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201108404 BORROWER COVENANTS that Borrower is lawfully seised of the estate herehy conveyed and has the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Properry against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for nationai use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. Uniform Covenants. Borrower and Lender covenant and agree as follows: Payment of Principal, Interest, Escrow items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escraw Items pursuant to Section 3. Payments due under the Nate and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Securiry Instniment be made in one or more of the following forms, as selected by I.ender: (a) cash; (b1 money order; (c) eertified check, baulc check, treasurer's check or casluer's check, providat any such ch�k is drawn upon an institution whose depvsits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfec. Payments are deemed received by Lender when received at the locatian designated in the l�iate or at such other location as may be designated by Lender in accordance witli the notice pmvisions in Section I5. Lender may return any payment or partia:t payn�:nt if the pay�nt or partial payments are insufficient to bring the Loan current. Lender may accept any paymem ar partiat payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such paym�nt or partial payments in the future, but I.ender is not obligated to apply such payir�nts at ihe ti� such pay�nts are accepted. If each Periodic Payment is a�lied as of its scheduted due ciate, then Lender �ed irot pay interest on unapplied funds. Lender may flald such unapplied funds until Borrawer makes payments to bring the Loan curcent. If Borrower does not do so witivn a reasonable period of tir�, Lender shall either appty such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding grincipal balance under the Note immediately prior to foreciosure. No offset or claim which Borrower might have now or in the future against Lender shall reiieve Borrower from making payments due under the I>tote and this Security Instivment or performing the covenants and agreements secured by this Security Instnxrnent. 2. Applieation of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender sha11 be appIiect in the following order of priority: (a) in,terest 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 late charges, second to any other amounts due under this Security Instrument, and ihen to reduce the principal batance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the detinquent payment and the late charge. If more than one Periodic Payment is outstanding, I.ender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to tY►e extent that, each payment can be paid in full. To the extent that any excess exists after ihe 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. NEBflASKA-Single Famity-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01 VMP � VMPB�NE) (1105) Wolters Kluwer Financial Services Page 4 of 17 1� i M ', r�� 1� ��}