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2 01104803 451103706 payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Bonower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply svch funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Inshument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to Iate charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Bonower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the paymettt may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Bonower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any applicarion of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shaIl not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Bonower shall pay to Lender ott the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At originarion or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Bonower, and such dues, fees and assessments shall be an Esctow Item. Bonower shall promptly furnish to Lender all norices of amounts to be paid under this Section. Bonower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Bonower sha1l pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Bonower's obligarion to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement cotttained in this Security Instrument, as the phrase "covenattt and agreement" is used in Seclxon 9. If Bonower is obligated to pay Escrow Items directly, pursuant to a waiver, and Bonower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Bonower shall then be obligated under Section 9 to repay to Lender any such amoun� Lender may revoke the waiver as to any or al1 Escrow Items at any time by a notice given in accordance with Section 15 and, apon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Secrion 3. Leader may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amownt a lender can NEBRASI{A—Single Family—Fannie Mae/Freddte Mac IJNIFORM INSTRUMENT ffi� 338.4 Page 4 of 14 Form 30281/Ol �