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200303732 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 if the 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 RIGHTS IN THE PROPERTY This Security Instrument secures to Lender. (i) the repayment of the Loa, and all renewals, extensions and modifications of the Note; and (i i) 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 Jurisdict ion] [Name of Recording Jurisdiction] Lot Five (5), in Block Nine (9), Morris Fifth Addition to the City of Grand Island, Hall County, Nebraska. which currently has die address of 407 E 20th Street [Street] Grand Island ,Nebraska 68801 ( "Property Address "): [City] [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the yroperty, and all casements, appurtenances, and fixtures now or hereafter a Part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing 1s referred to in dos Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and coney 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. 'LHIS SECU RI'1'Y IN S'I RUMENT 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. PaymentofPrincipal, 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 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 Security Instrument shall be made m 1J.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 ppayments 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 bringthe Loan current. Lendermayaccept anypayment or partial payment insuifrclent to bring the Loan current, without waiver ofany rights hereunder or prejudice to its rights to refine such payment or partial payments in the filture, but Lender is not obligated to apply such payments at the time such payments are accepted. Ifeach Periodic Payment is applied as of its scheduled due date, then Lender need notpay interest em unapplied funds. Lender may hold such unapplied funds until Borrower makes paymentmbringthe Loancurrent. If Burrower ddues not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. Ifnot applied earlieq such fiords will be applied ro [he outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrowu might have now or in c furore against Lender shall relieve Borrower from making Payments dun under the Note and this Security Instrument or per the covenants and agaements secured by [his Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied byy Lender shall be upplied in the following order of priority (a) interest due under the Note; (b) rin,.1 due under Ne Nme;(c) amountsdue under Section 3. Stich payments shall be applied to each Periodic Payment in the order iu which it became due. Any rcmaimng amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance ofthe Note. NEBRASKA - Single Family - Fannie Mee /Freddie Mee UNIFORM INSTRUMENT Farm3028 I/m (pnge2rfN,,gas) 9754CV(1 /02) 162195 n)TO(000491d6)