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<br />200710386
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<br />payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial
<br />payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such
<br />paynH:':nt or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are
<br />accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds.
<br />Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does nol do so
<br />within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such
<br />fnnds will be applied to the outstimding principal balance under the Note immediately prior to foreclosure. No offset or claim
<br />which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the
<br />Note and this SecUlity Instnul1ent or performing the covenants and agreements secured by this Sccurity Instrument.
<br />2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and
<br />applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the
<br />Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it
<br />became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security
<br />Instnunenl, and then to rccluce the principal balance of the Note.
<br />H Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay
<br />any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic
<br />P,tyment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if,
<br />and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the
<br />full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments
<br />shall be applied first to any prepayment charges and then as described in the Note.
<br />Any application of payments, insurmlce proceeds, or Miscellaneous Proceeds to principal due under the Note shall not
<br />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 are due under the Note, until
<br />the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other
<br />items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold paYlnents
<br />or ground rents on the Property, if any; (c) premiums for any mld all insurance required by Lender under Section 5; and
<br />(d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage
<br />Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or
<br />at any time during the term of the Loan, Lender may require that Conmlllnity Association Dues, Fees, and Assessments, if any,
<br />be escrowed by Borrower, and such dues, fees mld assessments shall be an Escrow Item. Borrower shall promptly fumish to
<br />Leuder all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless
<br />Leuder waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to
<br />pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such
<br />waiver, Borrower shall pay directly, when and where payable, the mnounts due for any Escrow Items for which payment of
<br />Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within
<br />snch time period as Lender may require. Borrower's obligation to make such payments mid to provide receipts shall for all
<br />pnrposes he deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and
<br />agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, mId Borrower
<br />fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and
<br />Borrower shall then be obligated under Section 9 to repay to Lender any such mnount. Lender may revoke the waiver as to any
<br />or ,tll Escrow Items at any time by a notice given in accordmlce with Section 15 mld, upon such revocation, Borrower shall pay
<br />to Lender all Funds, and in such amounts, that are then required under this Section 3.
<br />Lender may, at any time, collect mld hold Funds in an mllOlll1t (a) sufficient to permit Lender to apply the Funds at the
<br />tillle specified nnder RESPA, and (b) not to exceed the maximum amount a lender cml require under RESPA. Lender shall
<br />estimatc the amount of Funds due on the basis of current c1ata and reasonable estimates of expenditures of future Escrow Items
<br />or otherwise in accordance with Applicable Law.
<br />TIll': Funds shall be held in ml institution whose deposits are insured by a federal agency, instrumentality, or entity
<br />(including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall
<br />apply the Funds to pay the Escrow Items no later thml the time specified under RESPA. Lender shall not charge Borrower for
<br />holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays
<br />Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in
<br />writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest
<br />or earnings on the Fnnds. Borrower and Lender cml agree in writing, however, that interest shan be paid on the Funds. Lender
<br />shall gi ve to Borrower, without charge, an mmual accounting of the Funds as required by RESP A.
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<br />NEBRASKA-Single Falllily--.Fannle Mae/l~rL"'dle Mac UNIFORM INSTRUMENT
<br />
<br />ITEM T2696L4 (0306}-MERS
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<br />(Page 4 oj 12 pages)
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<br />Form 3028 liOI
<br />
<br />GREATLAND.
<br />To Order Call: 1-600-530-9393 D Fax: 616-79H131
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