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<br />T...ender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the znaximum
<br />amount that may be required for Boz�'ower's escrow account under the Rea1 Estate Settlement Procedures Act of 1974, 12
<br />U.S.C. § 2601 et se�. and implementing regulations, 24 CFR Part 3500, as they may be amended from tzme to tirne
<br />("RESPA"), except that the cushion or reserve permitted by RESPA for unanticipated disbursezr�ents or disbursements before the
<br />Boz'rower's payments are available in the account may not be based on amounts due for the mortgage insurance premiuzz�.
<br />If the amounts h�ld by Lender for Escz'ow Items exceed the amounts permitted to be held by RESPA, Lender shall account to
<br />Boz'rower far the excess funds as required by RESPA. If the amounts of funds held by Lender at any time are not sufficient to
<br />pay the Escrow Items when due, Lender rnay notify the Borrower and require Borrower to make up the shortage as permitted by
<br />RESPA.
<br />The Escrow Funds are pledged as additional securiry for all sums secured by this Security Instrument. Tf Barrower tenders to
<br />Lender the full payment of all such sums, Borrower's account shall b� credited with the balance remaining for all installment
<br />items (a), (b), and (c) and amy mortgage insurance premium installment that I,ender has not become obligated 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 Paragraphs 1 and 2 shall be applied by Lender as follows:
<br />Fiz'st, to the mortgage insurance premium to 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 aiad other hazard insurance
<br />prerniurns, as required;
<br />Third to interest 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, Flood and Other Hazard Insurance. Borrower shall insure all unprovements on the Property, whether now in
<br />existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which T,ender requires
<br />insurance. This insurance shall be maintained in the amounts and foz' the periods that Lender requires. Borrower shall also insure
<br />all improvements on tl�e Property, whether now in existence or subsequently erected, against loss by floods to the extent
<br />required by the 5ecretary. All insurance shall be carried with cornpanies 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, Borrawer shall give Lender immediate notice by mail. Lendpr may make proof of loss if not made
<br />proznptly by Borrower. Each insurance company cozacerned is hereb}� authorized and directed to make payment for such loss
<br />directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be applied by
<br />Lender, at its option, either (a) to the reductian of the indebtedness under the Note and this Security Instrument, 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 of the proceeds to the principal shall not extend or postpone the due date of the monthly
<br />payments which are referred to in Paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an
<br />amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the enTity
<br />legally entitled thereto.
<br />In the event of foreclosure of this Security Instrument or aChex transfer of title to the Property that �xtinguishes the
<br />indebtedness, all right, title and it�terest of Borrower in and to insurance policies in farce shall pass to the purchaser.
<br />GV2171-3 (696) Page 3 of 8 FHA Nebraska Deed of'�'rnst
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