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TRANSFER OF RIGHTS IN THE PROPERTY 200410984 This Security Instrument secures to Lender (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 Instrument and the Note. For this purpose, Borrower Irrevocably grants and conveys to Trustee, intrust, with power of sale, the following described property located in the ameo ecer Ing uns ICSIen yp16 eco Ing un i Ion LDT SIXTEEN (16) . JEFFREY OAKS THIRD S 80 IV15I DN. IN TIIE CITY OF GRAND ISLAND, HALL LDU NTY. NEBRASKA. which currently has the address of 4 0 3 1 S A C R A M E N T O r I R G L Free GRAND ISLAND Nebraska 68803 -1538 ( "Property Address'j: [City] [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the propertyy, and all easements, appurtenances, and fixtures now or hereafter a part of the gropedy. All replacements and additions shall also 6e covered by this Security Instrument. All of the foregoing is referred to in 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 the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines undo" covenants for national use and non- unfform 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 anTate charges due undat the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. curran�y. However, ff any check or other instrument received by Lender as payment under the Note orthis Security instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, 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 Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in 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 anyy rights hereunder or prejudice to Its righ s to refuse such payment or partial aymenis in iha future, but Lender is not obligated to appy such pa menu at the time such payments are accepted each Periodic Payment is applied as of its scheduled due data, then Lender need not pa interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan currant If Borrower does nci 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 the outstanding principal balance under the Nole Immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Secunty Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payyments or Proceeds. Except as otherwise described in this Section 2, alt payments accepted and a(cp)plied by Lender shall be appfed in the following order of pdorlty' (a) interest due under the Nate; (b) principal due under the Note; An amounts due under Section 3. Such payments shall be applied tc each Periodic Payment in the oNor m which it 6erame duo. Any remaining amounts shall be applied it to late charges, secontl is any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender 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 form Borrower to the repayment of the Periodic Payments if, and to the extent 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 one or more Periodic Payments, such excess may be applied to any late charges duo. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Rate. Any appplication of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall net extend or postpone lho due date, or change the amount, of the Pe. iodic Payments. 3. Funds 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 items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (67 leasehold payments or ground rents on the Properly, if any; (c) premiums for any and all insurance required by Lender under SSaction 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow, Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, If any, be escrowed byy Borrower, and such dues, fees and assessments shall be an Escrew Item. Borrower shall promptly furnish to Lender 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 it lr any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lander Funds for any or all Escrow Items at anyy time. Any such waiver may only be in writing. Iin the event of such waiver, Borrower shall pay directly when and where payable, the amounts due or any Escrow Items for which ppayment of Funds has bean waived by Lender and, A Lender requires, shall furn ish to Lender receipts evidencing such ayment wNhin such lime period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall �or all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement' Is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pa the amount due for an Escrow Item, Lender may ezer h a Its rights under Section g and pay such amount and Borrower shall then be obligated under Section 9 t. repay to Lender any such amount. lender may revoke the waiver as to any a all Escrow Items It any time by - n otice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender many at any time, collect and hold Funds in an amount (a) sufficient to permit Lentler to apply the Funds ai the time ameeum of Funds due on the R` in of current data and easanable eel mates of expe ditues of iNure Escrowtlltems olr otherwise m accordance with Applicable law. MORRSRl,- singis Fomlly- Fenny M.d n ddi, eee VNIr IRM INSTRUMENT roe. 9i aii otNl (I.3 al l ppa)