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20120606� 2. Application o�F Payments or Proceeds. Except as otberwise describe� in this Saction 2, all payments acc�pted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) az�imts dua under Section 3. Such payments shall be applied to each Periodic Pay�nt in the order in which it became due. Any remaining amounts shall be applied first to late charges, s�ond to any other amo�mts due imder t1�is Security Instrument, and then to reduce the principal balance of the Note. � If Lender re�aives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient a�unt to pay any late charge due, the payment may be applied to the delinquent payment �d the late charge. If mora than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments i� and to the extent that, each payment can be paid in full. To the extent that any excess e�rists after the pay�nt is applied to the full payment of one or more Periodic Pay�nts, such excess may be applied to any late cherges due. Voluntary prepaymeats shall be applied first to any prepayment charges and then as descn'bal in the Note. Any application of payments, insurance procceds, or Miscellan�us Proce�s to principal due undar the Note sha11 not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Ite�ris. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessnnents and other items wlrich c�n attain priority over this Se�urity Instrument as a lien or encumbrance on the Properiy; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (c� Mortgage Insurance praminms, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgaga Insurance pramiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Feas, and Ass�ssments, if any, be escrowed by Borrower, and such dues, fce�s and ass�sments sha11 be an Escrow Item. Borrower shall promptly furnish to Lender all notices of a�nounts to be paid under this Section. Bonower shall pay Lender the F�mds for Escrow Items unless I.ender waives Borrower' s obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower' s obligation to pay to Lender Funds for any or aJl Escrow Items at any ti�. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which paya�nt of Funds has been waived by Lender and, if Lender requires, shall fumish to Lender raceipts evidencing such payment within such ti� period as Lender may require. Borrower's obligation to make such payments and to provide r�eipts shall for all purposes be de�emed to ba a covenant and agreement contained in this Security Instrummt, as the phrase "covenant and agreement" is useri in Section 9. If Bonower is obligated to pay Escrow Items dire�tly, pursuant to a waiver, and Harrower fails to pay tha aa�unt due for an Escrow Item, Lender may axercise its rights under Section 9 and pay such amount and Honower ahall then be obligated under Section 9 to repay to Lender any such a�unt. Lendar may revoke the waiver as to any or a11 Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such a�unts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the tu�e specified under RESPA, and (b) not to excxed the maximunn amount a lender c�n require under RESPA. Lender sha11 estimate the atnount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or othervvise in accordance with Applicable Law. NEBRASKA�Sirq�le FamBy-FanNe Mae/Freddie Mac UNIFORM INSTRUMENT WITH�MER Form 3038 VMP6A(NE) (1106) Woltere Kluw� Fb�ar�l Servbes Page 6 of 17