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20120539� 1111064621 Secretary, and Lender shall promptly refund any excess funds to Bonower. Immediately prior to a foreclosure safe of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for al.l installments for items (a), (b), and (c). 3. Applfcation of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows: First to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead of the monthly mortgage insurance premium; Secon to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premiums, as required; hird to interest due under the Note; FQU to amortization of the principal of the Notc; Fi to late charges due under the Note. 4. Fire, Flood and Other Hazard Insurance. Borrower shall. insure all improvements on the Property, whether now in existence. or subsequently erected, against any hazards, casnalties, and contingencies, including fire, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requices. Bonower shall also insure all improvements on the Property, whether now. in existence or subsequently erected, against loss by f�oods to the extent required by the Secretary. All insurance sha11 be cazried with companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to Lender. In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance company concemed is hereby authorized and directed to make payment for such loss directly to Lendcr, instead of to Borrower and to Lender joinfly. All or any part of the insurance pioceeds may be applied by Lender, at its option, either (a) to the reducdon of the indebtedness under the Note and tlus Security Instrument, first to any delinquent amounts applied.in the order in paragraph 3, and then to prepayment of principal; or (b) to the restoration or repair of the damaged Property. Any application of the praceeds to the principal shall not extend or postpone the due date of the monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amovnt required to pay all outstanding indebtedness under the Note and this Secuzity Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occnpancy, Preservation, Maintenance and Protection of the praperty Borrower's Loan Applicabtoa; Leaseholds. Borrower shall occupy, esta.blish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless the Secretary determines this requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Bonower shall notify Lenders of any extenuating circvmstances. Borrow shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable weat and tear excepted. Lender may inspect the Property if the Property is vacant or abandoaed or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Boirovi�er sha11 also be in default if Borrower, during the loan application process, gave materially false oi inaccurate information or statements to Lender (or failed to provide Lender with any material 'vaformation) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a pzincipal residence. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If FHA Nebraska Deed of Trust - 06/11 � 391.11 Paga 3 of 8