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200304689
<br />(N) 'Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by
<br />any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage
<br />to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii)
<br />conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and /or condition
<br />of the Property.
<br />(0) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the
<br />Loan.
<br />(P) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the
<br />Note, plus (ii) any amounts under Section 3 of this Security Instrument.
<br />(Q) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing
<br />regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or
<br />successor legislation or regulation that governs the same subject matter. As used in this Security Instrument,
<br />"RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage
<br />loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA.
<br />(R) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not
<br />that party has assumed Borrower's obligations under the Note and /or this Security Instrument.
<br />TRANSFER OF RIGHTS IN THE PROPERTY
<br />The beneficiary of this Security Instrument is MERS (soley as nominee for Lender and Lender's successors and
<br />assigns) and the successors and assigns of MERS. This Security Instrument secures to Lender: (i) the
<br />repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of
<br />Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower
<br />irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located in
<br />the County of Hall, State of Nebraska:
<br />Lot 39, Castle Estates Subdivision to the City of Grand Island, Hall County, Nebraska.
<br />which currently has the address of 4018 Palace Drive, Grand Island, Nebraska 68803 ( "Property Address" ):
<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
<br />Borrower in this Security Instrument, but if necessary to comply with law or custom, MERS (as nominee for
<br />Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including,
<br />but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including,
<br />but not limited to, releasing and canceling this Security Instrument.
<br />BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the
<br />right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of
<br />record. Borrower warrants and will defend generally the title to the Property against all claims and demands,
<br />subject to any encumbrances of record.
<br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non - uniform
<br />covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property.
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower
<br />shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment
<br />charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to
<br />Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However,
<br />if any check or other instrument received by Lender as payment under the Note or this Security Instrument is
<br />returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this
<br />Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money
<br />order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn
<br />upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic
<br />Funds Transfer.
<br />NF.BWKA Sinyle Famdy— fannie Mue /h'redde Mac UNIFORM INSTRUMENT MFRS MafUed h'o.m 302H INI
<br />R03 -512
<br />(payc 2 d 10 V3 °es)
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