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200707305 4500029552 BORROWER COVENANTS that Borrower is lawfully seised uf the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered, except for encumbranccs of record. Borrower warrants and will defend generally the title to the Property against all c1ainls and demands, subjcct to any eneurnbranees of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unij(-lI'ln security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as f()l]ows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in u.s. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender ]1\ay require that any or all subsequent payments due under the Note and this Security Instrument be made in one or Inore of the f(>Ilowing forms, as selceted by Lender: (a) cash; (b) money order; (c) certified check, bank check, treaSllrer's check or cashicr's ehL'Ck, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entitv; or (el) Electronic Funds Transfer. Payments arc deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in aeeordancc with thc noticc provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments arc inSlllTieicnt to bring the Loan currcnt. Lender may accept any payment or partial payment insufficient to bring the Loan currcnt, without waivcr of any rights hcreundcr or prejudice to its rights to refuse such payment or partial payments in the future, but Lcnder is not obligated to apply slH.:h payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due (!:Ite, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment 1ll bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return Ihl.:111 to Ilorrower. Ifnot applied earlier, such funds will be applied to the outstanding principal balance undcr the Note inl]]\cdiatc]y prior to foreclosure. No offset or elaim which Borrower might have now or in the future against Ll.:ndcr shall rclil.:w Ilorrowcr from making payments due under the Note and this Security Instrument or perfonning the covenants and agrccments securcd by this Security Instrument. 2. Application of Payments or Proceeds. Exccpt as othcrwisc dcscribcd in this Section 2, all payments accepted and applied by Lender shall be applied in the f()llowing order of priority: (a) intcrest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall bl.: applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied lirst to late chargcs, sccond to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent I'eriodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applicd to thl.: dclinqul.:nt paynwnt and the late charge. Ifmore than one Periodic Payment is outstanding, Lender may apply any paymcnt received fronl Borrowcr to the rcpayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To thc extcnt that any CXCl.',S exists after the payment is applied to the full payment of one or more Periodic Payments, such exccss may be applied to any 1,11e dl,.lrges duc_ Voluntary prepayments shall be applied first to any prepayment charges and then as describcd in the Note. Any application of payments, insurance prol.:eeds, or Miscel!:lnl.:OllS Proceeds to principal due under the Note shall not extend or postpone the due date, or change thc amount, of thc Pcriodie I',]ymcnts. 3. Funds for Escrow Items. Borrowcr shall pay 10 Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide f(lr paymcnt of al]\ounts due f(x: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encl]lIlhrance on the Propcrty; (b) leasehold payments or ground rents on the Property, if any; (c) premiullls 1(11' any and al] insuranlT required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums pHyable by Ilorrower to l,emkr in licu of thc payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items arc ealkd "Escrow Itcms." At origination or at any time during the term of the Loan, Lender may require that Cornmunity Association DUL'';, Fces, and Assessments, if any, be escrowed by Borrower, and such dues, fees and asseSSlnents shall bc an Escrow Item. Borrowcr shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lendcr thc Funds for [:;now Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lcnder Inay waive Borrowcr's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only bc in writing. In the CWllt of such waiver, Borrower shall pay directly, when and NEBRASKA-- Single Family dFannic Mac/Freddie Mac UNIFORM INSTRUMENT """') 338.25 Page 3 0( / / Form 3028 1/01 drh lD$'