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200708773 days established by Applicable Law after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whetIwr or not then due. Unless Lender and Borrower otherwise ab'l'ee in writing, any application of proceeds to principal shall not extend or postpone the due date of the payments Payment of Principal and Interest; Late Charges and Funds for Taxes and Insurance or change the amOlUlt of such payments. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization ofthe sums secured by this Security Instrument granted by Lend('T to any successor in interest of Borrower shall not operate to relea~e the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modity amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. Successors and Assigns Bound; Joint and Several Liability; Accomodation Signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, su~ject to the provisions of section titled Transfer of the Property or a Beneficial Interest in Borrower. Borrower's covenants and agreements shall be joint and several. Any person who CO-sib'llS this Security Instrument but does not execute tile Note ("Accomodation Signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey that Accomodation Signer's interest in the Property under the terms of the Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations witll regard to the terms of tllis Security Instrument or tIle Note without that Accomodation Signer's consent. Loan Charges. If the loan secured by this Security Instrument is su~ject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection WitIl the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amoUllt necessary to reduce the charge to the permitted limits and (b) any sums already collected from Borrower which exceeded permitted limits will be renUlded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payme1lt to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under tlle Note. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless Applicable Law requires use of anotIler method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in tIlis Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. Governing Law; Severability. This Security Instrument shall be governed by federal law and the laws ofthe state of Nebraska. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given dIect witIlOut tIle conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. Borrower's Copy. Borrower shall be given one conformed copy of this Security Instrument. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) unless the Note shows that Borrower's loan is assumable, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If the Note shows that Borrower's 100Ul is assumable, Borrower must obtain Lender's written permission for an assumption and <G 2004-2007 Copyright Compliance S",tCQm. ''''', 8C9C-34C9 - 2007,01.201 CorllluHler Real Elltal.e - Security IIl.'!lt,rutIl~mt DL2036 Page 5 ()r~ www.compliancesysl.crn!1.com ~00.96~.~S22. Pax 616.9S6-1~6~