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200300796 or regulation that governs the same subject matter. As used in this Security instrument,' RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even ifthe loan does not qualify as a "federally related mortgage loan" under RESPA. (Q) `Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIG] ITS IN THE PROPERTY 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, in trust, with power of sale, the following described property located in the County of Hall [Type of Recording Jurisdiction] [Name ofReeording Jurisdiction] Lot Twenty -Four (24), in Marylane Subdivision, Hall County, Nebraska. which currently has the address of 3947 Mary Lane [Street] Grand Island_ ,Nebraska 68803 (`'Property Address "): [City] [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter apart of the property. All replacements and additions shall also be 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 seized ofthe 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 uniform covenants for national use and non - uniform covenants with limited variations byjurisdiction 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. Borrowershall paywhen due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Secmity Instrument shall be made in U.S. currency. However, ifany check or other instrument received by Lender as payment under the Note or this 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 ifthe payment or partial payments are insufficient to bring the Loan current. Lender may accept any Payment or partal payment insufficient to bring the Loan current, without waiver ofany rights hereunder or prejudice to its nghts to refuse such payment or percial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. l each Peuodic Payment is applied as ofits scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes paymentto 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 the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making (rayments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b)principal due under[ eNote;(c)amounts due under Suction 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then [o reduce the principal balance ofthe Note. NEBRASKA Single Pamily-- FannicMae /Freddie Mac UNIFORM INSTRUMENT Form302S 1 /01 (yage2of8poyev/ 9754CV(1/02) 1641141