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,
<br /> 99 110575
<br /> which has the address of 816 SOUTH KIMBALL STREET,GRAND ISLAND
<br /> �street� [c��y�
<br /> Nebraska 68801- ("Property Address");
<br /> [Zip Code]
<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
<br /> be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the
<br /> "Property".
<br /> BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the
<br /> right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of
<br /> record. Bonower warrants and will defend generally the title to the Property against all claims and demands,
<br /> subject to any encumbrances of record.
<br /> THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform
<br /> covenants with limited vaziations by jurisdiction to constitute a uniform security instrument covering real
<br /> property.
<br /> UNIFORM COVENANTS. Bonower and Lender covenant and agree as follows:
<br /> 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay
<br /> when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges
<br /> due under the Note.
<br /> 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender,
<br /> Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in
<br /> full, a sum ("Funds") for: (a) yearly taxes and assessments which may attain priority over this Security
<br /> Instrument as a lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any;
<br /> (c) yeazly hazazd or property insurance premiums; (d) yearly flood insurance premiu2ns, if any; (e) yearly
<br /> mortgage insurance premiums, if any; and (� any sums payable by Borrower to Lender, in accordance with
<br /> the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These items are called
<br /> "Escrow Items". Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum
<br /> amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the
<br /> federal Real Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C. §2601 et
<br /> seg. ("RESPA"), unless another law that applies to the Funds sets a lesser amount. If so, L,ender may, at any
<br /> time, collect and hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount
<br /> of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or
<br /> ot6erwise in accordance with applicable law.
<br /> The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality,
<br /> or entity (including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall
<br /> apply the Funds to pay the Escrow Items. Lender may not charge Borrower for holding and applying the
<br /> Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Bonower
<br /> interest on the Funds and applicable law permits Lender to make such a charge. However, Lender may
<br /> require Borrower to pay a one-time chazge for an independent real estate tax reporting service used by Lender
<br /> in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or
<br /> applicable law requires interest to be paid, Lender shall not be required to pay Borrower any �tterest or
<br /> earnings on the Funds. Borrower and Lender may agree in writing, however, that interest shall be paid on the
<br /> Funds. Lender shall give to Borrower, without chazge, an annual accounting of the Funds, showing credits
<br /> and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged
<br /> as additional security for all sutns secured by this Securi[y Instrument.
<br /> If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall
<br /> account to Borrower for the excess Funds in accordance with the requirements of applicable law. If the
<br /> amount of the Funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender
<br /> may so notify Bonower in writing, and, in such case Borrower shall pay to Lender the amount necessary to
<br /> make up the deficiency. Borrower shall make up the deficiency in no more than twelve monthly payments, at
<br /> Lender's sole discretion.
<br /> Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to
<br /> Borrower any Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the Property,
<br /> Lender, prior to the acquisition or sale of the Property, shall apply any Funds held by Lender at the time of
<br /> acquisition or sale as a credit against the sums secured by this Security Instrument.
<br /> 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender
<br /> NEBRASKA-Single Family
<br /> Form 3028 9/90
<br /> laser Forms Inc.(800)446-3555 A i,
<br /> �
<br /> LFI#MOE3028 3/98 Page 2 of 7 Initials: �.,�'
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