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� 201108592
<br /> Loan No: 3110818003 Data ID: 440
<br /> In the event of loss,Borrower shall give L,ender immediate notice by mail. Lender may make proof
<br /> of toss if not made promptly by Borrower. Each insurance company concerned is hereby authorized
<br /> and directed to make payment for such loss directly to T.ender,instead of to Borrower and to Lender
<br /> jointly. All or any part of the insurance proceeds may be applied by L,ender,at its option,either(a)
<br /> to the reduction of the indebtedness under the Note and this Security [nstrument, first to any
<br /> delinquent amounts applied in the order in paragraph 3,and then to prepayment of principal,or(b)
<br /> to the restoration or repair of the damaged Propeny. Any application of the proceeds to the principai
<br /> shall not extend or postpone the due date of the monthly payments which are referred to in paragraph
<br /> 2,or change the amount of such payments. Any excess insurance proceeds over an amount required
<br /> to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the
<br /> encicy legally entifled thereto.
<br /> In the event of foreclosure of this Securiry Lnstrument or other transfer of title to the Property that
<br /> extinguishes the indebtedness,all right,atle and interest of Borrower in and to insurance policies in
<br /> force shall pass to the purchaser.
<br /> �. Occupuncy, Preservation, Maintenance and Protection ot' the Property; Sorrower's L,oan
<br /> Applieation;Leaseholds. Borrower shall occupy,establish,and use the Property as Borrower's principal
<br /> residence within sixty days after the execution of this Security Instrument(or within sixty days of a later
<br /> sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal
<br /> residence for at least one year after the date of occupancy,unless Lender determines that requirement
<br /> witl cause undue hardship for Borrower,or unless extenuating circumstances exist which are beyond
<br /> Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Sorrower shall
<br /> not commit waste or destroy, damage or substantially change the Property or allow the Property to
<br /> deteriorate,reasonable wear and tear excepted. L,ender 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
<br /> preserve such vacant or abandoned Property. Borrower shail also be in default if Borrower,during the
<br /> loan application process,gave materially false or inaccuraTe information or statements [o L.ender(or
<br /> failed to provide Lender wi[h any material information)in connection with the loan evidenced by the
<br /> Note,including,but not limited to,representations eoncerning Borrower's occupancy of the Property
<br /> as a principal residence. If this Security Insirument is on a leasehold,Borrower shall comply with[he
<br /> provisions of the lease. If Borrower acquires fee title to the Property,the leasehold and fee title shall
<br /> not be merged unless Lender agrees to the merger in writing.
<br /> 6. Condemnation. The proceeds of any award or claim for damages,direct or consequential,in
<br /> connection with any condemnation or other taking of any part of the Property,or for conveyance in
<br /> place of condemnation, are hereby assigned and shall 6e paid to I.ender to the eatent of the full
<br /> amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender
<br /> shall apply such proceeds to the reduction of the indebtedness under the Note and this Security
<br /> Instrument,first to any delinquent amounts applied in the order provided in paragraph 3,and then to
<br /> prepaqment of principal. Any application of the proceeds to the principal shall not extend or postpone
<br /> the due date of the monthly payments,which are referred lo in paragraph 2,or change the amount of
<br /> such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness
<br /> under the Note and this Security Instrnment shall be paid to the entity IegaUy entitled thereto.
<br /> 7. Charges to Sorrower and Protection of Lender's Rights in the Property. Borrower shall pay all
<br /> governmental or municipa] charges, fi�es and impositions that are not included in paragraph 2.
<br /> Borrower shall pay these obligations on time direc[ly to the entiry which is owed the payment. If
<br /> failure to pay would adversely affect Lender's in[erest m the Property,upon I.ender's request Borrower
<br /> ehall promptiy furnish to Lender receipts evidencing these payments.
<br /> Tf Borrower fails to make these payments or the payments required by paragraph 2, or fails to
<br /> perform any other covenanis and agreements contained in[his Securiry Instrument,or there is a legal
<br /> proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in
<br /> bankruptcy,for condemnation or to enforce laws or regutations),then Lender may do and pay whatever
<br /> is necessary to protect the value of the Properry and L,ender's rights in the Property,including payment
<br /> of taxes,hazard insurance and other items mentioned in paragraph 2.
<br /> Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower
<br /> and be secured by this Security Instrument. These amount5 shal] bear interest from the date of
<br /> disbursement at the Note rate,and at the option of Lender shall be imme@iately due and payable,
<br /> Borrower shall promptty discharge any lien which has priority oaer this Security Instrument unless
<br /> Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner
<br /> acceptable to Lender;(b)contests in good faith the lien by,or defends against enforcement of the lien
<br /> in,legal proceedings which in the Lender's opinion operate to prevent the enforcemen[of the lien;or
<br /> (c)secures from the holder of the lien an agreement satisfactory to L,ender subordinating the lien to
<br /> this Security Instrument. If Lender determines that any part of the Property is subject to a lien which
<br /> may attain priority over this Security Instrument,Lender may give Sorrower a notice identifying the
<br /> lien.Sorrower shail satisfy the lien or take one or more of the actions set forth above within 10 days
<br /> of the giving of notice.
<br /> S. Fees. Lender may collect fees and charges authorized by the Secretary.
<br /> 9. Grounds for Acceleration oF Debt.
<br /> (a)Default. Lender may,except as limited by regulations issued by the Secretary in the case of
<br /> payment defaults, require immediate payment in full of all sums secured by this Security
<br /> Instrument iE
<br /> i)Borrower defaults by failing to pay in full anq monthiy payment required by this Security
<br /> nstrument prior to or on the due date of the next monthly payment,or
<br /> (ii)Borrower defaults by failing,for a period of thirty days,to perform any other obligations
<br /> contained in[his Security Instrument.
<br /> NEBRASKA FHA DEED OF TRUST os/�y (Paga 3 of 6 Pages)
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