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20120067�
<br />This Security Instrument secures to Lender: (i) the repeyment of the Loan, and all renewals, eutensions and
<br />modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security
<br />Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of
<br />sale, the following described property located in the County of Hell:
<br />Real Property tax identification number is 400389681.
<br />Lot One (1), Paradise Lake Estates Fifth Subdivision, Hell County, Nebraska
<br />which currently has the address of 7304 S Gunbarrel Rd, Grand Island, Nebraske 68801-9050 ("Property Address"):
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
<br />appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be
<br />covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the °Property."
<br />BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to
<br />grant and convey the Property and thet the Property is unencumbered, except for encumbrances of record. Borrower
<br />warrants and will detend . generally tha title to the Property egainst all clair�s and demands, subject to any
<br />encumbrances of record.'" ' ` ` ' � •
<br />THIS SECURITY INSTRUMENT combines uniform covenants for nationai use and non-uniform covenants with
<br />limited veriations by jurisdiction to constitute a uniform security instrument covering real property.
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />7. Payment of Principel, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pey
<br />when due the principal of, and interest on, the debt evidenced by the Note and eny prepeyment charges and late
<br />charges due under the Note. Borrower shail also pay funds for Escrow Items pursuant to Section 3. Peyments due
<br />under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument
<br />received by Lender as payment under the Note or this Security Instrumant is returned to Lender unpaid, Lender may
<br />require that any or all subsequant payments due under the Note and this Security Instrument be made in one or more of
<br />the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check
<br />or cashier's check, provided any such check is drawn upon en institution wfiose deposits are insured by a federal
<br />agency, instrumentality, or entity; or (d) Electronic Funds Trensfer.
<br />Payments are deemad received by Lender when received et the location designated in the Note or at such other
<br />location as may be designated by Lender in accordance with tha notice provisions in Section 7 5. Lender mey return
<br />any payment or partial payment if the payment or pertial peyments are insufficient to bring the Loan current. Lender
<br />may accept any payment or partial payment insufficient to bring the Loan 'current, without waiver of any rights
<br />hereunder or prejudice to its rights to rafusa such payment or partial payments in the future, but Lender is not obligated
<br />to apply such payments at.the time such payments are accepted. If each Periodic Payment is applied as of its
<br />scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until
<br />Borrower makes payment to bring the Loan current. If Borrower doas not do so within a reasonable period of time,
<br />Lender shall either apply such funds or return tham to Borrower. If not applied earlier, such funds will be applied to the
<br />outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might
<br />have now or in the future against Lender shall relieve Borrower from making paymenta due under the Note and this
<br />Security Instrument or performing the covenants and agreements secured by this Security Instrument.
<br />2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted
<br />and epplied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due
<br />under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the
<br />order in which it became due. Any remaining amounts shall be applied first to late charges. second to any other
<br />emounts due under this Security-lnstrument, and then to reduce the principal balence of tFie'fV'ote.
<br />If Lendar receives a payment from Borrower for a delinquent Periodic Payment which includes e sufficient amount
<br />to pay any late charge due, tha payment may be applied to the delinquent payment and the late charge. If more then
<br />one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment ot the
<br />Periodic Payments if, end to the axtent that, each payment cen be paid in full. To the extent that any excess exists
<br />after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any
<br />lete charges due. Voluntery prepayments shall be applied first to any prepayment charges and then as described in the
<br />Note.
<br />Any application of payments, insuranca proceeds, or Miscellaneous Proceeds to principel due under the Note shall
<br />not extend or postpone the due date, or change the amount, of the Periodic Payments.
<br />3. Funds for Escrow Items. Borrowar shall pay to Lender on the day Periodic Payments ere due under the Note,
<br />until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments
<br />and other items which can attain priority over this Security Instrument as e lien or encumbrance on the Properry; (b)
<br />leasehold payments or ground rents on the Property, if any; (c) premiums for eny and ell insurence required by Lender
<br />under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums peyable by Borrower to Lender in lieu of the
<br />payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items ere called
<br />"Escrow Items." At origination or at any time during the term of the Loan, Lender mey raquira that Community
<br />Association Dues, Fees, and Assessments, if any, ba escrowed by Borrower, and such dues, fees and assessments
<br />shall be en Escrow Item. Borrawer shall promptly furnish to Lender all notices of amounts to be paid undar this Section.
<br />Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for
<br />any or all Escrow Items. Lender may waive Borrower's obligation to pey to Lender Funds for any or all Escrow Items et
<br />any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and
<br />where payable, the amounts due for any Escrow Items for which payment of Funds hes been waived by Lender and, if
<br />Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may
<br />require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a
<br />covenant and agreement contained in this Security Instrument, as the phrase "covenent and agreement" is used in
<br />Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to e weiver, end Borrower tails to pay the
<br />amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower
<br />shall then be obligated under Section 9 to repay to Lender eny such amount. Lender mey revoke the waiver as to any
<br />or all Escrow Items at any time by a notice given-in accordance with Section 16 end, upon such revocation, Borrower
<br />shell pay to Lender all Funds, and in such amounts, that are then required under this Section 3.
<br />Lender may, at any time, collect end hold Funds in en amount (a) sufficient to permit Lender to apply the Funds at
<br />the time specifiad under RESPA, and (b) not to axceed the meximum emount a lender cen require under RESPA. Lender
<br />shall estimate the amount of Funds due on the basis of current deta and reasonable estimates of expenditures of future
<br />Escrow Items or otherwise in accordance with Applicable Law.
<br />The Funds shall be held in an institution whose deposits are insured by e federal agency, instrumentality, or entity
<br />(including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender
<br />shall apply tha Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge
<br />Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items,
<br />unless Lender pays Borrower interest on the Funds and Appliceble Law permits Lender to meke such a charge. Unless
<br />an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shell not be
<br />NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01
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