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201310000
<br /> This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions 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 Hall:
<br /> Real Property tax identification number is 400438305.
<br /> Lot Twenty One (21), Block One (1), Summerfield Estates Seventh Subdivision, in the City of Grand Island,
<br /> Hall County,Nebraska
<br /> which currently has the address of 3819 Sparrow Circle, Grand Island, Nebraska 68803 ("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 that the Property is unencumbered, except for encumbrances of record. Borrower
<br /> warrants and will defend generally the title to the Property against all claims and demands, subject to any
<br /> encumbrances of record.
<br /> THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with
<br /> limited variations by jurisdiction to constitute a uniform security instrument covering real property.
<br /> UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br /> 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay
<br /> when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late
<br /> charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments 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 Instrument is returned to Lender unpaid, Lender may
<br /> require that any or all subsequent 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 an institution whose deposits are insured by a federal
<br /> agency, instrumentality, or entity; or (d) Electronic Funds Transfer.
<br /> Payments are deemed received by Lender when received at the location designated in the Note or at such other
<br /> location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return
<br /> any payment or partial payment if the payment or partial payments 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 refuse 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 does not do so within a reasonable period of time,
<br /> Lender shall either apply such funds or return them 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 payments 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 applied 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 /> amounts due under this Security Instrument, and then to reduce the principal balance of the Note.
<br /> If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount
<br /> to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than
<br /> one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the
<br /> Periodic Payments if, and to the extent that, each payment can 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 /> late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the
<br /> Note.
<br /> Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal 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. Borrower shall pay to Lender on the day Periodic Payments are 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 a lien or encumbrance on the Property; (b)
<br /> leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender
<br /> under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the
<br /> payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called
<br /> "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community
<br /> Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments
<br /> shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under 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 pay to Lender Funds for any or all Escrow Items at
<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 has 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 "covenant and agreement" is used in
<br /> Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails 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 any such amount. Lender may revoke the waiver as to any
<br /> or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower
<br /> shall pay to Lender all Funds, and in such amounts,that are then required under this Section 3.
<br /> Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at
<br /> the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender
<br /> shall estimate the amount of Funds due on the basis of current data 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 a 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 the 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 Applicable Law permits Lender to make such a charge. Unless
<br /> NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01
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