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200306427 TRANSFER OF RIGHTS 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 (it) the performance of BmCOWCr's covenants and agreements under this Security Instrument and the Now. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, die following described property located in the _....... ...... ... ............................... REGISTER.Of. DEEDS.... .... .. ................ : ............ ...... ........ of IT,,. of necord'mg J— adicecTI HALL.00UNTY ......... ............................... _...... ..............................: INeme of Reaareing �o,dicnoel LOT NINE 191, BLOCK THREE 131. IN OLOE MILL SUBDIVISION, CITY OF GRAND ISLAND, HALL COUNTY. NEBRASKA. which currently has the address of ............................. _......_..... 2515 MIIL,L. RIVER Rii ................ . _...... ...... ......... Isveeq ................_........ GRAN.G MAP .......... ...._........... Nebraska ................... Bk8O1...... .......... .._ ( "Property Address "): [City] [Zip Codel 'TOGETHER WITH all the improvements now or hereafter erected on the property, and all arguments, 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 due 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 ul 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 encumbrance, ,f record. THIS SECURITY INSTRUMENT 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: 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 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 in U.S. currency. However, if any check or other instrument received by lender as payment under the Note nr this Security Instrument is returned to 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; Oct certified check, bank check, tmasurer'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 OF Electronic Funds'fransfer. 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 pa ent 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 any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are 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 Note immediately prior to foreclosure. No offset of claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Suourity Instrument or performing the ovens nts 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) amorous 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 to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Nate. If Lender receives a payment from Borrower tor a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied tin the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to die repayment of the Periodic Payments if, and to the extent that, an each payment can be paid in full. To the extent that y 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 due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. b\mnds 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 foe (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Leader under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to lender hi 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 tent of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, it any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts tp be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's ,litigation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may cut y he in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if lender requires, shall furnish III T.cnder receipts evidencing such payment within such time period as Lender may require, Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to he 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 NEBRASKA — Single Family -- Fannie Mae /Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01 amkeu sy,—, Inc., at Cl,,d, MN Po,m Mu-1-NE 911)120110 Owe 2 of Pages)