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<br />200801606
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<br />Payments are deemed received by Lender when received at the location desIgnated In the Note or
<br />at such other location as may be designated by Lender In aooordance with the notice provisions in
<br />Section 15. Lender may return any payment or partial payment if the payment or partial payments are
<br />insufficient to bring the loan current. lender may accept any payment or partial payment Insufficient
<br />to bring the loan current, without waiVer of any rights hereunder or prejudice to its rights to refuse
<br />such payment or partial payments in the future, but lender Is not obligated to apply ,uch payments at
<br />the time such payments are accepted. If each Periodic Payment Is applied as of its scheduled due
<br />date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds
<br />until Borrower makes payment to bring the Loan current. If Borrower does not do so within a
<br />reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not
<br />applied earlier, such funds will be applied to the outstanding prinCipal balance under the Note
<br />immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future
<br />against Lender shall relieve Borrower from making payments due under the Note and this Security
<br />Instrument or performing the covenants and agreement secured by this Security Instrument.
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<br />2. Applloatlon of Payments or Prooeed.. Except as otherwise described in this Section 2,
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<br />all payments accepted and applied by Lender shall be applied in the following order of priority; (a)
<br />interest due under the Note: (b) principal due under the Note; (c) amounts due under Section 3. Such
<br />payments shall be applied to each Periodic Payment in the order in which it became due. Any
<br />remaining amounts shall be applied first to late charges, second to any other amounts due under this
<br />Security Instrument, and then to reduce the prlnclpalbalance of the Note.
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<br />If Lender receives a payment from Borrower for a delinquent Periodic Payment which Includes a
<br />sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment
<br />and the late charge. If more than one Periodic Payment Is outstanding, Lender may apply any
<br />payment received from Borrower to the repayment of the Periodio Payment if, and to the extent that,
<br />each payment can be paid in fuJl. To the extent that any excess exists after the payment is applied to
<br />the full payment of one or more Periodic Payments, such excess may be applied to any late charges
<br />dUe. Voluntary prepayments shall be applied first to any prepayment charges and then aa described
<br />in the Note.
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<br />Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due
<br />under the Note shall not extend or postpone the due date, or change the amount of the Periodic
<br />Payments,
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<br />3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments
<br />are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of
<br />amounts due for: (a) taxes and assessments and other items which can atlain priority over this
<br />Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground
<br />rents on the Property, if any; (c) premiums for any and all Insurance required by Lender under Section
<br />5: and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender In lieu of
<br />the payment of Mortgage I nsurance premiums in accordance with the provisions of Section 10. These
<br />items are called "Escrow Items," At origination or at any time during the term of the loan, lender may
<br />require that communIty Association Dues, Fees, and Assessments, if any, be escrowed by Borrower,
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<br />MEM MCIOllll<<l Form 30U 11111
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<br />4200055
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<br />NEBRASKA-8I"Gl" _I~~_E UAElFREDDIE MAC UHlFOR*o1 INSTRUMENT
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