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200801277 If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within the minimum number of 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, whether or not then due. Unless Lender and Borrower otherwise agree 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 amount of such payments. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time lor payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release 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 reftIse to extend time for payment or otherwise modifY amortization of the sums secured by this Security Instrument by reason or 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, subject 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-signs this S(X,wity Instrument but does not execute the 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) ab'Tees that Lender and any other Borrower may agree to extend, modifY, forbear or make any accommodations with regard to the tenn5 of this Security Instrument or the Note without that Accomodation Signer's consent. Loan Charges. If the loan secured by this Security Instrument is subject 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 with the loan exceed the permitted limit5, then: (a) any such loan charge shall be reduced by the amOlUlt necessary to reduce the charge to the permitted limits and (b) any sums already collected from Borrower which exceeded permitted limit5 will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a rc1imd reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge IDlder the 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 another 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 this 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 governa:1 by federal law and the laws oflhe 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 effeet without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declara:1 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 imma:Iiate payment in full of all sums secura:1 by this Security Instrument. However, this option shall not be 02004.2007 Copyright Complianoe S)'lt<mll.lnc. 8G9G-9174 - 2007.01.201 Connuner Re~ Estato ~ SCI:lurity Instrument Dl ,2036 Page 5 of8 www.complianCClIYlltenlll.COm HOO.968.8S22 . Fax 616.956.1868