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201203977 DOC TD #: 00024128715012011 Pazcel ID Number 400042746 which currently has the address af 317 S PINE STREET, GRAND ISLAND � [StreeUCityl Nebraska 6 8 8 O 1- 6 0 4 8 (��property Address") • [Zip Codej TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is refened to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interest granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the tight: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Properiy; and to take any action required of Lender including, but not timited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Properly and that the Property is unencumbered, except for encumbrances of record. Borrower watrants and will defend generally the ritle to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURIT'Y INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UMFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Bonower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment chazges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due vnder the Note and this Security Instrument sha11 be made in U.S. currency. However, if any check or other insttument received by Lender as payrnent under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits aze insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments aze deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments aze insu�'icient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partiai paymenfs in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payments to bring the Loan current. If Bortower does not do so within a reasonable period of time, Lender sha(1 either apply such funds or return them to Bonower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Bonower might have now or in the future against Lender shall relieve Bonower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender sha11 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 Periadic 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 suffcient amount to pay any late chazge dae, 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 from Borrower to 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 payment of one or more Periodic Payments, such excess may be applied to any lale chazges due. Voluntary prepayments shall be applied itrst to any prepayment chazges and tt►en 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. NEBRASKA—Single Family—Fannte Mae/Freddie Mac UNIFORM IN3TRUMENT (MERS) Form 3028 1/01 MERS Deed of Trust-NE 2006A-NE (12/11) Page 3 of 12