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�Q110325�
<br />and sball continue to occupy the Property as Borrower's principal residence for at least one year after the date of
<br />occupancy, unless Lender determines that requiteme� will cause undue hardship for Bonower, or ualess extenuating
<br />circvmstances exist which aze beyond Borrower's control. Bortower sha11 notify Lendet of any extenuating
<br />circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow
<br />the Ptoperty to deteriorate, reasonable wear and tear e�ccepted. Lender may inspect the Properry if the Property is
<br />vacant or abandoned or the loan is in default Lender may take reasonable action to protect and preserve such vacant
<br />or abandoned Property. Borrower shall also be in default if Borrower, during the loan appfication pra�, gave
<br />meterially false or iaaccutate information or statements to Lender (or failed to provide Lender with any material
<br />information) in cmmection with the loan evidenced by the Note, including, but not limited to, representations
<br />concerning Bonower's occupancy of the Properiy as a principal residence. If this Security Instrument is on a
<br />leasehold, Borrower shaII comply with the provisions of the leese. If Botrower acquires fee title to the Property, the
<br />leasehold and fee title sha11 not be merged unless Lender agrees to the merger in writing.
<br />6. Condemoaflon. The proceeds of any award or claim for damages, direct or consequential, in connection
<br />with any condemnation or otfier taking of any pact of the Property, or for wnveyance in place of condemnation, are
<br />heteby assigned and ahall be paid to Lender to the extent of the full amount of the indebtedness that remains u�aid
<br />under the Note and this Security Instrument. Lender shall apply such prot�eds to the reduction of the indebtedness
<br />uttder the Note and this Security Instnnnent, frrst to any delinquent amounls applied in the order provided in
<br />pazagreph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend
<br />or postpone the due date ofthe monthly payment�, which arezeferredto in paragraph 2, or change fhe amount ofsucL
<br />Payments. Any excess proceeds over an amount requited to gay all outctanding indebtedn�ss under the Note and this
<br />Security Inshvment shall be paid to the enrity legally entitled thereto.
<br />7. Charges to Borrower and Pratection of Lender`s Rights in the Properiy. Borrowet shall pay all
<br />governmental or municipal charges, fines and impositions tUat aze not included in paragaph 2. Borrower shall pay
<br />these obligations on time directly to the entity wirich is owed the paymen� If failure to pay would adversely affect
<br />Lender's intetest in the Property, upon Lender's request Borrower shall promptly fiirnisfi to Lender receipts
<br />evidencing tfiese payments.
<br />If Borrower faiLs to make these paymettts or the paymenta required by paragraph 2, or fails to perform any other
<br />covenants and agreements contained in this Security Inshument, or there is a legal proceeding that may signific�ntly
<br />affect Lender's rights in the Ptopetry (such as a prvicee3ing in banlQUptcy, for condemnarion or to enforce laws or
<br />regulations), then Lender may do and pay whatever is necessary to protect the value of the Properry and Lender' s
<br />rights in the Properiy, including payment of taxes, hazard insurance and other items mentioned in paragrapk 2.
<br />Any amounfs disbursed by Lender under Uus paragaph shall become an additional debt of Bonower and be
<br />sec�ued by this Security Instrument These amounts shall bear interest from the date of disbursement at the Note rate,
<br />and ai the option af Lender ahall be immediately due and payable.
<br />Bonower shall promptly discharge any lien which has griority over this Security Instrument unless Borrower:
<br />(a) ag�'ees in writing w the payment of the obligation sec�ued by the lien in a manner acceptable to I.ender; (b) contests
<br />in good faith the lien by, or defends against enforcement of the lien in, legal proceedings wlrich in the Lettder's
<br />opinion operate to preveat the enforcement of the lien; or (c) secures from the holder of the lien an agreement
<br />satisfactory to Lender subordinating the lien to Uris Security Instrument If Lender determines thaY any part of the
<br />Property is subject to a lien wluch may aitain priority over this Security Instrument, Lender may give Borrower a
<br />notice identifying the lien. Borrower ahall satisfy the lien or take one or more of the actions set forth above within
<br />10 days of the giving of noflce.
<br />& Fees. Lender may collect fees and chazges authorized by the Secretary.
<br />9. Gmands for Acceleratlon of Debt
<br />(a) Defanit Lender may, except as limited by regulations issued by the Secretary in the case of payment
<br />defaults, re.quire immediate payment in full of all sums secured by this Security Instmm�ent if
<br />(i) Borrower defaults by failing to pay in full azry monthly payment required by this Security
<br />Instrument prior to or on the due date of the next monthly payment, or
<br />(ri) Bonower defaults by failing, for a period of thirty days, to perform aay other obligations
<br />contained in this Security Instrumen�
<br />(b) Sale Wit4out GYedit Approval. Lender shall, ifpermitted by applicable law (including section 341(c�
<br />of the Gatn-St. Germain Depository Institutions Act of 1982, I2 U.S.C. 17U1j-3(d)) and with the prior
<br />agproval of tbe Se�r�7; require immediate payment in full of all sums se�aued by this Security Instrument iF
<br />(i) All or part of the Property, or a beneficial interest in a trust owning all or pazt of the Properry, is
<br />sold or otherwise haasferred (other than by devise or descent), and
<br />(ii) 1'he Property is not occupied by the piachaser or grantee as his or her principal residettce, or the
<br />purchaser or grante� does so occupy the Properry, but his or her credit has not been approved in
<br />accordance with the requirements of the Secretary.
<br />(c) No Waiver. If circumstances occur that would permit Lender to reqirire immediate payment in full,
<br />but I.endea does not require such payments, I.�der does �t waive its rights with resp�t to �bsequent events.
<br />(d) Regalaflons of HUD Secretary. In many circumstances regulations issued by the Secretary will limit
<br />Lender's rights, in the case of payment defaults, to reqirire imT„�t;�+a payment in full and foreclose if not
<br />paid This Security Instrument does not authorize acceleralion or foreclosttte if not permitted by regulations
<br />of the Secxetary.
<br />(e) Mortgage Not Inemed. Borrower agrees that if this Security Instrument and the Note are not
<br />determined to be eligi'bla for insurance under the National Housing Act wiUvn 6 0 DAYS
<br />FHA NFBRASKA D� OFTRU3T- MERS p�y���
<br />NEDOTZ.FHA 11/01/08 Pege 3 of l yvww,docmag/c.mm
<br />lll�l� 11111 Il II� II01 I � I a 01 I III�I II�� I I�
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