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2olooi4s~ <br />Lender may, at any time, collect and bald amounts fvr Escrow Items in an aggregate amount not to exceed the maximum <br />amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 <br />U.S.C, § 26p1 et seg. and implementing regulations, 24 CFR Part 3500, as they may be amended from time io time <br />("RESPA"}, except that the cushion or reserve permitted by RESPA for unanticipated disbursements or disbursements before the <br />Borrower's payments are available in the account may not be based on amounts due for the mortgage insurance premium. <br />If the amounts held by Lender far Escrow Items exceed the amounts permitted to be held by RESPA, Lender shall account to <br />Borrower for the excess funds as required by RESPA. If the amounts of titnds held by Lender at any time are oat sufficient to <br />pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as permitted by <br />RESPA. <br />The Escrow Funds are pledged as additional security for all sums secured by this 5ecuriry Instrument. If Harrower tenders to <br />Lender the full payment of all such sums, Borrower's account shall be credited with the balance remaining for all installment <br />items (a), (b), and (c) and any mortgage insurance premium installment that Lender has not become obligated to pay to the <br />secretary, and Lender shall promptly refund any excess funds to Harrower. Immediately prior to a foreclosure sale of the <br />Property or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installments fvr <br />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 the Secretary <br />instead of the monthly mortgage insurance premium; <br />Second, to any taxes, special assessments, leasehold payments or ground rents, and tire, tlond and other hazard insurance <br />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 Qther Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in <br />existence or subsequently erected, against any hazards, casualties, and c6ntingencies, including fire, for which Lender requires <br />insurance, This insurance shall be maintained in the amounts and far the periods that Lender requires. Borrower shall also insure <br />all improvements on the Property, whether now in existence or subsequently erected, against lass by floods to the extent <br />required by the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies and any <br />renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to, Lender, <br />In the event of loss, $orrower shall give Lender immediate notice by mail. Lender may make proof of lass if not made <br />promptly by $orrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss <br />directly to Lender, instead of to $orrower and to Lender jointly. All ar any part of the insurance proceeds may be applied by <br />Lender, at its option, either (a} to the reduction of the indebtedness under the Note and this Security Instrument, first to any <br />delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal, or (b) to the restarakian or repair of <br />the damaged Property. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly <br />payments which arc referred to in Paragraph 2, ar change the amount of such payments. Any excess insurance proceeds aver an <br />amount required to pay al] outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity <br />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 policies in force shall pass tv the purchaser. <br />GV2171.-3 (696) Page 3 of 8 FHA Nebraska Decd aFTrust <br />Iillll 111111111! VIII 11111 VIII VIII (IIII VIII VIII IIII !111111 III 11i111(lIII !IIII 1111! ill! IIII <br />1 ], 0 1 1 1 3 !J 3 4 G V 2 1 7 1 <br />~~w <br />~Jl `~ <br />'~' \`-'" <br />