|
�0��43���
<br />and shall corninue to occupy the Progeriy as Botrower's principal residence for at least one year after the date of
<br />�P��Y� unless Lender determines that requirement will ceuse undue hardship for Bonower, or unless extenuating
<br />circumstances exist wlrich aze beyond Borrower's controL Borrower shall notify Lender of any extenuating
<br />circumstances. Borrower s6a11 not commit waste or destroy, damage or substaatially change the Property or a11ow
<br />the Property to deteriorate, reasonable w�r and tear excepted. Lender may inspect the Property 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 Properiy. Bonower shall also be in default if Borrower, diuing the loan application proceas, gave
<br />materially false or inaccurate information or statements to Lender (or failed to provide Lender with acry material
<br />information) in coffiection with the loan evidenced by the Note, including, but not limited to, representations
<br />concerning Bonower's occ�ancy of the Properiy as a principal residence. If this Security Inslrument is on a
<br />leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the
<br />leasehold and fee flfle shall not be merged unless Lender agrees to the merger in writing.
<br />6. Condemnatlon The proceeds of any award or claim for damages, direct ar consequential, in connection
<br />with any condemnation or other taking of any part of the Property, ar for conveyance in place of condemnation, are
<br />hereby assigned and sl�atl be paid to Lender to the extent of the full amount of the indebtedness that remains impaid
<br />under the Note and this Security Instrument Lender shall apply such proceeds to the reduction of the indebtedness
<br />under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in
<br />paragraph 3, and then w prepayment of principal. Any application of the proceeds to the principal shall not extend
<br />or gostpone the due date of the montUly payments, wluch arereferredta in paragraph 2, or change the amotmt of such
<br />payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this
<br />Secutity Instrument shall be paid to ffie entity legally entitled thereto.
<br />7. Charges to Borrower and Protectlon of Lender's Iiig6ts in t6e Property. Borrowet sBaU pay all
<br />govetnmental or municipal charges, fines and impositions that are not included in paragraph 2. Bortower shall pay
<br />these obligations on time directly to the entity wirich is owed the payment If failure to pay would adver�ly affect
<br />Lender's inter�t in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts
<br />evidencing these payments.
<br />If Borrower fails to make the.se payment� or the payments required by paragraph 2, or fails to perform any other
<br />covenants and agreements contained in this Sectuity Instrument, or there is a legal proceeding that may significantly
<br />affect Lender' s rights in the Property (such as a proceeding in banlavptcy, for condemnation or to enforce laws or
<br />regulations), then Lender may do and pay whatever is necessary to prote�t the value of the Property and Lender's
<br />rights in the Property, including payment of taxes, hazard insurance and ather items mentioned in paragraph 2.
<br />tlny amounts disbursed by Lender under Uvs pazagraph shall become an addi6onal debt of Barrower aad be
<br />secured by tUis Security Instnmment These amount� shall bear interest from the date of disbursement at the Note rate,
<br />and at the option of Lender s6all be immediately due and payable.
<br />Borrower shall promptly discharge any lien which has priority over this Security Insuument unless Borrower:
<br />(a) agrees in writing to the payment of the obligation secwedby the lien in a manner acceptable to Lender; (b) contests
<br />in good faith the lien by, or defends ag�� enforcement of the lien in, legal proceedings wlrich in the Lender's
<br />opinion operate to preve� the enforcement of the lien; or (c) sec�aes from the holder of the lien an agreement
<br />satisfactory to Lender subordinating the liea w this Security Instrument, If Lender determines that any part of the
<br />Property is subject to a lien wlrich may attain priority over Uus Security Instrument, Lender may give Borrower a
<br />notice identifying the lien. Bonower shall satisfy the lien or take one or more of the actions set forth above within
<br />10 days of the giving of noflce.
<br />& Feea Lender may collect fees and charges authorize,d by the Secretary.
<br />9. Gronnds for Acceleratton of Debt
<br />(a) Default Lender may, except as limited by regulations issued by the Secretary in the case of payment
<br />defaults, requite immediate payment in full of a11 sums secured by this Security Instrument iF
<br />(i) Bonower defaul� by failing to pay in full any monthly payment required by this Security
<br />Insirament 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 any other obligations
<br />contained in this Security Instrumen�
<br />(b) Sale Witho� Credit Approval. Lender sl�all, if permitted by applicable law (including section 341(c�
<br />of the Garn-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(�) and with the prior
<br />approval of �e Sect�acy, ra4uire immadiate payment in full of all sums se�ured by this Secvrity Inshrumeut ifi
<br />(i) All or part of the Properly, or a beneficial interest in a trust owning all or part of the Property, is
<br />sold or otherwise traasferred (other than by devise or d�cent), and
<br />(ii) The Properiy is not occupied by the piuchaser or grantee as his or her principal residence, or the
<br />purcbaser or grantee do� so occupy the Properiy, 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 tl�at would permit Lender to reqirire immediate payment in full,
<br />but I.ender dae.s not retptire such paym�ts, L.�det does �t waive its rights with resp�,�t bo subsequent events.
<br />(� Regalations of HUD Secretary. In many circumstances regulations issued by the Secrefarywill limit
<br />Lender' s rights, in the case of payment defeuits, W require immediate payment in full and foreclose if not
<br />paid 'I'his Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations
<br />of the Secretary.
<br />(e) Mortgage Not Ins�ed. Borrower agrees that if this Security Inslaument and the Note are not
<br />determined to be elig'ble for +nm.�++ce imder the National Housing Act witivn 6 0 DAYS
<br />FHA NEBRASKA D� OF TRUST - M9i.S
<br />NmOTZ.FHA 11/01/OS Paga 3 of 7
<br />e
<br />www.dozmag/c.wm
<br />�I�IIIII�IIII ��II�II�I��IIIII�III�I �I�
<br />
|