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201109169 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 late 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 Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment 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 fi•om Borrower Co 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 payinent of one or n�ore Periodic Payinents, such excess inay 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 application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender ou the day Periodic Payments are due under the Note, uutil the Note is paid in full, a sum(the"Funds") to provide for paymeut of amounts due foi° (a)taxes and assessments and other items whieh can attain priority over this Security Instrument as a l�en 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 5ection 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 origination or at any time during the term of the Loan, Lender may require that Cotnmunity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be au Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items uuless Lender waives Borrower's obligation to pay the Funds far 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, Borrower shall pay direcUy, when and where payable, the amounts due far any Escrow Items for which payment of Fuuds 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. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase"covenant and agreement" is used in Section 9. If Borrower is obliga[ed to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay Che amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated tmder Section 9 to i•epay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocaCion, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at auy time, collect aud hold Funds in au amount(a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and(b)not to exceed the maximum amount a lender can require under RESPA Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Itetns or otherwise in accordance with Applicable Law. 8801103443 8801103443 NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3028 1/01 VMP QQ VMP6A(NE)(1105) Wolters Kluwer Financial Services Page 5 of 17 � �