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200903047 Borrower shall cOJ?ply with the provisions of the lease. If Borrower acquires fee title to the Property. the leasehold and fee tItle s~all not be merged unless Lender agrees to the merger in writing. . 6. C~ndemllatlon. The proceeds of any award or claim for damages, direct or consequentiaL in connectIOn .wllh any condemn~tion or other taking of any part of the Property, or for conveyance in place of condemnatIon, are hereby assIgned and shall be paid to lender to the extent of the full amount of the indebtedness that remll:ins unpaid. under the Note and this Security Instrument. Lender shall apply such pr~eeds to the reductl~n or the Illdebtedn~s Ul~der the Note and this Security Instrument. first to any delll~qu~nt amounts appbed III the orde.r p~oVlded 10 Paragraph 3. and then to prepayment of principal. Any apphcahon of the proceeds to the prmclpal shall not extend or postpone the due date of the monthly payments. which are referred ~o in Paragraph 2, or chan~e the amount of such payments. Any excess proceeds over an amount reqUIred to pay all outstanding mdebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 7, Charges to Borrower and Protection of Lender's Rights in the Properh'. Borrower shall pay all governmental o~ m~nicipal ~harg~s. fmes and imp?Sition~ th~t are not included in Paragraph 2, Borrower shall pay these obhgatl?n~ on ttm~ directly to the cnhty whIch IS owed the payment. If failure to pay would adversely affect lender s mterest ill the Property, upon lender's request Borrower shall promptly furnish to lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by Paragraph 2, or fails to perform, any other co~en,ants and agreements, co~tain~ in this Security Instrument, or there is a legal proceedmg tha! may slglllficantly affect lender.s nghts m the Property (such as a proceeding in bankruptcy, for condemnatIon or to enforce laws or regulallons), then lender may do and pay whatever is necessary to protect the value of the Property and lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in Paragraph 2. Any amounts disbursed by lender under this Paragraph shall become an additional debt of Borrower and be secured by this Security Instrument. These amounts shall bear interest from the date of disbursement at the Note rate, and at the option of lender. shall be immediately due and payable. 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 manner acceptable to lender: (b) contests in good faith the lien by. or defends against enforcement of the lien in, legal proceedings which in the lender's opinion operate to prevent the enforcement of the lien: or (c) secures from thc holder of the lien an agreement satisfactory to lender subordinatin~ the lien to this Security Instrument. ]f lender determines that any part of the Property is subject to a hen which may attain pnority over this Security Instrument, lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within IO days of the giving of notice. 8. Fees. lender may collect fees and charges authorized by the Secretary. 9. Grounds for Acceleration of Debt. (a) Default. Lender may, except as limited by regulations issued by the Secretary in the case of payment defaults. require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any monthly payment rcquired by this Security Instrument prior to or on the due date of the next monthly payment. or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. lender shall, ifpermilted by applicable law (including section 341(d) of the Gam-St Germain Depository Institutions Act of ]982, 12 V.S.C. 170Ij~3(d)) and with the prior approval of the Secretary, require immediate payment in full of all the sums secured by this Security Instrument if: (i) Allor part of the Property. or a beneficial interest in a trust o\\11ing all or part of the Property, is sold or otherwise transferred (other than by devise or descent). and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence. or the purchaser or grantee does so occupy the Property. but his or her crcdit has not been approved in accordance with the requirements of the Secretary. (c) No Walnr. If circumstances occur that would permit Lender to require immediate payment in full, but lender does not require such payments, lender does not waive its rights \vith respect to subsequent events. (d) Regulations of IIUD Secretar)'. In many circumstances regulations issued by the Secretary will limit lender's rights. in the case of payment defaults. to require immediate payment in full and foreclose if. not paid. This Security Instrument does not authorize acceleration or foreclosure ifnot permitted by regulatIons of the Secretary, (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within 60 Days from the date hereof, lender may. at its option require immediate payment in full of all sums secured by this Security Instrument. A written statement of any autllOrized agent of the Secretary dated subsequent to 60 nays from the date hereof. declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower has a right to be reinstated iflender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted, To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account currelll including. to lhe extenl they are obligations of Borrower under this Security Instrument. foreclosure costs and reasonable and customary attorney's fees a~d exp~nses properly associate~ \\~th the ~oreclosure proceedi,ng: Upon reinstatement by Borrower. thIS Secunty Instrument and the obhgatlons that Jt sec.ures shall r~malll III effe~t as if Lender had not required immediate payment in full. However, lender IS not reqUired to pe~mll reinstatement if: (i) lender has accepted reinstatement aftcr the commencement of foreclosure pr~eedm~s within two years immediately preceding .the commenc~ent of a currc~!. for,eclosure proc.eeulllg. (11) reinstatement will preclude foreclosure on dIfferent grounds III the future, or (Ill) remstatcment Wlll adversely afiect the priority of the lien created by this Security Instrument. , . , t 1. Borrower Not Released; Forbearance By Lender Not a "'alver. ExtenSIOn of the tIme of payment or modification of amortization of the sums secured by this Sec~rity .]nstrument $~anted by lender to any successor in interest of Borrower shall not operate to r<:lease the hablhty of the on&mal Bor~ower or Borrower's successor in interest. Lender shall 1I0t be requlfed to commence proceedmgs agamst any successor in interest or refuse to extend time for payment or otherwise modifY amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's 162S6.CV (11/01) 4200282 Page 3 of5 FilA Nebraska Deed orTru" MERS 1N5I