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<br /> _: ..;,L:.� BORROW�R COVENANTS that 8orrowcr is lawfuliy sciscd of thc estate hcrchy convcyc�and has the dght to _ _
<br /> , ' grant and convey thc Aroperty a��d that thc Prapcny is unencumbcred, exccpt for encumbrances of record. Borrowcr —
<br />•"���� �� warrants and will defend generaliy the tltle to the Propeny agalnst all claims nnd demands, subject to any encumbrances
<br /> ' ' �� of record,
<br /> _:":r TEi1S SECURITY INSTRUM�NT combines uniforrn covenants for national use and non-uniform covenants with
<br /> _ . ,�� � Umited varlations by jurisdiction to constltute a unlform sec:urity instrument cavcring real property. __ _
<br /> .,� ,.� _--:
<br /> '�-°'.'a��� ,� UNIFORM COVBNANTS, Borrower and Lender covenant and agree as follows:
<br /> 1. pi�ma�� pf princip�J, �nte;at �od L�te Chuge. E3orrowcr shall pay when dua the principal of,and interesc
<br />_,� on, the debt evidenced by the Note and late charges due under the Note.
<br /> 2, MoWhly Payment of Tua.ln:urana� ud Otber Ch�rBea• Borrower shall include in cach monthly payment,
<br /> - ,,� together with the principal and interest as set fonh in tl�e Note and any late charges, a sum For(a) taxes and special
<br /> ^'� 'O assessments levied or to be levied against d�e Property, (b) lcaschold payments or ground rents on the Property. and
<br />-�y'`'''��' (c) premiums for insurance required under paragraph 4, in any year in which the Lender must pay a mort�age
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<br />__:;cL;,; . insurance premium to the Sec:retary of Housing and Urban Development ("Secretary"),or in any year in which suc
<br /> ?.���i: premium would have 6een requlred if Lender still held the Security Instrument, each monthly payment shall also
<br /> ,�:'a„�. v. include either: (i) a sum for the annual mortgage insurance premium to be paid by l.,ender to the Secretary, or (ii) a
<br />-�:;_ � �' monthly charge instead of a mortgage insurance premium if chis Security instrument is held by the Secretary. in a
<br /> =�u'�'� reasonable amount to be determined by the Secretary, Except for the monthly charge by the Secretary, these items
<br />_.•.-.�.».,. _
<br />-::,°"�s�:;�' are called "Escrow ltems" and the sums paid to Lender are called "Escrow Funds."
<br /> _`;-�+'. I.ender inay,at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceecl the �
<br /> ����""-�i maximum amount that may be required for Borrower's escrow account �mder the Real Bstate Settlement Procedures
<br />_ '� ,T� � Act of 1974,12 U.S.C.§2601 et s ,and implementing regulations, 24 CFR Part 3500,as they may be amended from
<br /> *�'�:
<br /> _ ;t.•� '' time to time ("RESPA"), except that the cushion or reserve psrnutted by RESPA for unanticiputed disbursements or
<br />--`� — disbursements before the Barrower's payments are available in the account may not be based on amounts due for the
<br /> -�� mortgage insurance premium.
<br />=�.`%�; If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, Lender shall
<br /> �'"'�i�'., acwunt to Borrower for the excess funds as reyuired by RESPA. If the amounts of funds held by I.ender at any time
<br />;""�`�f��� are not sufficient to pay the Escrow Items when due, l.ender may notify the Borrower and require Bonawer to make
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<br />,,�b�_ up the shortage as permitted by RESPA.
