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201206271 until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds wi11 be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instniment or perfarming the covenants and agreements secured by this Security Instniuient. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted 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)aznounts due under Section 3. Such payments shail be applied to each Periodic Payment in the order in which it became due. Any remaining amounts sha11 be applied first to late chazges, second to any other amounts due under this Security Instnament, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which 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 Borrower to the repayment of the Periodic Fayments 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 chazges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds,or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. I�nds for Escrow Items. Borrower sha11 pay to Lender on the day Periodic Payments aze due under the Note, until the Note is paid'm full, a sum(the "Funds") to provide for payment of amounts due for. (a)taxes and assessments and other items which can attain priority over this Security Instniment as a lien or encumbrance on the Property; (b) Ieasehold payments or ground rents on the Property, if any; (c)premiums for any and a1T insurance required by Lender under Section 5;and(d)Mortgage Insurance premiuins,if any,or any sums payabie by Borrower to L,ender in lieu of the payment of Mortgage Insurance premiuins in accardance with the provisions of Section 10. These items are called"Escrow Items." At origination or at any time during thexerm of the Loan,Lender may require that Community Association Dues,Fees,and Assessments,if any,be escrowed by Borrower,and such dues,fees and assessments sha11 be an Escrow item. Borrower shali promptly fumish to Lender a11 notices of amounts to be paid under this Section. Barrower shall pay Lender the Funds for Escrow Items unless L.ender waives Borrower's obligation to pay the Funds for any ar all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. 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 payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as L.ender may require. Borrower's obligation to make such payments and to provide receipts sha11 for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly; pursuant to a waiver,and Borrower fails to pay the amount due for an Escrow Item,Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Fscrow 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 amounts,that are then required under this Section 3. Lender may,at any time,collect and hold Funds in an amount(a)sufficient to pernut L.ender to apply the Funds at the tune specified under RESPA, and(b)not to exceed the iliaximum amount alender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits aze insured by a federai agency, instruinentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender sha11 apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender � -� NEBRASK�=S'r�igle Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT pndyaglc�i7t1II� Form 3028 1/01 Page 4 of 14 www.docmagic.com