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201000801 items (a), (b), and (c) and amy mortgage insurance premium installment that Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance xemaiuing for all installments for items (a), (b), and (c). 3. Applicatiou of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows: FIRST, to the mortgage insurance premium to be paid by Lender to the Secretary or to the anonthly charge by the Secretary instead of the monthly mortgage 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; FOURTHa 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, far which Lendex requires insurance. Tlus insurance shall be maintained in the amounts and for the periods that Lender requires, Borrower shall also insure all improvements on the Property, whether now in existence or subsequently erected, against lass by #laads to the extent required by the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by Lendcx and shall include loss payable clauses iaa favor of, and ixx a form acceptable to, Lender. In the event of loss, Borrower shall give Leader immediate notice by mail. Lender may make proof of lass 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 array be applied by Lender, at its option, either (a) to the reduction of the indebtedness undex the Note and this Security Instnuent, first to any delinquent amounts applied in the order in paragraph 3, and thca to prepayment of principal, ar (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 xefexxed 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 this Security Instrument or other transfex 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. Occupancy, Preservation, Maintenance and Protectlon of the Property; Borrower's Loaa 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 Lendex determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property ar allow the Property to deteriorate, reasonable wear and tear excepted, bender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate infonaaatioa ar statements to Lender (or failed to provide Lender with any material information) tax connection with the loan evidenced by the Note, including, but not limited to, representations coacerningBorrower's occupancy of the Froperty as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease. ffBorrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lendex agrees to the merger in whiting. 6. Condemnation. The proceeds of any award or claim far damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, ax 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 remains unpaid under the Nate and this Secuxity Iaxstruuxent. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the ordex provided in paragraph 3, and then to prepayment of principal. Any application of the proceeds to the prncipal shall not extend or postpone the due date of the monthly payments, which are refexred to in paragraph 2, or change the amount of such payments. Any excess 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. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in paragraph 2. $arrower shall pay these obligations on time NEBRASKA FHA DEED OF TRU5T NEERASKA-HERS ITEM 269BL3 (101509) WEHNER,J0000419313 6/96 GraatGOCS• Page 9 pf 8) 0 00413313