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� 201109223 TOG{�l'HER WITH al( the improvements no�� or hereaiter erected on the property, and all easements, rights, appurtenances, and tixtures now or hereafter a part af the property. All repiacements and additions shall also be covered by this Security Instrument. All of the toregoing is referred to in this Security Instrument as the"Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered. Borrower warrants and will defend geneially the titie to the Property against all claims and demands.subject to any encumbrances of record. THIS SECIJRI'TY INSTRUMENT combines uniform covenants for naCional 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 1��llows: l. Payment of PrincipaB and Interest. Qorrower shall pay when due the principal ot; and inter•est on, the debt evidenced by the Note. 2. Payment of Property Charges. Borrower shail pay all property charges consisting of'tares, ground renis, flood and hazard insurance premiums, and special assessments in a timely manner, and sha(I provide evidence of payment to Lender, unless Lender pays property charges by withhoiding iunds from monthly payments due to the Borrower or by charging such payments to a line of credit as provided for in the Loan Agreement. 3. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvemenis on the Property, whether now in etistence or subsequently ecected, against any hazards, casualties, and contingencies, including fire. 'This insurance shall be maintained in the amounts,to the extent and for the periods required by Lender or the Secretary ofi Housing and Urban Uevelopment ("Secretary"). Borrower shall also insure all improvemei�ts on the Property, whether no�� in eristence or subsequently erected,against loss by floods to the extent required by the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favor of and in a form acceptable to, Lender. In the event of loss, I3orrower shall give Lender immediate notice by mail. Lender may make proof of'loss il'not made p�romptly by �3ort•ower. Each insurance company concerned is hereby authorized and direcled to make payment f'or such loss to Lender instead of to [3orrowcr and I,ender jointly. Insurance proceeds shall be applied to restoration or repair of the damaged Property, if the restoration or repair is economically ieasible and Lender's security is not lessened. [f the restoration or repair is not economicalfy feasible or Lender's security would be lessened,the insurance proceeds shall be applied tirst to the reduction ol�any indebtedness under a Second Note and Second Security Instrument held by the Secrctaiy on the Property and then to the rcduction of the indebtedness under the Note and this Security Instrument. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the ei�tity legally entiticd thereto. In the event of foreclosuce of this Security Instrument or other transfer of titic to the Property that ettinguishes the indebtedness,all right,title and interest of I3orrbwer in and to insurance policies in force shall pass to the purchaser. 4. Occupancy, PreservaQion, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. E3orrower shall occupy, establish, and use the Property as Borrower's principal residence aiter the etecution oi�this Security ]nstrument and Borrower(or at (east one [3orrower, if initially more than one person are E3orrowers) shall continue to occupy the Property as E3orrower's principal residence for the teri�� of the Security Instrument. "Nrincipal residence"shall have the same meaning as in the Loan A�reement. Borrower shall i�ot cominit waste or destroy.�damage or subsCantially change the ProperCy or allow the ProperCy to deterioratc, reasonable wear and tear excepted. Borrower shai( also be in clef'ault il' Borrower, during the loan Nebrnska l"'Secza•iN/nstrt�rnent rJ Bny Dncs,hac.06/10 Page Z