property, whether now in existence or subsequently erected, against any liazaeds, casualties, and contingencies, including tire,tbr which Lender reyuires insurancc. This insurance shall be maintaiued in tlie amounts and for the periods that Lender rcquires. Borrowcr shall also insure all improvements on the Property, whether now in existence or subseyucntly crcctcd,against loss by floods to the extent required by die Secretary. All insurance sliall be curried with companies approved hy Lendec The insurance policies u�d any renewals shall be l�eld by Lender and shall include loss payahlc clauses in favor of, and itt a form acceptable to Lender. In thc cvent of loss,Borrower shall give Lender immediate no[ice by mail. Lender may make proof of loss if not made promptly hy Borrower. Each insurance company concemed is l�ereby authorized and dircctcd to mxke paymcnt fur such loss dircctly to Lcndc�, instead of to Borrower and to Leuderjointly. All or any part of the insurance proceeds may be applicd by Lender,a[i�s option,either(a)to the[eduction of the indebtedness under the Note and this Security Instrumcnt,first to any dclinquent atnotmts applied in the order in paragraph 3, a�d then tu prepaymen[ of principaL or (b) to the restoration or repair of tl�e damaged Yroperty. Any application of the proceeds to the principal sh1]] not extend or postpone the due date of thc monthly payments which ace referred to in paragr�p6 2, or change the amoun[of such payments. Any cxcess insurance pcoceeds over an amount required to p2y all outstandiug indebtedness under the Notc a�d this Seci�rity Instriuncnt shall be paid to thc entity legally entitled tliereto. In the event of f'oreclosure of this Security Instrwnent or other transfer of title to the Property that � extinguishes the indebtedness, ali rigl�t, tikle and interest of Rorrower in and tu insurance policies in force shall pass to the purchaser. � 5. Occupancy, Nreservation, Maintenance and Protection of the property Borrower's l,oan Applicalion; Leaseholds. Borrowcr shxl] occupy, cstablish, and usc the Properry as Borrower's principal residence within sixty days xfter the crecution of this Seeurity lnsirument and shall continue to occupy die Property as Borrower's principal residenee for at lcast one ycar after the date of occupancy, unless the Secretary deic�mines this requiremen� will cause undue hardship for porrower, ar unless extenuating circumstances exist which a�e beyond Borrower's control. Borrower shall notify Lenders of any extcnua[ing FHA 5ebraska Deed ot Trust-Ofil1( �^3 391.1I � Page 3 oC 8