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201203�9� <br />monthly payments which aze 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 sha11 be paid to the entity legally entitled thereto. <br />In the event of foreclosure of this Security lnstrument or other transfer of title to the Property that <br />extinguishes the indebtedness, all right, ritle and interest of Bonower in and to insurance policies in force <br />shall pass to the purchaser. <br />5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan <br />Application; Leaseholds. Bonower sha11 occupy, establish, and use the Property as Borrower's principal <br />residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale <br />or transfer of the Property) and shall continue to occupy the Property as Bonower' s principal residence for <br />at least one year after the date of occupancy, unless Lender determines that requirement will cause undue <br />hardship for Borrower, or unless extenuating circumstances exist which aze beyond Bonower' s control. <br />Borrower shall notify Lender of any extenuating circumstances. Bonower sha11 not commit waste or destroy, <br />damage or substantially change the Property or a11ow the Property to deteriorate, reasonable wear and tear <br />excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. <br />Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower <br />sha11 also be in default if Bonower, during the loan application process, gave materially false or inaccurate <br />information or statements to Lender (or failed to provide Lender with any material information) in <br />connection with the loan evidenced by the Note, including, but not limited to, representations concerning <br />Borrower' s occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, <br />Bonower shall comply with the provisions of the lease. If Bonower acquires fee title to the Property, the <br />leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. <br />6. Condemnation. The proceeds of any awazd or claim for damages, direct or consequential, in connection <br />with any condemnation or other taking of any part of the Property, or for conveyance in place of <br />condemnation, aze hereby assigned and sha11 be paid to Lender to the extent of the full amount of the <br />indebtedness that remains unpaid under the Note and this Security Instrument. Lender sha11 apply such <br />proceeds to the reduction of the indebtedness under the Note and this Security Instrwnent, first to any <br />delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any <br />application of the proceeds to the principal shall not extend or postpone the due date of the monthly <br />payments, which are referred to in paragraph 2, or change the amount of such payments. Any excess <br />proceeds over an amount required to pay all outstanding indebtedness under the Note and this Se,curity <br />Instrument sha11 be paid to the entity legally entitled thereto. <br />7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower sha11 pay all <br />governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower <br />shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would <br />adversely affect Lender' s interest in the Property, upon Lender' s request Borrower shall promptly fiunish to <br />Lender receipts evidencing these payments. <br />If Bonower fails to make these payments or the payments required by paragraph 2, or fails to perForm any <br />other covenants and agreements contained in this Securiry Instrument, or there is a legal proceeding that may <br />significantly affect Lender' s rights in the Property (such as a proceeding in bankruptcy, for condemnation or <br />to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the <br />Properiy and Lender' s rights in the Property, including payment of tal�es, hazard insurance and other items <br />mentioned in pazagraph 2. <br />0451203248 <br />FHA Deed of Trust-NE 4/96 <br />VMP p VMP4R(NE)(1109) <br />Walters Kluwer Flnencial Services Page 4 of 10 <br />