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THE WESTERLY TWENTY -TWO AND TWO - TENTHS FEET (W 22.2') OF LOT FIVE (5)
<br />BLOCK ONE (1), PLEASANT VIEW SEVENTH ADDITION TO THE CITY OF GRAND
<br />ISLAND, HALL COUNTY, NEBRASKA.
<br />which has the address of 822 E SUNSET AVE, GRAND ISLAND, NE 68801 ( "Property Address ");
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all
<br />easements, rights, appurtenances, rents, royalties, mineral, oil, and gas rights and profits, water rights and
<br />stock 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
<br />"Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by
<br />Borrower in this Security Instrument; but, if necessary to comply with law or custom, MERS (as nominee for
<br />Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including,
<br />but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender
<br />including, but not limited to, releasing or canceling this Security Instrument.
<br />BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and
<br />has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for
<br />encumbrances of record. Borrower warrants and will defend generally the title to the Property against all
<br />claims and demands, subject to any encumbrances of record.
<br />1. Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of,
<br />and interest on, the debt evidenced by the Note and late charges due under the Note.
<br />2. Monthly Payments of Taxes, Insurance and Other Charges. Borrower shall include in each
<br />monthly payment, together with the principal and interest as set forth in the Note and any late charges, an
<br />installment of any (a) taxes and special assessments levied or to be levied against the Property, (b) leasehold
<br />payments or ground rents on the Property, and (c) premiums for insurance required by paragraph 4.
<br />Each monthly installment for items (a), (b), and (c) shall equal one - twelfth of the annual amounts, as
<br />reasonably estimated by Lender, plus an amount sufficient to maintain an additional balance of not more than
<br />one -sixth of the estimated amounts. The full annual amount for each item shall be accumulated by Lender
<br />within a period ending one month before an item would become delinquent. Lender shall hold the amounts
<br />collected in trust to pay items (a), (b), and (c) before they become delinquent.
<br />If at any time the total of the payments held by Lender for items (a), (b), and (c), together with the
<br />future monthly payments for such items payable to Lender prior to the due dates of such items, exceeds by
<br />more than one -sixth the estimated amount of payments required to pay such items when due, and if payments
<br />on the Note are current, then Lender shall either refund the excess over one -sixth of the estimated payments
<br />or credit the excess over one -sixth of the estimated payments to subsequent payments by Borrower, at the
<br />option of Borrower. If the total of the payments made by Borrower for item (a), (b), or (c) is insufficient to
<br />pay the item when due, then Borrower shall pay to Lender any amount necessary to make up the deficiency
<br />on or before the date the item becomes due.
<br />As used in this Security Instrument, "Secretary" means the Secretary of Housing and Urban
<br />Development or his or her designee. In any year in which the Lender must pay a mortgage insurance
<br />premium to the Secretary, each monthly payment shall also include either: (i) an installment of the annual
<br />mortgage insurance premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a
<br />mortgage insurance premium if this Security Instrument is held by the Secretary. Each monthly installment
<br />of the mortgage insurance premium shall be in an amount sufficient to accumulate the full annual mortgage
<br />insurance premium with Lender one month prior to the date the full annual mortgage insurance premium is
<br />due to the Secretary, or if this Security Instrument is held by the Secretary, each monthly charge shall be in
<br />an amount equal to one - twelfth of one -half percent of the outstanding principal balance due on the Note.
<br />If Borrower tenders to Lender the full payment of all sums secured by this Security Instrument,
<br />Borrower's account shall be credited with the balance remaining for all installments for items (a), (b) and (c)
<br />and any mortgage insurance premium installment that Lender has not become obligated to pay to the
<br />FHA Nebraska Deed of Trust - 06/12
<br />tab 391.14 Page 2 of 8
<br />2012 0286
<br />1111067502
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