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<br />I,ender may, at any time, callect and hold arnounts for Escrow Items in an aggregate amount not to exceed the maximum
<br />amount that may be required foar Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12
<br />U.S.C. § 2b01 et se�c . and implementing regulatians, 24 CFR Part 3500, as they may be amended frozn tizx�e to tizne
<br />("RBSPA"), except that the cushion or reserve permitted by RESPA for unanticipated disbuxsements or disbursements before the
<br />Borrower's payments are available in the account rnay not be based on arnounts due far the mortgage insurance premium.
<br />If the amounts held by Lender for Escrow Items exceed the amounts permirted to be held by RESPA, I.,ender shall account to
<br />Borrower for the excess funds as required by RESPA. If the amounts af funds held by Lender at any time are not sufficient to
<br />pay the Escrow Items when due, Lender may norify the Barrower and require Borrower to make up the shorcage as permitted by
<br />RESPA.
<br />The Lscrow Funds are pledged as additional securiry for all sums secured by this Securiry Instz�ument. If Borrowar cenders to
<br />Lender the full payment of all such sums, Barrower's account shall be credited with the balance remaining for all installment
<br />items (a), (b), and (c) and any mortgage insurance premium installrnent that Lender has not become obligaCed to pay to the
<br />Secretary, and Lender shall promptly refund any excess funds to Boz�rower. Imrnediately 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. Appl'tcation of Payrnents. All payntents under Paragraphs 1 and 2 sha11 be applied by Lender as follows:
<br />First, to the mortgage insurance premium tn 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 assessrnents, leasehold payments or ground rents, and fire, flood and other hazard :u�surance
<br />premiums, as required;
<br />Third to inCerest 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, F7ood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in
<br />existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, fox which Lender requires
<br />insurance. This insurance shall be znaintained in the amounts and for the periods that Lender requires. Borrower shall also insure
<br />a,ll impravements an the Property, whether now in existence or subsequently erected, against loss by floods to the extent
<br />requiz'ed by the Secretary. All insurance shall be carried with campanies 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, Borrower sha11 give Lender immediate notice by mail. I.ender may make proof of loss if not made
<br />promptly by Barrower. Each insurance company concemed is hereby authorized and directed to rnake payment for such loss
<br />directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance praceeds may be applied by
<br />Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Tnstrument, first to any
<br />delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal, or (b) to the restoration or repair of
<br />the damaged Property. Any application af the proceeds ta the principal shall not extend or postpone the due date of the rnonthly
<br />payments which are referred to in Paragxaph 2, or cha�nge the amount af such payments. Any excess insurance proceeds over an
<br />amount required to pay all outstanding indebtedness under the Note and this Security Instrurtient shall be paid to the entity
<br />legally entiCled thereCo.
<br />In the event of foreclosure of this Security Instrurnent 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 farce shall pass to the purchaser.
<br />GV2171-3 (69b) Page 3 of 8 FHA Nebraska Deed of Trust
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