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200901401 be applied to the outstanding principal balance lUlder the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment ill the order in which it became due. Anyremaining amooots shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the pondpal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a suflicicnt ammult to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, 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 full payment of one or more Periodic Payments. such excess may be applied to any lale charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due lmderthe Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this SecUljty Instrument as a lien or encumbrance on thc Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, If any. or any sums ,Payable by Borrower to Lender III lieu of the payment of Mortgage Insurance premiums in accordance with the proVIsions of Section 10. These items are called "Escrow Items." At origination or at any time during the teoo of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by BOlTower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly finnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or aU Escrow Items. Lcnder may waive Borrower's obligation to pay to Lender Funds for aoyor all Escrow Items at anytime. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items fur which payment of FlUlds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligatiollto make such paytllL-"Ilts and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instnunent, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights wlder Section 9 and pay such anlol111t and Borrower shall then be obligated ooder Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section IS and, upon such revocation, Borrower shall pay to Lender all Foods, and in such amolUlts, that are then required ooder this Section 3. Lender may, at any time, collect and hold FlUlds in an 3molUlt (a) sufficient to permit Lender to apply the Funds at the time specified under RESP A, and (b) not to exceed the maximum amount a lender can require under RESP A. Lender shall estimate the llltlOWlt of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposit~ are insured by a federal agency, instntmentality, or entity {including Lender, if Lender is an institution whose deposits are so insured) or in any Fedeml Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESP A Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifYing the Escrow Items, wlless Lender pays Borrower interest on the Funcls and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds, Lender shall give to Borrower, without charge, all annual accounting of the FlUlds as required by RESPA. If there is a surplus of Funds held in escrow, lIS dcfined ooder RESP A, Lender shall account to Borrower for the excess funds in accordance with RESP A. If there is a shortage of Funds held in escrow, as defmed under RESP A. Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount ncccssruytomake up the shortage in accordance with RESPA, but in no morc than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESP A, Lender shall notifY Borrower as required by RESP A, and Borrower shall pay to Lender the amolUlt necessary to make up the deficiency in accordance with RESP A, but in no more than J 2 monthly payments. Upon payment in full of all sums sC(.'Ured by this Security Instrwnent, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Prop-erty which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, If any, and Conununity ASSOCiation Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a mH.nner acceptable to Lender, but only so long as Borrower is perfomUng such agreement; (b) contests the lien in good faith by. or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enfurcement of tIle lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instnunent. If Lender determines that any part of the ProJ?l?l1Y is subject to a lien which can attain priority over thiS Security Instrument, Lender may give Borrower a notice Identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfY the lien 01' take one or more of the actions set forth above in this Section 4. Lendcr. may require Borrower to pay a one.time charge for a real estate tax verification and! or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected 011 the Property insured agamst loss by fue, hazards included within the teml "extended coverage," and any other hazards including, but no.t limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (incluolllg deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding scntences can change duriofthe term of the Loan. The insurance carrierproviding the insurance shall be chosen by Borrower subject to Lender s right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with Utis Loan, either: (a) a 171I3.CV (3/06) 03.1064 .Form 3028 1/01 (page J of 8 pages) Creative Thinking, IlIc. NEBRASKA-Single Family-l<'anoie Mae/Freddie Mac UNIFORM INSTRUMENT OOTO((KlI46f)a)