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20��031�� <br />1111063283 <br />pay the item when due, then Borrower shall pay to Lender any amount necessary to make up the deficiency <br />on or before the date the item becomes due. <br />As used in this Security Instrument, "Secretary" means the Secretary of Housing and Urban <br />Development or his or her designee. In any year in which the Lender must pay a mortgage insurance <br />premium to the Secretary, each monthly payment shall also include either: (i) an installment of the annual <br />mortgage insurance premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a <br />mortgage insurance premium if this Security Instrument is held by the Secretary. Each monthly installment <br />of the mortgage insurance premium shall be in an amount sufficient to accumulate the full annual mortgage <br />insurance premium with Lender one month prior to the date the full annual mortgage insurance premium is <br />due to the Secretary, or if this Security Instrument is held by the Secretary, each monthly charge shaU be in <br />an amount equal to one-twelfth of one-half percent of the outstanding principal balance due on the Note. <br />If Borrower tenders to Lender the full payment of all sums secured by this Security Instrument, <br />Borrower's account shall be credited with the balance remaining for all installments for items (a), (b) and (c) <br />and any mortgage insurance premium installment that Lender has not become obligated to pay to the <br />Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a <br />foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any <br />balance remaining for all installments for items (a), (b), and (c). <br />3. Application of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as <br />follows: <br />First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly <br />charge by the Secretary instead of the monthly mortgage insurance premium; <br />Second, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and <br />other hazard insurance premiums, as required; <br />Thir to interest due under the Note; <br />Fourth, to amortization of the principal of the Note; <br />Fifth, to late charges due under the Note. <br />4. Fire, Flood and Other Hazard Insurance. Bonower shall insure all improvements on the <br />Property, whether now in existence or subsequently erected, against any hazards, casualties, and <br />contingencies, including fire, for which Lender requires insurance. This insurance shall be maintained in the <br />amounts and for the periods that Lender requires. Borrower shall also insure all improvements on the <br />Property, whether now in existence or subsequently erected, against loss by floods to the extent required by <br />the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies and <br />any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form <br />acceptable to Lender. <br />In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof <br />of loss if not made promptly by Borrower. Each insurance company concerned is hereby authorized and <br />directed to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly. All <br />or any part of the insurance proceeds may be applied by Lender, at its option, either (a) to the reduction of the <br />indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order <br />in paragraph 3, and then to prepayment of principal, or (b) to the restoration or repair of the damaged <br />Property. Any application of the proceeds to the principal shall not extend or postpone the due date of the <br />monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess <br />insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this <br />Security Instrument shall be paid to the entity legally entitled thereto. <br />In the event of foreclosure of this Security Instrument or other transfer of title to the Property that <br />extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force <br />shall pass to the purchaser. <br />FHA Nebraska Deed of Trast - 06/11 <br />� 391.11 Page 3 of 9 <br />