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200410500
<br />CASE #: NE3212375666703 DOC ID #: 0008304176110004
<br />the following described property located in HALL County, Nebraska:
<br />LOT FOURTEEN (14), IN BLOCK THREE (3), IN VALLEY VIEW SUBDIVISION, IN THE
<br />CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA.
<br />Parcel ID Number: 4 0 010 2 8 0
<br />which has the address of 1030 E PHOENIX AVE, GRAND ISLAND
<br />[Street, City]
<br />Nebraska 68801-8156 ( "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 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 Borrower
<br />in this Security Instrument; but, if necessary to comply with law or custom, MFRS, (as nominee for Lender and
<br />Lender's successors and assigns), has the right: to exercise any or all of those interests, including, but not limited
<br />to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited
<br />to, releasing or canceling this Security Instrument.
<br />BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right
<br />to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record.
<br />Borrower 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
<br />with limited variations by jurisdiction to constitute a uniform security instrument covering real property.
<br />Borrower and Lender covenant and agree as follows:
<br />UNIFORM COVENANTS.
<br />1. Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of, and
<br />interest on, the debt evidenced by the Note and late charges due under the Note.
<br />2. Monthly Payment of Taxes, Insurance and Other Charges. Borrower shall include in each monthly
<br />payment, together with the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes
<br />and special assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the
<br />Property, and (c) premiums for insurance required under paragraph 4. In any year in which the Lender must pay a
<br />mortgage insurance premium to the Secretary of Housing and Urban Development ( "Secretary"), or in any year in
<br />which such premium would have been required if Lender still held the Security Instrument, each monthly payment
<br />shall also include either: (i) a sum for the annual mortgage insurance premium to be paid by Lender to the
<br />Secretary, or (ii) a monthly charge instead of a mortgage insurance premium if this Security Instrument is held by
<br />the Secretary, in a reasonable amount to be determined by the Secretary. Except for the monthly charge by the
<br />Secretary, these items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds."
<br />Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed
<br />the maximum amount that may be required for Borrower's escrow account under the Real Estate Settlement
<br />Procedures Act of 1974, 12 U.S.C. Section 2601 et seq. and implementing regulations, 24 CFR Part 3500, as they
<br />may be amended from time to time ( "RESPA "), except that the cushion or reserve permitted by RESPA for
<br />unanticipated disbursements or disbursements before the Borrower's payments are available in the account may not
<br />be based on amounts due for the mortgage insurance premium.
<br />If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, Lender
<br />shall account to Borrower for the excess funds as required by RESPA. If the amounts of funds held by Lender at
<br />any time are not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require
<br />Borrower to make up the shortage as permitted by RESPA.
<br />The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If
<br />Borrower tenders to Lender the full payment of all such sums, Borrower's account shall be credited with the
<br />balance remaining for all installment items (a), (b), and (c) and any mortgage insurance premium installment that
<br />Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to
<br />Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account
<br />shall be credited with any balance remaining for all installments for items (a), (b), and (c).
<br />3. Application of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows:
<br />First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by
<br />the Secretary instead of the monthly mortgage insurance premium;
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<br />- 4N(NE) (0305) CHL (07/04) Page 2 of 6
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