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2/11/2009 3:41:52 PM
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200900948
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<br />200900948 <br /> <br />and sell the Property; and to take any action required of Lender including, but not limited to, releasing or canceling <br />this Security Instrument. <br />BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to <br />grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower <br />warrants and will defend generally the title to the Property against all claims and demands. subject to any <br />encumbrances of record. <br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with <br />limited variations by jurisdiction to constitute a uniform security instrument covering real property. <br /> <br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: <br />1. Payment of Principal. Interest and Late Charge. Borrower shall pay when due the principal of, and <br />interest on, the debt evidenced by the Note and late charges due under the Note. <br />2. Monthly Payment of Taxes. Insurance. and Other Charges. Borrower shall include in each monthly <br />payment, together with the principal and interest as set forth in the Note and any late charges. a sum for (a) taxes and <br />special assessments levied or to be levied against the Property. (b) leasehold payments or ground rents on the <br />Property. and (c) premiums for insurance required under paragraph 4. In any year in which the Lender must pay a <br />mortgage insurance premium to the Secretary of Housing and Urban Development ("Secretary"). or in any year in <br />which such premium would have been required if Lender still held the Security Instrument. each monthly payment <br />shall also include either: (i) a sum for the annual mortgage insurance premium to be paid by Lender to the Secretary. <br />or (Ii) a monthly charge instead of a mortgage insurance premium if this Security Instrument is held by the Secretary. <br />in a reasonable amount to be determined by the Secretary. Except for the monthly charge by the Secretary. these items <br />are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds." <br />Lender may, at any time. collect and hold amounts for Escrow Items in an aggregate amount not to exceed the <br />maximum amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures <br />Act of 1974. 12 U.S.C. ~2601 et seQ. and implementing regulations, 24 CFR Part 3500. as they may be amended <br />from time to time ("RESP A"). exceptthat the cushion or reserve permitted by RESP A for unanticipated disbursements <br />or disbursements before the Borrower's payments are available in the account may not be based on amounts due for <br />the mortgage insurance premium. <br />If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESP A. Lender shall <br />account to Borrower for the excess funds as required by RESP A. If the amounts of funds held by Lender at any time <br />are not sufficient to pay the Escrow Items when due. Lender may notify the Borrower and require Borrower to make <br />up the shortage as permitted by RESPA. <br />The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If <br />Borrower tenders to Lender the full payment of all such sums. Borrower's account shall be credited with the balance <br />remaining for all installment items (a), (b). and (c) and any mortgage insurance premium installment that Lender has <br />not become obligated to pay to the Secretary. and Lender shall promptly refund any excess funds to Borrower. <br />Immediately prior to a foreclosure sale of the Property or its acquisition by Lender. Borrower's account shall be <br />credited with any balance remaining for all installments for items (a). (b). and (c). <br />3. Application of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows: <br />FIRST, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by <br />the Secretary instead of the monthly mortgage insurance premium; <br />SECOND. to any taxes, special assessments, leasehold payments or ground rents, and fire. fiood and other hazard <br />insurance premiums. as required; <br />THIRD. to interest due under the Note; <br />FOURTH. to amortization of the principal of the Note; and <br />FIFTH, to late charges due under the Note. <br />4. Fire. Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, <br />whether now in existence or subsequently erected. against any hazards, casualties. and contingencies. including fire. <br />for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that <br />Lender requires. Borrower shall also insure all improvements on the Property, whether now in existence or <br />subsequently erected. against loss by fioods to the extent required by the Secretary. All insurance shall be carried with <br />companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include <br />loss payable clauses in favor of. and in a form acceptable to, Lender. <br />In the event of loss. Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not <br />made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment <br />for such loss directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance <br />proceeds may be applied by Lender. at its option. either (a) to the reduction of the indebtedness under the Note and <br />this Security Instrument, first to any delinquent amounts applied in the order in paragraph 3. and then to prepayment <br />of principal. or (b) to the restoration or repair of the damaged Property. Any application of the proceeds to the <br />principal shall not extend or postpone the due date of the monthly payments which are referred to in paragraph 2. or <br />change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding <br />indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. <br />In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the <br />indebtedness. all right, title and interest of Borrower in and to insurance polides in force shall pass to the purchaser. <br />5. Occupancy, Preservation. Maintenance and Protection of the Property; Borrower's Loan Application; <br />Leaseholds. Borrower shall occupy. establish. and use the Property as Borrower's principal residence within sixty <br />days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) <br /> <br />FHA NEBRASKA DEED OF TRUST - MERS <br />NEDOTZ.FHA 11/01/0B <br /> <br />Page 2 of 7 <br /> <br />DocMagic ~ 800-649.1362 <br />www.docmagic.com <br /> <br />Ncdol'.lb'.xml <br /> <br />~ y/cI <br />
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