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<br />and shall cpntinue to occupy the Property as Borrower's principal residence for at least one year after the date of
<br />occupancy, unless Lender determines that requiremeut will cause undue hardship for Borrower, or unless extenuating
<br />circumstances exist which are beyoi�d Borrower's control. Borrower shall notify Lendet of any extenuating
<br />circu►nstances. Borrower shall not commit wast� vr descroy, damage or substatttially change the Property or allow
<br />the Property to deteriornte, reasonable wear and tear excepted. Lender may inspect the Property if the Ptoperty is
<br />vacant or abandoned or the loau is in default. Lender may take reasonable action to protect atad preserve such vacant
<br />or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave
<br />inaterially false or iiaaccur�te information or statemeats to Laizder (or failed to provide Lender with any material
<br />information) in connection with the laan evidenced by the Note, includin�, but not limited to, representations
<br />concerning Borrower's occupancy of the Property as a principal residence. lf this Security Insttutnent is on a
<br />leasehold, Bottowet shall co►nply witli the provisions vf the lease. If Borrower acquites fee title to tl�e Property, the
<br />leasehold and fee title shall not be merged unless Lender agzees to tlte merger in writing,
<br />6. Condemnatlon. "I'he ptoceeds of any awatd or claim for damages, direct or consequential, in connection
<br />with any condemnation or other taking of any part of the Property, pr for conveyance in place of candemnation, ate
<br />hereby assigned and shall be paid to Letader to the extetxt of the full amount of the indebtedness that temains unpaid
<br />undet thc Note and this Secutity Instrument. Lender shall apply such praceeds to the reductian of the indebtedness
<br />under the Note and this Security Instrument, ftrst to any deliuquent amouuts applied in the ordet ptovided in
<br />paragxaph 3, and then to ptepayrnent of principal. Any application of the proceeds to the principal shall not extend
<br />or postpane the due date of the montlily payments, whicli are teferted to in paragraph 2, ot change the amount of such
<br />payments. Any excess ptoceeds over an amount required to pay all outstanding indebtedness under tt�e Note and this
<br />5ecurity Instrument shall be paid to tl�e entity legally entitled thereto.
<br />7. Ch�rges to Borrower and Protection of Lender's Itights in the Properly. $vrrower shall pay all
<br />governmental or mut�icipal chatges, fines and impositions that nre not included in paragraph 2. Borrower shali pay
<br />thesc obligations on time directly to the entity which is owed tlxe pay�ttent. If failura to pay would advetsely affect
<br />Lender's interest in the Property, upon Lendet's request Borrower shall promptly furnish to Lender receipts
<br />evidencing these payments.
<br />If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any pther
<br />covenants and agreements contained in this Security I�astrument, ot thete is a legal ptoceeding that may significantly
<br />affect Lender's rights in the 1'roperty (such as a proceeding in bankruptcy, for condemnation pr to enfarce laws or
<br />regulations), then Lender inay do and pay whatever is necessaty to ptotect the value of tl�e Property and Lender's
<br />rights in the Property, including paymetat vf taxas, hazard insurance and other items mentioned in paragraph 2.
<br />Aity amounts disbutsed by Lender under this paragraplz shall becomc an additional debt of Borrower and be
<br />secured by this Security lnstrurnent, 'i'hese an�vu�ats sliall bear interest from the date of disbursement at the NaCe rate,
<br />at�d at the option of Lender sl�all be immediately due and payabl�.
<br />Borrower shall promptly discl�arge any lien which has priority over this Security Instru►nent unless B��rrowet:
<br />(a) agrees in writing to the paymettt of the vbligation secured by the lien in a manner accentable to Lender; (b) cont�sts
<br />in good faitl� tl�e lien by, vt defends against enforce►nent of the lien in, legal proceedings wl�ich in tlie Lender's
<br />opinion operate tp prevent the enfotcement of tl�e lien; or (c) secures from the holaer of tl�e lieti ata agreetnent
<br />satisfacCOry tv Lender subvrdinating the lien to this Security l.tt�trument. lf Lendet detetmines that any part of the
<br />Ptoperty is subject to a lien which may attain priority vvet this Security Instrument, Lender may give Borrower a
<br />notice identifying the lien, Borrower shall satisfy the lien or take one or rnore of the actions set forth abvve within
<br />10 days vf the giving of notice.
<br />S. Fees. Lender may collect fees and charges authotized by the Secretary.
<br />9. Crounds tor Acceleration of Debt.
<br />(a) Default. Lender may, �xcept as limited by regulations issued by the Secretary in the case of payment
<br />defaults, requite immediate payment in full of all sums sacuted by this Secutity Instrwnent if:
<br />(i) Borrower defaults by failing to pay in full any rnonthly payrnei�t required by this Security
<br />Instrument prior to or on the due date of tlze uext monthly payment, ot
<br />(ii) I3vrrower defaults by failing, for a period of thirty days, to perforrtt any otlier obligations
<br />contained in this 5ecurity Instrument.
<br />(b) Sale Wilhout Credit ApprovaL Lender sl�all, if permitted by applicable law (i�tcludittg section 341(d)
<br />of the Gatn-St. (iermain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior
<br />apptoval vf the Sactetary, require invnediate payment i�t full of all su�x�s secured by this Security lusttument if:
<br />(i) All or part pf the Property, or a beneficial interest in a trust owning all or part of the Property, is
<br />sold or otherwise transferred (other than by devise ot descent), and
<br />(ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or kkae
<br />purcl�aser or grantee does so occupy the Aroperty, but his or her credit has not been approved in
<br />accordance with the requiremeatts of tl�c Sectetary.
<br />(c) No Waiver. If circumstances occur that would permit Lender to require im�nedi�tte paytnent in full,
<br />but Lender does not require such payme»ts, Letader does not waive its rights with respect to subsequent events.
<br />(d) Re�ulalions of HUD Secretary. In many circumstances re�ulations issued by the Secretary will litnit
<br />Lender's rights, in the case of payment defaults, tv teyuire immediate payment in full and foreclose if not
<br />paid. This Security Insttuinent does not authorize acceleration or foreclosure if t�ot permitted by regulations
<br />of tl�e Secretary.
<br />(e) Mortgage Not lnsured. Borrower agrees that if tl�is Security Instrument and the Note are not
<br />determined to be eligible for insurance uudet the National Housing Act within 5 Q DAYS
<br />Borrower Initials: C. l � ��+�
<br />FHA NEBRASKA D�ED OF 7RUST - MERS
<br />NmQTZ.FHA 11/01/08 Page 3 of 7
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