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200112763 TRANSFI',R OF RIGI ITS IN T111' PkOPI,,RTY This Security Inst- rumcnt secures to Lcndcr: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrtnnent and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located iu the ............................. .............................. Cvu . lily......................... ............................... of [Type of Recording Jurisdiction] Hall .Gvuoty. RRgister.O. Q.ee.d.s ............................ ..............................: blame of Recording Jurisdiction] Lot Seven (7), Ed Ross Second Subdivision, City of Grand Island, Hall County, Nebraska. which currently has the address ol' ............................................... 4................................ ............................... OS Irport [street] G ran d .......................... .. Isla ..nd ......................... Nebraska .................... ................... ("Property Address"): [City] [Zip Code] TO(;I?TIIER WITII all thu improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or Iiercaller a part of the property. All replacements and additions shall also be covered by this Security Instrutlient. All of the foregoing is referred to iu 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 tltc Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and Will dcfcnd - cuerally the title to the Property against all claims and demands, subject to any encumbrances of record. TIIiS SECI1RITY 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. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal. Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due tinder the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security lustrumcia shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security lusirtuucut is returned to Lender unpaid, Lender may require that any or all subsequent payments due under [lie Note and this Security Instrument be made in one or more of the following forrns, 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 are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transl'cr. Payments are deemcd received by Lcudcr when received at the location designated in the Note or at such other location as may be designated by I.cndur itt accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient 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 partial payments in the future, but Lender is not obligated to apply such payments at the time such paymcuts are accepted. II' 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 payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to tlic outstanding principal balance under the Note immediately prior to foreclosure. No ofl 'sct or claim which Borrower migtht have now or in the future against Lender shall relieve Borrower from making payments due undcr the Note amd this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Pay►ncuts or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by bender shall bu applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Notc; (c) amounts due mutter Section 3. Such payments shall be applied to each Periodic Payment in the order in which it bccanu, due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security lusirumcut, mud that to reduce the principal balance of the Note. II' Lcnctcr receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, 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 extcut 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 ouc or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not cxwlicl or posiponc the duc elate, or changc the amount, of the Periodic Payments. 3. Lauds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds ") to provide for payment of amounts due for: (a) taxes and assessments and other iterns which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or growul runts on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Morttlage Imsuramce premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage IIISmraneC premiums in accordancc with the provisions of Section 10. These items are called "Escrow Items." At origination or at any tune during the trrm of the Imam, Lcndcr may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, amd such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lendcr all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to bender Funds for auv or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Leader and, if Lcndcr requires, shall furnish to Lender receipts evidencing such payment within such tittle period as Lcudcr may rcyuirc. Borrower's obligation to make such payments and to provide receipts shall for all purposes be decttied to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreumew" is used in Section 9. II' Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower NEBRASKA Single Family Fannie Mae /Freddie Mac UNIFORM INSTRUMENT -.=Form 3028 1/01 Bankers Svster —, , - , St cloud, MN Fo,", Mu -i -NE 611"2000 (page 2 of7pages) l