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201109223 covered by this Security Instrument. All of the loregoing is referred to in this Security Instrument as thc"Property." BORROWER COVF,NANTS that Borrower is lawfully seized oP thc estate hereby conveyed and has the right lo i�ortgage, grant and convey the Property and that lhe Property is only encumbere�l by a First Security Instrui�enC given by Borrower and dated the satne date as this Security Instrumcnt ("Fiist Security Instrument"). Borrower warrants and �vill defend geneially the title to the Property againsl all claims and demands, subiect to any encumbrances of record. THIS SECURITY INSTRUMENT combines unilorm covenants ior national use and non-unilorm covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agrce as follows: l. Payment of Principal and Interest. Borrower shall pay when due the principai of, and interest on, the debt evidenced by the Second Note. 2. Payment of Property Charges. Borrower shall pay all property charges consisting of taxes, ground rents, ilood and hazard insurance premiums, and special assessments in a timely manner, and shall provide evidence oi� payment to Lender, unless Lender pays property charges by withholding funds fi•om monthly payments due to the [3orrower or by chaiging such payments to a line of credit as provided ior in the l,oan Agreement. Lender may require Borrower to pay specitied property charges directly to the party o�ved payment even though Lender pays other property charges as provided in this Paragraph. 3. Fire, Flood and Other Hazard Insurance. Borrower shall insure al( improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, including tire. This insurance shall be maintained in the amounts,to the extent and for the periods required by Lender. Bor•rower shall also insure all improvements on the Property, whether now in existence or subsequently erected, against loss by t7oods to the extent required by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in iavor of,and in a ti�rm acceptable to,Lender. In the evei�t of loss, Borrower shall give Lender immediate notice by maiL Lender may make proof of loss if not made promptly by Borrower. Each insurance company concerned is hereby authoriz.ed and directed to make payment for such loss to Lender, insiead of to Borrower and Lenderjointiy. Insu�ance proceeds shall be applied to resto�ation or repair of the damaged Property, if the restoration or repair is economically feasible and Lender's security is not lessened. [f the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance prc�ceeds shall be applied first to the reduction oi'any indebtedness under the Second Note and Chis Security Instrument. Any excess insurance proceeds over an amount required to pay all c�utstanding indebtedness under the Second Note and this Security Instrument shall be paid to the entity legally entitlec�thereto. fn ihe event of foreclosure of this Security Instrument or other•transf�er oi'title to the Property that e�tinguishes the indebtedness,all right,title and interest of Borrower in and to insurance policies in Iorce shall pass to the purchaser. 4. Clccupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shail occupy, establish, and use the Property as Borrower's principal residence atter the execulion of this Security Instrument and Borrower(or at least one [3orrower, if initially more than one person are Borrowers) shal) continue to occupy the Property as Borrower's principa( residcnce for the term of the Security Instru�nent. "Principai residence" shall have the same meaning as in the Loan Agreement. F3orrower shall not commit��aste or destroy, damage or substantially change the Property or allow the F'rope�•ty to deteriorate, reasonable wear and lear excepted. Borrow�er shall also bc in defaull iF Borrower. during the loan ' application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Nebi•aska 2°�f Seein•ity I�tshzrment �O/3nv Docs,hac.06/l0 Pnge 2