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200809698 Secretmy. and Lender shall promptly refund any excess funds to Borrower. Inunediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all instalIments for items (a), (b), and (c). 3. Aplllication of Payments. All payments under paragraphs I and 2 shall be applied by Lender as follows: F[RST, to the mortgage insurance prenlium to be paid by Lender to the Secreta!)' or to the monthly charge by the SecretaI)' instead of the monOlly lnortgage insurance premium; SECOND. to any taxes, special assessments, leasehold payments or ground rents. and fire, flood and other hazard insurance premiums, as required; THIRD. to interest due under the Note: FOU RTH. to amortization of the principal of the Note; and FIFTH. to late charges due under the Note. 4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies. including fire, for which Lender requires insurance This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall also insure all improvements on the Property. wheOler now in existence or subsequently erected, against loss by Ooods to the e^-1ent required by the SecretiUY. All insurance shall be carried Witll companies approved by Lender. The insurance policies and any ICnewals shall be held by Lender and shall include loss payable clauses in Ii,lvor of. and in a form acceptable to, Lender. [n the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be applied by Lender. at its option, either (a) to the reduction of the indebtedness under the Note iUld this Security Instrument, fin;t to imy delinquent amounts applied in the order in paragraph 3, and then to prepayment of principaL or (b) to the restoration or repair of the damaged Property. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of tllis Security Instrument or other transfer of title to the Property that extinguishes the indebtedness. all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occullancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender detennines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which arc beyond Borrower's control. Borrower shall notify Lender of any extenuating circulllstiUlces. Borrower shall not e0111mit waste or destroy. damage or substantially change the Property or allow the Property to deteriomte, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender nlily take reasonable action to protect iUld preserve such vacant or ab,Uldoned Property Borrower shall also be in default jf Borrower, during the loan application process, gave materially false or inaccurate infonnation or statements to Lender (or hliled to provide Lender with lmy material infonnation) in connection with the loan evidenced by the Note, including, but not limited to, representations conceming Borrower's occupancy of the Property as a principal residence. [I' this Security Instnunent is on a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be lllerged unless Lender agrees to the merger in writing. 6. Condemnation. 'rhe proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property. or for conveyance in place of condcnmation, are hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply sllch proceeds to tile reduction of the indebtedness under the Note and litis Security Instrument, first to any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, wllich arc referred to in paragraph 2, or change the amount of such payments. Any excess proceeds over i:Ul iunount required to pay all outstanding indebtedness under Ole Note and tIus Security Instrument shall be paid to tile entity legally entitled Olereto. 7. Charges to IJorrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or mUlucipaJ charges, fines and impositions that are not included in paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the paynlent. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments, NEBRASKA FHA DEED 01" TRUST MERS ITEM 2696L3 (0709) GreatDocs™ (Pag" 3 of 7) Cite; S'{C6