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201103�9� <br />Payments are deemed received by Lender when received at the location designated in the Note or at such other <br />location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return <br />any payment or partial payment if the payment or partial payments aze insufficient to bring the Loan current. Lender <br />may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights <br />hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not <br />obligated to apply such payments at the time such payments are accepted. If each Periodic Payment 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 Bonower does not do so within a reasonable period of <br />time, Lender shall either apply such funds or return them to Bonower. If 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 Borrower might have now or in the future against Lender sha11 relieve Borrower from making payments due <br />under the Note and this Security Instrument or performing the covenants and agreements secured by this Security <br />Instrument. <br />2. ApplicaHon of Payments or Proceeds. Except as otherwise described in this Section 2, all payments <br />accepted and applied by Lender sha11 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 sha11 be applied to each Periodic <br />Payment in the order in which it became due. Any remaining amounts sha11 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 Note. <br />If Lender receives a payment from Borrower 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 chazge. If <br />more than one Periodic Payment is outstanding, Lender may apply any payment received from Bonower to the <br />repayment 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 />be applied to any late charges due. Voluntary prepayments sha11 be applied first to any prepayment charges and then <br />as described in the Note. <br />Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note <br />sha11 not extend or postpone the due date, or change the amount, of the Periodic Payments. <br />3. Funds for Escrow Items. Bortower sha11 pay to Lender on the day Periodic Payments aze due under the <br />1Vote, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and <br />assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the <br />Properly; (b) leasehold payments or ground rents on the Properiy, if any; (c) premiums for any and all insurance <br />required by Lender under S�tion 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower <br />to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. <br />These items are called "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 shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid <br />under this Section. Bonower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's <br />obligation to pay the Funds for any or all Escrow Items. Lender may waive Bonower's obligation to pay to Lender <br />Funds for any or a11 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 Fscrow Items for which payment of <br />Funds has been waived by Lender and, if Lender 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 />sha11 for a11 purposes be deemed to be a covenant and agr�ment contained in tlus Security Instrument, as the phrase <br />"covenant and agreement" is used in Section 9. If Bonower is obligated to pay Escrow Items directly, pursuant to <br />a waiver, and Borrower fails to pay the amount due for an Fscrow Item, Lender may exercise its rights under Section <br />9 and pay such amount and Borrower sha11 then be obligated under 5ection 9 to repay to Lender any such amount. <br />Lender may revoke the waiver as to any or a11 Escrow Items at any time by a notice given in accordance with Section <br />15 and, upon such revocation, Borrower shall pay to Lender a11 Funds, and in such amounts, that aze then required <br />under this Section 3. <br />Lender may, at any tune, collect and hold Funds in an amount (a) sufficient to permit I,ender to apply the Funds <br />at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. <br />Lender shall estimate the amount of Funds due on the basis of current data and reasonable estunates of expenditures <br />of future Escrow Items or otherwise in accordance with Applicable Law. <br />The Funds sha11 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. Lender shall apply the Funds to pay the Fscrow Items no later than the time specified under RESPA. Lender <br />sha11 not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying <br />the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make <br />such a charge. Unless an agreement is made in writing or Applicable Iaw requires interest to be paid on the Funds, <br />Lender sha11 not be required to pay Borrower any interest or earnings on the Funds. Bonower and Lender can agree <br />in writing, however, that interest shall be paid on the Funds. Lender sha11 give to Bonower, 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 defined under RESPA, Lender sha11 account to Bonower for <br />the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, <br />Lender shall notify Bonower as required by RESPA, and Borrower sha11 pay to Lender the amount necessary to make <br />up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of <br />Funds held in escrow; as defined under RESPA, Lender sha11 notify Borrower as required by RESPA, and Bonower <br />�' / yV��� <br />NEBRASKA--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DocMag/c � <br />Form 3028 1/07 Page 3 of 11 www.docmagic.com <br />Ne3028.dot.xml <br />