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� 201oo7�s7
<br />L'oan No: 10041(��169 Data ID: 170
<br />6. Condemnation. The proceeds of any award or claim for darnages, direct or consequential, in connection with
<br />any condemnation or other takin� c�f any part ok� the Property, or for conveyance in place of condemnation, are hereby
<br />assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that rernains unpaid undcr thc
<br />Note and this Security instrum�nt. l..c;nd�r shall apply such proceeds to the reduction of the indebtedness under the Note
<br />and this Securrty Instrument, first to any delinquent amounts applied in the order provided in paragraph 3, and then to
<br />prepayment of principal. Any application of the praceeds to the principal shall not extend or postpone the due datc of
<br />the monthly payments, which are referrcd to in paragraph 2, or change the amount nf such payments. Any excess
<br />proceeds over an amount required to pay all outstanding indebtecin�ss under the Note and this Security lnstrument shall
<br />be paid to the entity legally entitled thereto.
<br />7. Charges to Borrower and Protection af I.ender's Rights in the Property. Borrower shall pay all
<br />governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower shall pay these
<br />obligations on time directly to thc entity which i� owed the payment. Tf failure to pay wauld adversely affect L,ender's
<br />interest in the: Property, upon Lender's request Borrower shall prarnptly furnish to I,endee receipts evidencing thcse
<br />payments.
<br />If Borrower fails to make thcse payments or the payments required by paragraph 2, or fails to perforrn any other
<br />covenants and agreements contained in this Security lnstrument, or there is a]egal proceeding that may significanily affect
<br />L.ender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or t� enforce laws or regulations),
<br />then Lender may do and pay whatevec is necessary to protect the value of the Property and Lender's rights in th�.
<br />Property, including payment of taxes, hazard insuranc.c. and other items mentioned in paragraph 2.
<br />Any amounts disbursed by I.ender under this paragraph shall becorne an additional debt of Borrower and be
<br />secured by this Security Instrument. These amounts shall bear interest frorn the date oC disbursement at the Note rate,
<br />and at the aption of I.ender shall be immediately due and payable.
<br />Borrower shall promptly discharg�: any lien which has pri�rity over this Security Instrument unless Borrawer: (a)
<br />agrees in writing to the payment of the obligation seeured by the lien in a manner acceptable to Lender; (b) contests in
<br />g��d faith the lien by, or defends against enforcernent of the lien in, legal proceedings which in the Lender's opinion
<br />operate to prevent the enforcement of the lien; or (c) sECUres from the holder of the lien an agreement saiisfactory to
<br />Lender subordinating the lien to this Sccurity Tnstrument. IF I.ender determines thaC any part ol' the Property is subject
<br />to a lien which tnay attain priority over this Security Instrument, Lender may give Bnrrower a notice identifying the lien.
<br />Borrower shall satisfy the lien or take one or more of the actians set forth above within 1U days of the giving of notice.
<br />S. Fees. Lender may collect fees and charges authorized by the Secretary.
<br />9. Grounds for Acceleration of Debt.
<br />(a) Default. L.ender may, except as limated by regulations issued by the Secrctary in thc casc of payment
<br />detaults, require immediate payxnent in full oC all sums seeured by this Security Instrurnent if:
<br />(i) Borrower defaults by failing to pay in full any monthly payment required by thrs Security Instrument
<br />prior to or nn the duc �iate. of the next manthly payment, or
<br />(ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained
<br />in this Security Instrument.
<br />(b) Sale Without Credit Approval. Lender shall, if permitted by applic:able law (including section 341(d)
<br />of the Garn-St Gerrnain Depository Institutions Act of 1982, 12 U.S.C. 1701.j-3(d)) and with the prior approval
<br />of the Secrctary, require immediate paym�nt in full of all sums secured by this Security Instrument if:
<br />(i) All or part of the Property, or a bene�cial interest in a trust owning all or part of the Property,
<br />is sold or otherwise transferred (other than by devise ar descent), and
<br />(ii) The Property is not occupied by thc purchasEr or grantee as his or her principal residence, or the
<br />purchaser or grantee daes so occupy the Property, but his or h�r credit has not been approved in
<br />accordance with the requirements of the Secxetary.
<br />(c) No Waiver. If circumstances occur that wpuld permit Lender to r�quire immediate payment in full, but
<br />I,ender does not require such paym�nts, L.t;ndEr does not waive its rights with respect to su�sequent events.
<br />(d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit
<br />L.ender's rights, in the �se of payment def'aults, lo require immediate payment in full and foreclose ii' nc�t
<br />paid. This Security Inscr�ment does not authorize acul�.ration or foreclosure if not perznitted by regulations
<br />of the Secretary.
<br />(e) Mortgage Not Insured. Borrower agrees that iC this Security Instxument and the Notc are not determined
<br />to be eligible for insuranc� under the National Housing Act within 90 days from the datc her�of, I.ender may,
<br />at its option require immediate payment in full of all sums secured by this Securrty Instrument. A written
<br />statement of any authorized agent of the Secretary dated subsequent Co 90 clays from the date hereof,
<br />declining to insure this Sc.curity Instrument and the Note, shall be deemed conclusive proof of such ineligibility.
<br />Notwithstanding the foregoing, this option may not be exercised by i.t;ndcr when the unavailability �f insuranc:L
<br />is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary.
<br />10. Reinstatemen� Borrower has a right to be reinstated if Lender has required immediate payrnent in full
<br />becausc of Barrower's failurc to pay an arnount due under the Note or this Security Instrument. This right applies even
<br />after foreclosure proceedings are instituled. To reinstate the Security instrument, Borrower shall tender in a lump surn
<br />all amounts required to bring B�rrower's account current including, to the ext�.nt they are obligacions or Borrower under
<br />this Security Instrument, foreclnsure costs and reasonable and customary attorney's fees and expenses properly associated
<br />wich the foreclnsure proceeding. Upon reinstatement by Borrawer, this Security Instrument and the obligati�ns that it
<br />secures shall remain in elfect as if Lender had nol required immediate payment in full. However, L.ender is not rc:quired
<br />to permit reinstatement if: (i) L.ender has accepted reinstatement after the commencernent of forecl�sure proceedings
<br />within two years immediately preceding the cornmc:ncement of a current foreclosure proceeding, (u) reitLStatement will
<br />preclude foreclosure on ciifferent groun�s in the future, or (iii) reinstaterraent wi11 adverscly affcct thc priority of the lien.
<br />created by this Security Instrurnent.
<br />1L. Borrower Not Released; Fnrbearance By I.Qnder Not a Waiver. Extension of the tirnc of payment or
<br />modification oF arnortix.ation of the surns secured by this Security Tnstrument granted by Lender to any successor in
<br />interest of Borxower shall not operate to release the liability of the original Borrower or Borrower's successor in interest.
<br />L.ender shall not be required to cornmence praceedings against any successor in interest or refusc; to extend time for
<br />payment or otherwisc modify arnortization of the sums secured by this Security Instrument by reason of any demand made
<br />by the original Borrower or Borrower's successors in interest. Any forbearanu; by I.ender in exercisin� any right or
<br />remedy shall not be a waiver of or predude the exercise of any right or remedy.
<br />NEBRASKA FHA DEED OF TRUST 1/02 (Psge 3 of 5 PagesJ
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