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201008901 Lender may, at any tune, collect and hold amounts for Escrow Items in an aggregate arnount not to exceed the maximum amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. § 2601 et se�c . and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time ("RESPA"), except that the cushion or reserve permitted by RESPA for unanucipated disbursements or disbursements before the Boxrower's payments are available in the account may not be based on amonnts due for the mortgage insurance prernium. If the amaunts held by Lender for Escxow Items exceed the amounts permitted to be held by RESPA, Lender shall account to Borrower for the excess funds as required by RESPA. If the amounts of funds held by Lender at any time are not sufficient to pay the Escrnw Items when due, Lender may notify the Borrower and require Borrawer to make up the shortage as permitted by RESPA. 'The Escrow Funds are pledged as additional security for all sums secured by this Security Instruzxaent. If Borrower tenders to Lender the full payment of all such sums, Borrower's acconnt shall be credited with the balance remaining for all installment items (a), (b), and (c) and any mortgage insurance premium installment that Lender has not become obligated to pay to the Secretary, and Lendex shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all in.stall�nents fox items (a), (b), and (c). 3. Application of Payments. All payments under Paragraphs 1 and 2 shall be applied by Lender as follows: Pirst, to the mortgage insurance premium to be paid by Lender ta the Secretary ar to the monthly charge by the Secretary instead af the monChly martgage insurance premium; Second, to any taxes, special assessments, leasehold payments or graund rants, and fire, flood and other hazard insurance premiums, as required; Third to interest due under the Note; Fourth, to amortization of the principal of the Note; and Fifth, to late charges due under the Note. 4. Fire, Flaad and Other Hazard lnsarance. Borrower sha11 insure all irnprovements on the Property, whether now in existence ox subsequently erected, against any hazards, casualties, and contingencies, including fire, for which Lender requires insurance. 'T'his insurance shall be maintained in the amounts and for tk�e periods that Lender requires. Borrower shall also insure all improvernents on the Property, whether now in existence or subsequently erected, against loss by floods to the extent required by the Secretary. All insurance shall be carried with companies approved by L.ender. The insurance policies and any renewals shall be held by Lender aand shall include loss payable clauses in favor of, and in a fortn acceptable to, Lender. In the event of loss, Borrower shall give Lender irnmediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance cozzipany cancerned is hereby authorized and directed to make payment for such loss directly to Lender, instead of ta Borrower and to Lender jointly. All or any part of the insurance paroceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instrurnent, first to any delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal, or (b) to the restoxation or repair af the damaged Property. Any application af the proceeds to the principal shall not extend or postpone the due date of the monthly payments which are referred to in Pa�ragraph 2, or change the amount of such payments. Any excess insuran;ce proceeds ovex an amaunt requir�d to pay all outstanding indebtedness under the Note and this Security Tnstrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Securiry Instrument or otber t�ansfex af title to the Property that extinguishes the indebtedness, all right, title and interest af Borrower in and to insurance policies in force shall pass to the purchaser. GV2171-3 (696) Page 3 0�' 8 FHA Nebraska Deed oF Trust I I"III II'll IIIII ��III IIIII III�I IIIII IIII� IIIII IIIII IIII IIIIIII III IIIIII IIIII IIIII I��I II�I I��I 1 1, � 1 2 8 4 6� 3 G V 2 1 7 1 ��. � �