<br />_ �:.:�:m� The Escrow Funds aze pledged as addittonal securiry ior�li�uu,� ��:ar�+ hy ih:s�u.:i, ir.s!^as!+�nt. if Anrrower
<br /> :_�.���r;+r•. tenders to Lender the full payment of all such sums, Borrower's account shall be credited with the balance remaining
<br /> ���'_-= for all installment items (a),(b),and(c) and any morcgage insurance premium installment that I.endcr has not become
<br /> ����="�� obligated to pay to the Secretary, and i.ender shall promptly refund an;�excess funds to Bonower. InunMiately prior
<br /> _ to a foreclosure sale of the Pro{tierty or its acquisition by Lender, Borrower's account shall be credited with any balance
<br /> -�_e.;�� remaining f�r all instaliments far items (a), (b),and (c),
<br /> — 3. Applic�tion of Paymrats. All paymen[s undcr puragraphs 1 and 2 shall be applied by Lender as follows:
<br /> .,���� FIRST, to the mortgage insurance premium to be paid by l.ender to the Secretary or to the monthly charge hy the
<br /> Sec;retacy instoad of thc monthly mongage Insurancc premium;
<br /> ��"� SECOND, to any taxes,special assessments, leasehold payments or ground rents, and fire,flood and other hazard
<br /> ___ insurance premiums, as requiced;
<br /> --- THII�D, to interest due under the Note;
<br /> �"~ FOURTH, to amortization of the principal of the Note; and
<br /> ��� FIFI'H, to late chazges due under die Note,
<br /> --�� 4. Fire.Flood �nd Othcr Ha�ud lnsura�• Borrower shall insurc all improvements on the Praperty, whether
<br /> _,,.;:-�m�, now in existence or subsec{uendy erected, against any hazards, casualties, and contingencies, including fire,for which
<br /> `-•�»�'�:� Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Ixnder
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<br /> �;��� requires. Borrower shalt also insure all improvements on the Property, whether now in existence or subsequent y
<br /> -�� erected, against loss by floods to the extent required by the Secretary. All insurance shall be carried with companies
<br /> �.�,_'�_`T�`.
<br /> =•�-�-�.."� approved by Lender. The insurance policics and any renewals shalt be held by Lender and shall include loss payab e
<br />� cluuses in favor of,and tn a form acceptable to, Lender.
<br />-:'�k� � ln the event of loss,Borrower shall give Lender immedlate notice by mail. Lender may make proof of loss if not
<br /> _--�• • •: • ,, made promptly by Boxrower. Each insurance company concemed is hereby authorized and directed to make payment
<br /> °;��*�,�• � for such loss directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance
<br /> '''`��`� ' proceeds may he applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and
<br /> - � � .`, � this Security Instrument, first to any delinquenc amounts applied in the order in paragraph 3,and then to prcpaymtnt
<br /> •� � , of principal, or (b) to the restoration or repair of the damaged Property. Any application of thc proceeds to the
<br /> , principal shall not extend or postPone the due date of the monthly payments which are referred to in paragraph 2,or
<br /> ��'�� change the amount of such payments. Any excess insurance proceeds over an amount required to pay ail outstanding
<br /> �" indebtedness under the Note and this Security Instrument shall be paid to the entity legally entided diereto.
<br /> � in the eveut of forcclosure of this Securiry Instrument or othcr transfer of tide to the Property that cxtinguishes _-
<br /> � the indebtedness, all rigUt, title ar►d interest of Borrower in and to insurance policies in furce shall pass to the
<br /> ' , purchaser. '
<br /> y,.-�� ' t_ 5. Occupancy� Prese.'rvation� Mainu.�oancc and Protaxion of We Property; Fiorrowa's i�n Application;
<br /> ��. . _ . .. . --^----••--'....�:«..:....1 .nci�innr� withiO CIXtV(�AVS '
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<br /> � Ir�..�o1ds, Borrower shall occupy,estabusn, ana use me rruper�y �+���<<�w�• a r�••.�.r�• •-----•--- ---- - - __
<br /> ' aftcr the cxecution of this Sccurity [nstrumciit (or within sixty days of a later sale or trausfer of tlie Property) and sliall
<br /> continue to occupy thc Property as Borrow•er's principal residence for at lcast one ycar after ttic date of occupancy,
<br /> unless Lender dctermines that requirement will causc undue hardship for Borrower, or unless extenuating
<br /> circumstances exist which are beyond Borrower's control, Borrower shall notify Lender of any extr.nuating
<br /> G/96
<br /> NL�ISRASKA-PHA llIiAD OP TRUST
<br /> Ibeuncm S�ncnu.hc.1tl00)6�9.UU2 Pagc 2 uf 6
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