|
�0�106a�7
<br />In the event of foreclosiue of this Security Instrument or othea transfer of title to the Praperiy that extiaguishes the
<br />indebtedness, all right, title �d interest of Borrower in and to insurance polici� in force shall pass to the p�achaser.
<br />5. Occapancy, Preservafloa, Maintenance and Protec6ton of the Property; Borrower's Loan Appflcation;
<br />Leaseholds. Bonower shall occupy, establish, and use the Properiy as Borrower' s principal residence within sixty
<br />days after the eacecution of this Security Instrume� (or within sixty days of a later sale or transfer of the Property)
<br />and shall continue to occupy the Properiy as Bonower's principal residence for at least one yeaz after the date of
<br />occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating
<br />circumstances exist wlrich are beyond Borrower' s control. Borrower shall norify Lender of any extenuating
<br />circumstaaces. Bonower sUa11 not commit waste or destroy, damage or substantially change the Property or allow
<br />the Property to deteriorate, reasonable wear and tear excepted Lender may inspect the Property if the Property is
<br />vacant or abandaned or the loan is in defaulk Lender may take reasonable action to protect and preserve such vacant
<br />or abandoned Property. Borrower shall also be in default if Bonower, d�sing the loan application process, gave
<br />materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material
<br />information) in connection with the loan evidenced by the Note, including, but not limited to, representations
<br />concerning Bonower's occupancy of the Property as a principal residence. If this Security Instrument is on a
<br />leasehold, Bonower shall comply with the provisions of the lease. If Bortower acquires fee title to the Property, the
<br />leasehold and fee tiUe shall not be merged unless Lender agrees to the merger in writing.
<br />6. Condemna8oa The proceeds of any award or c]sim for damages, direct or consequential, in connection
<br />with any condemnation or other taking of any part of the Properry, or for conveyance in place of condemaation, are
<br />hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedne�ss that remains impaid
<br />under the Note and tiris Security Instrumen� Lender shall apply such proceeds to the reduction of the indebtedness
<br />under the Note and this Security Instrument, first to any delinquent amoimts applied in the ordet provided in
<br />paragraph 3, and then to prepayment of principal. ?,ny application of the praceeds to the principal shall not extend
<br />or postpone the due date ofthe monthly payments, wlrich arereferredto in paragraph 2, or change the amount of such
<br />payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and Uvs
<br />Security Inslrument shall be paid to the entity legally entitled theteto.
<br />7. Charges to Borrower and ProtecNon of Lender's Rights in t6e Property. Borrower shall pay all
<br />governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower shall pay
<br />these obligations on time directly to the entity wlrich is owed the payment. If failure to pay would adversely affect
<br />Lender's intetest in the Properiy, upon Lender's requ�st Bortower shall promptly fiunish to Lender receipts
<br />evidencing these payments.
<br />If Bonower fails to make these payment� or the payment� required by paragraph 2, or fails to perform any other
<br />covenants and agreemenis contained in this Security Inshument, or there is a legal proceeding tUat may significantly
<br />affect Lender's rights in the Properry (such as a proceeding in bankruptcy, for condemnation or to enforce laws or
<br />regulations), then Lender may do and pay whatever is necessary to protect the value of the Properiy and Lender' s
<br />rights in the Property, including payment of taxces, hazard insurance and other items mentioned in paragraph 2.
<br />Any amoimts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be
<br />secuted by this Security Instrumen� These amounis shall bear interest from the date of disbursement at the Note rate,
<br />and at the option of Lender shall be immediately due and payable.
<br />Bonower shall promptly discharge any lien wlrich has priority over this Security Instrument unless Bonower:
<br />(a) agrees in writing to the payment of the obligation sectued by the lien in a manner acceptable to Lender; (b) contests
<br />in good faith the lien by, or defends against enforcement of the lien in, legal proceeclings which in tbe Lender's
<br />opinion operate to prevent the enforcement of the lien; or (c) sec�ues from the holder of the lien an agreement
<br />satisfactory to Lender subordinating the lien to this Sec�ttity Inslrumen� If Lender determines that azry part of the
<br />Propeity is subject to a lien wlrich may attain priority over Uris Security Instrument, Lender may give Bonower a
<br />notice identifyin� the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within
<br />10 days of the giving of notice.
<br />& F�s. Lender may collect fees and charges authorized by the Secretary.
<br />9. Groands for Accelera8on of Debk
<br />(a) Defanit Lender may, eaccept as limited by regulations issued by the Secretary in the case of payment
<br />defaults, reqirire immediate payment in full of all sums sec�aed by this Security Instrument if
<br />(i) Borrower defaults by failing to pay in full any monthly payment required by this Sec�mty
<br />Inslrument prior to or on the due date of the next monthly payment, or
<br />(ri) Borrower defaults by failing, for a period of thirty days, to perfarm any other obligations
<br />contained in this Sectaity Iastrument
<br />(b) Sale Witho� Credit ApprovaL Lender sl�all, if permitted by applicable law (including section 341(�
<br />of the Garn-St Getmain Depository Instihrtions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior
<br />approval of the Secret�y, raqttire immediate payment in full of all sums secuted by this Sei,vrity Instrument iE
<br />(i) All or part of the Property, ar a beneficial interest in a trust owning all or part of the Property, is
<br />sold or otherwise transfened (other than by devise or descent), and
<br />(ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the
<br />purchaser or grantee daes so accupy the Property, but his or her cre�it has not been approved in
<br />accordance with the requirements of the Secretary.
<br />(c) No Wafver. If circumstances occm' that would permit Lender to require immediate payment in fiill,
<br />but L,ender does not re�uire s�tc� payments, I,ender d� not aaive it4 rights with respect to subsequent evenffi.
<br />(d) Regalations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit
<br />Lender's rights, in the case of payment defauit�, to require immediate paymeat in full and foreclose if not
<br />FHA NEBRASKA D� OF TRUST - MQtS �od�egrc�
<br />NmOTZ.FHA 05/23/11 Page 3 oi 7 www.dcanaBj�,wm
<br />II�II�I��IIIII�III��I�
<br />
|