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201007927
<br />L�nder may, at any time, collect and hold amounts far Escraw Items in an aggregate amount not to exceed the maxi�nuan
<br />amount t]�at may be required for Borrower's escraw account under the Real Estate Settlement Procedures Act of 1974, 12
<br />U.S.C. § 2601 et se�c . and implementing regulations, 24 CFR Part 350�, as they may be amended farona time Ca time
<br />("RESPA"), except that the cushion or reserve permitted by RESPA for unanticipaCed disbursements or disbursements before the
<br />Borrower's payments are available in the account may not be based on amounts due for the rnortgage insurance premiuzn.
<br />If the amounts held by Lender for 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 af funds hald by Lender at any time are not sufficient to
<br />pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as pennitted by
<br />RESPA.
<br />The Escrow Funds are pledged as additional secur�ty for all sums secured by this 5ecurity Tnstrument. If Borrower tenders to
<br />Lender the full payment of all such sums, Barrower's account shall be credited with the balance remaining for all installment
<br />itams (a), (b), and (c) and any rnortgage insurance premium installment that Lender has not become abligated to pay to the
<br />Secretary, and Lender shall promptly refund any excess funds to Borrower. 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 for
<br />items (a), (b), and (c).
<br />3. Application of Payments. All payrnents under Paxagraphs l and 2 shall be applied by Lender as follows:
<br />First, to the mortgage insurance premium ta 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 fire, flood and other hazard insurance
<br />premiums, as required;
<br />Third to interest due under the Note;
<br />�ourth, to amortization of the principal of the Nate; and
<br />Fifth, to late chaxges due under the Note.
<br />4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in
<br />existence or subsequently exected, against any hazards, casualties, and contingencies, including fire, for which Lender requires
<br />insurance. This insurance shall be maintained in the amounts and for the peri�ods tlaat Lender requires. Borrower shall also insure
<br />all improvernents on the Property, whether now in existence or subsequently erected, against loss 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 favar of, and in a form acceptable to, Lender.
<br />In the event of loss, Borrower shall give Lender ixnmediate notice by mail. Lender may make proof of loss if not m�ade
<br />promptly by Barrower. Each insurance cornpany concerned is hereby authorized and directed to make payment for such loss
<br />directly to Lender, instead of to �orrawer and to Lender jointly. All or any part of the insurance praceeds may be applied by
<br />Lender, at its opCian, eithar (a) to the reduction of the indebtedness under the Note and this Security Instxument, first to any
<br />delinquent amounts applied in the oz'der in Paragraph 3, and then ta prepayment of principal, or (b) to the restoration or repair of
<br />the dazmaged Property. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly
<br />payments which are referred to in Faragraph 2, or change the atnount af such payments. Any excess insurance proceeds over an
<br />amount required to pay all outstanding indebtedness under the Note and this Security Instrurnent shall be paid to the entity
<br />legally entitl�d thereto.
<br />In the event of foreclnsure of this Security Instrument or other transfer of title to the Property that extinguishes the
<br />iandebtedness, all right, title and interest af Borrower in and to insurance policies in force shall pass to the purchaser.
<br />GV2171-3 (696) Page 3 of 8 FHA Nebraska Deed oF Trust
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