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<br />200607504
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<br />V2 WBCD LOAN # 501154530
<br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with
<br />limIted variations by jurisdiction to constitute a uniform security Instrument covering real property.
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<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment or Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay
<br />when duethe principal of, and intereston, the debt evidenced by the Note and any prepayment charges and latecharg9s
<br />due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the
<br />Note and this Security Instrument shall be made in U.S. currency. However, If any check or other Instrument received
<br />by Lender as payment under the Note or this Security Instrument Is returned to Lender unpaid, Lender may require that
<br />any orall subsequent payments due under the Note and this Security Instrument be madl'l in one or more ofthe following
<br />forms, as selected by Lender; (a) cash; (b) money order; (c) certffied check, bank check, treasurer's check or cashier's
<br />check, provIded any such check Is drawn upon an institution whose deposits are Insured by a federal agency,
<br />Instrumentality, or entity; or (d) Electronic Funds Transfer.
<br />Payments are deemed received by Lender when received at the location designated In the Note or at such other
<br />location as may be designated by Lender in accordance with the notice provisions in Section 15, L9nd9r may return any
<br />payment or partial payment If the payment or partial payments are Insufllclent to bring the Loan current. Lender may
<br />accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or
<br />prejudice to Its rights to refuse such payment or partial payments In thefutura, but Lender is not obligated to apply such
<br />payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date,
<br />then Lender need not pay Interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes
<br />payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall eIther
<br />apply such funds orretum them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal
<br />balance under the Note Immediately prior to foreclosure, No offset or claim which Borrower mIght have now or In the
<br />future against Lender shall relieve Borrower from making payments due und9r the Note and this Security Instrument
<br />or performing the covenants and agreements secured by this Security Instrumant.
<br />2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments aocepted
<br />and applied by Lendar shall be applied In the following order of priority: (a) interest due under the Note; (b) principal
<br />due undar tha Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment In thl'l
<br />order In which It became dUe. Any remaining amounts shall be applied firstto late charges, second to any other amounts
<br />due under this Security Instrument, and then to reduce the principal balance of the Note.
<br />If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount
<br />to pay any late charge dU9, the paym9nt may be applied to the delinquent payment and the late charge. If more than
<br />one Perlodlc Payment Is outstanding, Lender may apply any paymant received from Borrower to the repayment of the
<br />Periodic Payments if, and to the extent that, each payment can be paid In full, To tha extent that any excess exists afler
<br />the payment Is applied to the fuli payment of one or more Periodic Payments, such excess may be applied to any late
<br />charges dUe. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note,
<br />Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall
<br />not extend or postpone the due date, or change the amount, of the Periodic Payments.
<br />3, Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments ara due under the Note,
<br />until the Nota Is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments
<br />and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b)
<br />leasehold payments or ground rents on the Property, If any; (c) premiums for any and all Insurance requIred by Lender
<br />und9r Section 5; and (d) Mortgage Insuranc9 pr9miums, If any, or any sums payable by Borrower to Lender In lieu of
<br />the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called
<br />"Escrow Items." At origination or atanytlme during the term of the Loan, Lender may requIre that Community Association
<br />Dues, Fees, and Assessments, If any, be escrowed by Borrower, and such dues, fees and assessments shall be an
<br />Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under thIs Section. Borrower
<br />shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or
<br />all Escrow Items. Lender may waive Borrower's ob lig aUon to pay to Lender Funds for any or all Escrow Items at any time.
<br />Any such waiver may only be In writing. In the event of such waiver, Borrower shall pay directly, when and where payable,
<br />the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires,
<br />shall furnish to Lender receipts evldenolng such payment within such time period as Lender may require. Borrower's
<br />obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and
<br />agreement contained in this Security Instrument, as the phrase "covenant and agreement" Is used In Section 9. If
<br />Borrower Is obl!gated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for
<br />an Escrow Item, Lender may exercise Its rights under Section 9 and pay such amount and Borrower shall then be
<br />obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow
<br />Items at any time by a notice given In accordance with Section 15 and, upon such revocation, Borrower shell pay to
<br />Lender all Funds, and In such amounts, that are then required under this Section 3.
<br />Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at
<br />the time specified under RESPA, and (b) notto exceed the maximum amount e lender can require under RESPA. Lender
<br />shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures offuture
<br />Escrow Items or otherwise In accordance with Applicable Law.
<br />The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumenlal!ty, or entity
<br />(including Lender, if Lender is en institution whose deposits are so Insured) or In any Federal Home Loan Bank. Lender
<br />shall apply the Funds to pay the Escrow Items no later than the time specffied under RESPA. Lender shall not charge
<br />Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items,
<br />unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless
<br />an agreement is made In writing or Applicable Law requJres Jnterestto be paid on the Funds, Lendershall not be required
<br />to pay Borrower any Interest or 9amlngs on the Funds. Borrower and Lender can agree In writing, however, that Interest
<br />shall be paid on the Funds. Lendershallgiveto Borrower, without charge, an annual accounting of the Funds as required
<br />by RESPA.
<br />Ifther91s a surplus of Funds held In escrow, as defined under RESPA, Lender shall account to Borrowerforthe
<br />excess funds in accordance with RESPA.lfthere is ashortage of Funds held In escrow, as defined under RESPA, Lender
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<br />NEBRASKA-Single Fllmily-Fllnnle Mile/Freddie Mac UNIFORM INSTRUMENT Form 30281/01 Ini tia1s: 11..~ ~
<br />@ 1 ggg.2Q04 Online Documents, Ine. Pago 3 of 9 NEEDEED - 02
<br />08-18-2006 10:21
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