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201401733
<br />LOAN IA # 0478056542
<br />referred to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an
<br />amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to
<br />the entity legally entitled thereto.
<br />In the event of foreclosure of this Security Instrument or other transfer of title to the Property that
<br />extinguishes the indebtedness, all right, tide and interest of Borrower in and to insurance policies in force shall
<br />pass to the purchaser.
<br />S. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan
<br />Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal
<br />residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or
<br />transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least
<br />one year after the date of occupancy, unless Lender determines that requirement will cause undue hardship for
<br />Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall
<br />notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or
<br />substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted.
<br />Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may
<br />take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in
<br />default if Borrower, during the loan application process, gave materially false or inaccurate information or
<br />statements to Lender (or failed to provide Lender with any material information) in connection with the loan
<br />evidenced by the Note, including, but not Limited to, representations concerning Borrower's occupancy of the
<br />Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with the
<br />provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be
<br />merged unless Lender agrees to the merger in writing.
<br />6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in
<br />connection with any condemnation or other taking of any part of the Property, or for conveyance in place of
<br />condemnation, are hereby assigned and shall be paid to Lender to the extent of the full amount of the
<br />indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds
<br />to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts
<br />applied in the order provided in paragraph 3, and then to prepayment of principal. Any application of the
<br />proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred
<br />to in paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay
<br />all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally
<br />entitled thereto.
<br />7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all
<br />governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower shall
<br />pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely
<br />affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender
<br />receipts evidencing these payments.
<br />If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any
<br />other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may
<br />significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to
<br />enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the
<br />Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items
<br />mentioned in paragraph 2.
<br />Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be
<br />secured by this Security Instrument. These amounts shall bear interest from the date of disbursement, at the
<br />Note rate, and at the option of Lender, shall be immediately due and payable.
<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless
<br />Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to
<br />Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings
<br />which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of
<br />the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender
<br />determines that any part of the Property is subject to a lien which may attain priority over this Security
<br />Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one
<br />or more of the actions set forth above within 10 days of the giving of notice.
<br />8. Fees. Lender may collect fees and charges authorized by the Secretary.
<br />9. Grounds for Acceleration of Debt.
<br />(a) Default. Lender may, except as limited by regulations issued by the Secretary, in the case of
<br />payment defaults, require immediate payment in full of all sums secured by this Security Instrument if
<br />(1) Borrower defaults by failing to pay in full any monthly payment required by this Security
<br />Instrument prior to or on the due date of the next monthly payment, or
<br />(ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations
<br />contained in this Security Instrument.
<br />(b) Sale Without Credit Approval. Lender shall, if permitted by applicable Iaw (including Section
<br />341(d) of the Gam -St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701 j -3(d)) and with the
<br />prior approval of the Secretary, require immediate payment in full of all sums secured by this Security
<br />Instrument if:
<br />FHA Nebraska Dead or Truer whi MERS • 4196
<br />NEFMM3 - 09022013
<br />Initia
<br />Amended 04106
<br />Page 3 of 6 Vwww.ProCtaea.cam
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