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2011002u2
<br />Payments are deemed received by Lender when received at the locatian designated in the Note or at such other
<br />locatian as may be designated by Lender in accordance with the notice pravisions in Section 1S. Lender may z'eturn
<br />any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender
<br />may accept any paymsnt ar partial payment insuf�cient to bring the i_.oan current, without waiver of any rights
<br />hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lendar is not
<br />obligated to apply such payments at the time suck► payments are accepted. If each Periodic Payrnent is applied as of
<br />its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds
<br />until Borrower makes payment to bring the Loan current. If Borrower daes not do so within a reasonable period of
<br />time, L.ender shall either apply such funds or return them to Borrower. lf not applied earlier, such funds will be
<br />applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim
<br />which Borrawer might have now or in the future against Lender shall relieve Rorrower from rnaking payments due
<br />under the Nate and this Security Instrument or performing the covenants atid agreements secured by this Security
<br />Instrument.
<br />2. Application of Payments or Proceeds. Except as oiherwise described in this Section 2, all payments
<br />accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note;
<br />(b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic
<br />Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second
<br />to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Nofe.
<br />If Lender receives a payment fro�r► �orrower for a delinquent Periodic Payment which includes a sufficient
<br />amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If
<br />more than one Periadic Payment is outstanding, Lender may apply any payment received from Borrower to the
<br />repayrnent of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that
<br />any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may
<br />b� applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then
<br />as described in the Note.
<br />Any application of payments, insurance proceeds, ar Miscellaneous Proceeds to principal due und�r the Note
<br />shall not extend or postpone the due date, or change the amount, of the Periodic Fayments.
<br />3. Funds for Escrow ltems. Borrower shall pay to L.ender on the day Periodic Payments are due under the
<br />Note, until the Note is paid in full, a sum (the "Funds") to provide for payment af amounts due for: (a) taxes and
<br />assessrnents and other iterns which can attain priority over this 5ecurity Instrument as a lien or encumbrance on the
<br />Prop�rty; (b) l�asehold payments ar ground rents an the Property, if any; (c) premiutns for any and all insurance
<br />required by L.ender uz�d�r Section 5; and (d) Mortgage Insurance premiurtas, if any, or any sums payable by Borrower
<br />to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the pravisions of Section 10.
<br />'I'hese items are calleci "Escrow Items. " At origination or at any time during the term of the Loan, Lender may require
<br />that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and
<br />assessments sha11 be an Escrow Item. Borrower shall prornptly furnish ta Lender all notices of amounts to be paid
<br />under this Section. Borrower shall pay �.ender the Funds for �scrow Items unless Lender waives Borrower's
<br />obligation to pay the Punds for any or all Escrow Items. Lender rixay waive Borrower's obligation to pay ta Lender
<br />Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver,
<br />Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of
<br />Funds has been waived by Lender and, if L,ender requires, shall furnish to Lender receipts evidencing such payment
<br />within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts
<br />shall for all purposes be deemed to be a covenant and agreennent contained in this Security Instrument, as the phrase
<br />"covenant and agreement" is used in Sectian 9. If Borrower is obligated to pay Escrow Items directly, pursuant to
<br />a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender rnay exercise its rights under Section
<br />9 and pay such aznount and Barrower shall then be obligated under Section 9 to repay to L.ender any such amount.
<br />Lender may revake the waiver as to any or all Escrow ltems at any time by a natice given in accordance with Section
<br />15 and, upon such revocation, Borrower shall pay to Lender a11 Punds, and in such amounts, that are then required
<br />under this Section 3.
<br />Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pernut Lender to apply the Funds
<br />at the time specified under R�SPA, and (b) not to exceed the maximum amount a lender can require under RESPA.
<br />Lender shall estirnate the amount of Funds due on the basis of current data and reasonable estimates of expenditures
<br />of future �scrow ltems or otherwise in accardance with Applicable Law.
<br />The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or
<br />entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan
<br />Bank. Leander shall apply the Funds to pay th� Escrow Iterns no later tk►an the time specified under RBSPA. Lender
<br />shall not charge Boz'rower for holding and applying the Funds, annually analyzing the escrow account, or verifying
<br />the Escrow Items, unless Lender pays Borrower interest on the �'unds and Applicable Law permits Lender to make
<br />such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds,
<br />Lender shall not be required to pay Borrower any interest or �arnings on the Funds. Borrower and L.ender can agree
<br />in writing, however, tlaat interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an
<br />annual accounting of the Funds as required by RESPA.
<br />If there is a surplus of Funds held in escrow, as de�ned under RESPA, Lender shall account to Borrower for
<br />the excess funds in accordance with RESPA. If there is a shortage af Funds held in escrow, as defined under RESPA,
<br />Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to znake
<br />up the shortage in accordance with RESPA, but in no txtore than 12 monthly payments. If there is a deficiency of
<br />Funds held in escrow, as defined undec RESPA, Lender shall notify Borrower as required by RESPA, and Borrower
<br />f�" IOu' �
<br />NEBRASKA--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUM�NT DocMagic �� soo-sas-�ssz
<br />Form 3028 1/01 Page 3 of 1 1 www.docmagfc.com
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