|
�oiousi4s
<br />Property and that the Property is unencumbered, except for sncumbrances of record. Borrower warrants and will defend generally the title
<br />to the Property against all claims end demands, subject to any encumbrances af record.
<br />' THIS SECURITY INSTRUMENT combines unifprm covenants for national use and non-uniform covenants with limited variations by
<br />jurisdiction to constitute a uniform security instrument covering real property.
<br />UNIFpRM COVENANTS. Borrower and l.ender covenant and agree as follnws:
<br />1. Paymant of Principal, Interest, Efficrow Items, Prepayment Chargea, and Lata Charges. 8orrower shall pay when due the principal
<br />nf, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also
<br />pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S.
<br />currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned
<br />to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one
<br />or mpre of the following forms, as selected 6y Lender: (a) cash; (b) mpney order; (c) certified check, bank check, treasurer's check or
<br />cashier's check, provided any such check is drawn upon an institution whose depasits are insured by a federal agency, instrumentality, or
<br />entity; nr ld) Electrpnic Funds 7ransfer.
<br />Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be
<br />designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the
<br />payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to
<br />bring the Loan current, without waiver of any rights hereunder or prejudice to its rights ta refuse such payment or partial payments in the
<br />future, but Lender is not o6ligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied
<br />es of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds untit Borrower
<br />makes payment to bring the Loan current. If Borrower does not do so within a reasnnable period of time, Lender shall aither apply such
<br />funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal qalance under the Note
<br />immediately prior to foreclosure. Np offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower
<br />from making payments due under the Note and this Security Instrument nr performing the covenants and agreements secured by this
<br />Security Instrument.
<br />2. Aqplication of Payments or Prpceads. Except as otherwise descri6ed in this Section 2, all payments accepted and applied by
<br />Lender shall be applied in the following order of priority: (a► interest due under the Note; (6) principal due under the Note; (c) amounts dus
<br />under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts
<br />shall be applied first to late charges, second to any other amnunts due under this Security Instrument, and then to reduce the principal
<br />balance of the Note.
<br />If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to psy any late
<br />charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding,
<br />Lender may apply any payment received from Borrower to the repayment of the F'eriodic Paymants if, and to the extent that, each payment
<br />can be paid in full. To the extent that any excess exists after the payment is epplied to the full payment of pne or more Periodic I'ayments,
<br />such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as
<br />described in the Note.
<br />Any application of payments, insurance proceeds, or Miscellaneous f'roceeds to principal due under the Note shall not extend or
<br />postpone the due date, or change the amount, of the Periqdic Payments.
<br />3. Funds fnr Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid
<br />in full, a sum (tha "Funds") to provide for payment of amounts due for: (a► taxes and assessments and other items which can attain priority
<br />over this Security Instrument as a lien pr encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c)
<br />premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable
<br />by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. Thase
<br />items are called "Escrqw Items." At nrigination or at any time during the term of the l.oan, Lender may require that Community
<br />Associatinn Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow
<br />Item. Borrower shall promptly furniah to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds
<br />for Escrow Items unless Lender waives Borrower's obligativn to pay the Funds for any or all Escrow Items. Lender may waive Borrower's
<br />obligation to pay to Lander Funds for any or alf Escrow Items at any time. Any such waiver may only be in writing. In the even# of such
<br />waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrnw Items for which payment of Funds has been
<br />waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may
<br />require. Borrower's obligation #o make such payments and to provide receipts shall for all purposes be deemed to be a covenant and
<br />agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is qbligated to
<br />pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due fnr an Escrow Item, Lender may exercise its
<br />rights under Sectipn 9 and pay such amount and Borrower shall then 6e obligated under 5ectipn 9 to repay to Lender any such amount.
<br />Lendar may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such
<br />revpcation, Borrower shall pay to Lender all Funds, and in such amounts, that are than required under this Sectipn 3.
<br />Lender may, at eny time, collect and hold Funds in an amount (a) sufficiant to permit Lender to apply the Funds at the time specified
<br />under RESPA, and Ib) not to exceed the maximum amount a lender can require under RESPA. Lander shall estimate the amount of Funds
<br />due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with
<br />Applicable Law.
<br />The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if
<br />Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. l.endsr shall apply the �unds ta pay the Escrow
<br />Items no later than the time specified under fi�SPA. l.ender shall not charge Borrower for holding and applying the Funds, annually
<br />analyzing the escrow accnunt, or verifying the Escrow Items, unless Lender pays Borrower intereat nn the Funds and Applicable Law
<br />permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the
<br />Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing,
<br />however, that interest shall be paid on the Funds. Lender shall give to Borrowar, without charge, an annual accounting of the Funds as
<br />required by RESPA.
<br />If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in
<br />accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify 8orrower as required
<br />by R�SPA, and Borrower shall pay tn Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more
<br />than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as
<br />required 6y RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with �iESPA, but in
<br />no more than 12 monthly payments.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by
<br />Lender.
<br />4. Charges; Lians. Borrower shall pay all #axes, assessments, charges, fines, and impositions attri6utable to the Prnperty which can
<br />attain priority over this Security Instrument, leasehold paymenta or ground rents on the Prqperty, if any, and Community Association Dues,
<br />Fees, and Assessments, if any. To the extent that these items are Escrow Items, 8orrower shall pay them in the manner provided in
<br />-- - SectiBh 3. _ - -- . _ _ . __... .. . _._. . ;
<br />8orrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to
<br />the payment of the obligation secured by the lien in a manner acceptable to Lender, but only sp long as Borrower is perfqrming such
<br />agreement; Ib) cpntests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion
<br />operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c)
<br />secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to #his Security Instrument. If Lender
<br />determines that any part af the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give
<br />Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one
<br />or mora pf the actions set forth above in this Section 4.
<br />Lender may require 8orrower to pay a ona-time charge for a real estate tax verification andlor rsporting service used by Lender in
<br />connection with this Loan.
<br />5. Property Insurance. Barrower shalt keep the improvements now existing qr hereafter erected on the Property insured against Iqss
<br />by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods,
<br />NEBRASKA-Single Family-Fannie Maa/Freddle Mac UNIFORM INSTRUMEN7 �orm 302$ 1/07
<br />Page 2 of 6
<br />
|