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20120335� BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Bonower warrants and will defend generally the title to the Property against all claitns and demands, subject to any encumbrances of record. THIS SECURITY IN5TRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. Uniform Covenants. Bonower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Bonower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Fscrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instnunent received by Lender as payment under the Note or this Security Instrument is returne� to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and ttus Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified che.ck, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution wfiose deposits are insured by a federat agency, instrumentality, or entity; or (d) IIecaronic Funds Transfer. Payments ate deemed r�eived by Lender when receive� at the location designated in the Note or at such other locarioa as ma.g► be designated by Lender in accordance �vith the norice provisions in Section I5. Lender may return azry payment or partial payment if the payment or partial payments are insufficient to bring the L,o� cur�eat. Lendea may accept any payment or partial payment insufficient to bring the i.oaB current, without �raiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, b�xt Lender is aot oblig�ed to apply such payments at the time such payments are acceptert. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. �:ender may hold such u�.pplied funds unril Bvrrower makes payments to bring the Loazt current. If Borrower does not do so within a reasonable period of tirne, L.ender shall either apply such fu.nds or return the� to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to fore�closure. No offset or claim which Borrower might have now or in the futvre against Lender shall relieve Borrower from maldng payments due under the Note and this Security Instcv.ment or performing the covenants and agre,ements se.cured by this Security Imstrument. 2. Application of Raymertts or Proceeds. Except as otherwise described in ttris Secrion 2, all payments accepted and applie� by Lender shall be applied in the foliowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) aznounts due under Secrion 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts sha11 be applied first to late chazges, s�ond to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment wluch includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Bonower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT VMP � Wokars Kluwer Financial Services Form 3028 7 /01 VMPB(NE) (1105) Page 4 of 17 1 • , � �