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<br /> items (a), (b), and (c) and any mortgage insurance premium installment that Lender 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 payments under paragraphs I and 2 shall be applied by Lender as follows:
<br /> FIRST, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the
<br /> Secretary instead of the monthly mortgage insurance premium;
<br /> SECOND, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard
<br /> insurance premiums, 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 improvements on the Property, whether now in
<br /> existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which Lender requires
<br /> insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall also
<br /> insure all improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the extent
<br /> required by the Secretary. All insurance shall be carried with companies 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 shall give Lender immediate notice by mail. Lender may make proof of loss if not made
<br /> promptly by Borrower. Each insurance company concerned is hereby 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 reduction 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
<br /> an 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 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 force shall pass to the purchaser.
<br /> 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;
<br /> Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the
<br /> execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy
<br /> the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender determines that
<br /> requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's
<br /> control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or
<br /> substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the
<br /> Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve
<br /> such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave
<br /> materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in
<br /> connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy
<br /> of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions
<br /> of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to
<br /> the merger in writing.
<br /> 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br /> condemnation or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned
<br /> and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this
<br /> Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security
<br /> Instrument, first to any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal.
<br /> Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are
<br /> referred to in paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all
<br /> outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto.
<br /> 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental
<br /> or municipal charges, fines and impositions that are not included in paragraph 2. Borrower shall pay these obligations on time
<br /> NEBRASKA FHA DEED OF TRUST 6196
<br /> NEBRASKA-MERS GreatDocs®
<br /> ITEM 26961-3 (101509) (Page 3 of 8)
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