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200302235 DOC ID # 0002055886657088 A TRACT OF LAND COMPRISING A PART OF THE SW1 /4 SW1 /4 OF SECTION 2, TOWNSHIP 10 NORTH, RANGE 9 WEST OF THE 6TH P.M., HALL COUNTY, NEBRASKA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE WEST LINE OF SAID SECTION ;,SAID POINT BEING 556.5 FEET NORTH OF THE SOUTHWEST CORNER OF SAID SECTION 2; THENCE NORTHERLY ALONG THE WEST LINE OF SAID SECTION 2, A DISTANCE OF 466.7 FEET; THENCE DEFLECTING RIGHT 90 DEGREES 00' AND RUNNING EASTERLY, A DISTANCE OF 466.7 FEET; THENCE DEFLECTING RIGHT 90 DEGREES 00' AND RUNNING SOUTHERLY, A DISTANCE OF 466.7 FEET; THENCE DEFLECTING RIGHT 90 DEGREES 00' AND RUNNING WESTERLY. S DISTANCE OF 466.7 FEET TO THE PLACE OF BEGINNING. Parcel IDNumber: 400208857 which currently has the address of 4887 S STUHR ROAD. GRAND ISLAND Nebraska 68801 ( "Property Address"): Izlp Codel TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a put of the property. All replacements and additions shall also be covered by this Security Instrument. AD of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interest granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right to exercise any or all of those interests, including, but not limited m, the right to foreclose and sell the Property; and to lake any action required of Lender including, but not limited m, releasing and canceling this Security Instrument. 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 many encumbrances of record. THIS SECURITY INSTRUNDENT 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: I. 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 Now 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 Now and Ibis Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Now or this Security Instrument is returned m Lender unpaid, Lender may require that any or all subsequent payments due under the Now 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 Now 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 me insufficient m 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 m its rights to refuse such payment or partial payments in the future, but Lender is not obligated in apply such payments at the time such payments me accepted. If 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 the outstanding principal balance under the Now 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 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 the Note; (c) amounts due under Section 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 m late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Now. 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 from Borrower ue 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 m the full payment of one or more �"ifials SPd ®6A(NElt000si.01 CHL(01I01) Form 30281101