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20120503� <br />BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to <br />grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. <br />Bonower wartants and will defend generally the title to the Property against all claims and demands, subject to <br />any encumbrances of record. <br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with <br />limit�l variations by jurisdiction to constitute a uniform security instrument covering real property. <br />Uniform Covenants. Bonower and Lender covenant and agree as follows: <br />1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower <br />shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment <br />charges and late charges due under the Note. Borrower shall also pay fimds for Escrow Items pursuant to <br />Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. <br />However, if any check or other instrument received by Lender as payment uader the Note or this Security <br />Instrument is returned to Lender uz►paid, Lender may require thaz any or all subsequent payments due under <br />the Note and t�is Security Instrument be made in one or more of the foltowing forms, as �le,cted by Lender: <br />(a) cash; (b) money order; (c) certifiecE che,ck, bank check, treasarer's check oa cashier's check, provid� any <br />such check is drawn upon an institution whose deposits are insure� by a�cleral agency, instrumentality, or <br />entity; or (d) IIeetronic Fimds Transfer. <br />Fayments aze deemed received by Lenc�er when re,ceived at the Iocation designated in the Note or at such <br />other Iocation as may be designated by I,ender in accordance wit�, the notic.e provisions in Section 15. <br />L.encter ma� return any payment or parcial payxnent if the payment or partial payments are insufficient to <br />bring the Y.,4an current. Lencter may accept any payment or garkiat ga�ent insufficient to bring the Loan <br />current, without waiver of any rights hereuuder or prejudice to its rights to refuse such payment or partial <br />payments iu the future, but �nder is not obligated to apply such pay� at the rime such payments are <br />accepted. If each Periadic Fayment is ap�lied as of its schedul�: due date, thea Lender geed not gay interest <br />o� unagplied funds. I,ender may hoId such unapplied fimds until Borrower makes payments to bring the <br />Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such <br />funds or reliun them to �orrower. If not applied earlier, such fimds wilI be applied to the outstanding <br />principal batance under the Note i�iateIy prior to fore,closure. No offset or claim which Borrower might <br />have now or in tfie future against Lender shall relieve Borrower from making payments due under the Note <br />az►d tfiis Security Iffitrument or perfarming the covenants auct agreements secu.red by this S�urity <br />incin,mQnt, <br />2. Application of Payments or Proceeds. Except as otherwise descn'bed in t1�is Section 2, all payments <br />accepted and applied by Lender shatl be applied in the followiag order of priority: (a) interest due under the <br />Note; (b) principal due under the Note; (c) amounts due uncter Section 3. Such payments shall be applied to <br />each Periodic Payment in the order in wluch it became due. Any remaining amounts shall be applied first to <br />late charges, s�ond to any other am�unts due under this Security Instrument, and then to reduce the <br />principal balance of the Not�. <br />If Lender r�eives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient <br />amount to pay any late charge due, the payment may be applied to the delinquent payment and the late <br />charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from <br />Bonower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in <br />full. To the extent that any excess exists after the payment is applied to the full payment of one or more <br />Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be <br />applied first to any prepayment charges and then as described in the Note. <br />NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT <br />VMP � <br />Wolters Kiuwer Financial Servic� <br />Form 3026 7/01 <br />VMP6(NE) (1105) <br />Page 4 of 17 <br />�i ' _ � � , <br />