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�0100749E BoxxowEx CovEN�Nrs that Borrower is lawfully seis�d of the estate hereby conveyed and has the ri�ht to grant and convey the Property,and that the Property is uncncumbered, except for encumbrances of rccord. Borrower warrants and will defend generally the title to the Property against all claims and demand5, subject to any encumbranc:f;s of record. Txis S1EC:uxiTY INSrxuMENr' combines uniform covenants for national use and non-uniform wvenants with limited variations by jurisdiction to constitute a uniform security instrument cavering real property. UNii�oxivt CovENnNrs. Borrower and L,ender covenant and agree as follows: 1. Paymept of Principal, Interest and Late Charge. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and late charges due under the Note. 2. Monthly Payment oF Taxes, Insarance and Other Charges. Borrower shall include in each monthly payment, together with the principal and interest as set forth in thc Note and any late charges, a sum for (a) taxes and special assessrnents levied or to be levied against the Property, (b) leasehald payments or ground rents on the Property, and (c) premiums for insurancc required under paragraph 4. In any year in which thc: L.c;nder must pay a mortg�igc insurance premium to the Secretary of Housin� and Urban Development ("Secretary"), or in �ny year in which such premfum would have been required if I.ender still held thc: Security Instrument, each monthly paymeni shall also include either: (i) d sum for the annual morkgage insurance premium to be paid by Lender to the Secxetary, or (ii) a monthly charge instead of a martgage insurance premium if this Security Instrument is held by the Secretary, in a reasonable amount to be determined by the Secretary. Except for the rnonthly charge by the Secretary, these items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds." Lcnder may, at any rime, collect and hold amounts for Escrow Items in an aggxegate amount not to exceed the rnaximum amount that rnay be required for Borrower's escrow au:ount under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. § 2601 et seq• and implementing regulations, 24 CFR Part 3500, as they may be amended frorn tirne to time ("RESPA"), except that the cushion or reserve permitted by RESPA for unanticipatcd disbursements or disbursements before the Borrower's payments are available in the account may not be based on amounts due for the mortgage insurance premium. If the amounts held by L.ender for Escrow Items exceed the amounts permitted to be held by RESPA, I.ender shall account to Borrower for the excess funds as required by RESPA. If the amounts of funds held by L.ender at any time are not sufficient to pay the Escrow Items when due, I.ender may notify the Sorrawer and require Borrowcr to make up the shortage as permitted by RESPA. The Escrow Funds are pledged as additional security fbr all sums secured by this Security Instrument. If Borrower tcnders to Lender the full payment of all such sums, Borrower's account shall be credited wikh the balance remaining for all installment items (a), (b), and (c) and any mortgage insurance premium installment that L.ender has not hecome obligated to pay to the Secretary, and Lendcr shall promptly refund any excess funds to Borrower. Immediately prinr to a foreclosure sale of the Property or its acquisition by I.ender, Borrower's account shall be crcdited with any balance remaining For all installments for items (a), (b), and (c). 3. Application of Payments. All pay�ments under paragraphs 1 and 2 shall be applied by T,ender as follows: First, t� the mortgage insuranu; premium to be paid by L.ender to the Secretary or to the monthly charge by the Secretary instead of the nnonthly mortgage insurance premium; Second, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard ir�surance premiutns, as r�quired; Third, to interest due under the Note; Fourth, to amortrzation 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, f'or which L.ender requires insurance. This insurdnce shall be rnaintaincd in the amounts and for the periods that Lendcr requ"rres. Boxrower shall also insure all improvements on the Property, whether now in existenu. or subsequently erectcd, against loss by floods 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 L.ender and shall include loss payable clauses in favor of, and in a form acceplable to, Le;nder. In the event of loss, Borrower shall give l.cnder immediate n�tice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to L.ender, instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be applied by I,c;nder, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order in paragraph 3, and then ta prepayment af principal, or (b) to thc restoratian or repair of the damaged Property. Any application of the proceeds to the principal shall not extend nr postpone the due date of the monChly payrnents which are referr�d to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding ind�btedness under the Note and this Security Instrurnent shall be paid to the cntity legally entitled th�reto. In the event of farcclosure of this Security Instrument or other transfer 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 thc purchaser. S. Occupancy, Preservation, Maintenance and Protection of the Property; Barrower's I,oan Application; L,easeholds. Borrower shall occupy, establish, and use the Property as Borrow�r'S principal residence within sixty days after the execution of this Security Instrurnent (or within sixty days of a later sale or transfer of the Property) and shall continue ta occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause unduc hardship for Borrower, or unless extenuating circumsiances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstanr.c:s. Borrower shall not comrnit waste or destroy, damage or substantially change the Property or allow the Property to deterinrate, reasonable wear and tear excepted. Lender may inspect the Properiy if the Property is vacant or abandoned or the loan is in default. I.ender may take rcasonable action to protect and preserve such vac:ant or abandoned Property. Borrower shall aL�o be in default if Borrower, during the loan applicatian process, gave mdterially false or inaccurate information or statements to Lender (or failed to provide Lender with any maierial inf�rmation) in connection with the loan evidenced by the Note, including, but not limited to, representatiorrs concerning Borrowcr's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall wmply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee tille shall not be merged unless Lender agrees to the merger in writing. NEBRASKA FHA DEED OF TRUST 1/02 (Page 2 of 5 Pages)