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200308909
<br />(N) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or
<br />proceeds paid by any third party (other than insurance proceeds paid under the coverages described
<br />in Section S) for: (i) damage to, or destruction of the Property; (ii) condemnation or other taking of all
<br />or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of or
<br />omissions as to, the value and /or condition of the Property.
<br />(0) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or
<br />default on, the Loan.
<br />(P) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest
<br />under the Note, plus (ii) any amounts under Section 3 of this Security Instrument.
<br />(0 "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its
<br />implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to
<br />time, or any additional or successor legislation or regulation that governs the same subject matter.
<br />As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are
<br />imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a
<br />"federally related mortgage loan" under RESPA.
<br />(R) "Successor in Interest of Borrower' means any party that has taken title to the Property,
<br />whether or not that party has assumed Borrower's obligations under the Note and /or this Security
<br />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
<br />successors and assigns) and the successors and assigns of MERS. This Security Instrument secures to
<br />Lender. (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and
<br />(ii) the performance of Borrower's covenants and agreements under this Security Instrument and the
<br />Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of
<br />sale, the following described property located in the County of Hall, State of Nebraska:
<br />Lot 1, Salvation Subdivision in the City of Grand Island, Hall County, Nebraska.
<br />which currently has the address of 1419 North Piper Street, Grand Island, Nebraska 68803
<br />( "Property Address"):
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all
<br />easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements
<br />and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in
<br />this Security Instrument as the "Property. " Borrower understands and agrees that MERS holds only
<br />legal title to the interests granted by Borrower in this Security Instrument, but if necessary to comply
<br />with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right:
<br />to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell
<br />the Property ; and to take any action required of Lender including, but not limited to, releasing and
<br />canceling this Security Instrument.
<br />BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has
<br />the right to grant and convey the Property and that the Property is unencumbered, except for
<br />encumbrances of record. Borrower warrants and will defend generally the title to the Property
<br />against all claims and demands, subject to any encumbrances of record.
<br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and nonuniform
<br />covenants with limited variations byjurisdiction to constitute a uniform security instrument covering
<br />real property.
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />I. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges.
<br />Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and
<br />any prepayment charges and late charges due under the Note. Borrower shall also pay funds for
<br />Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall
<br />be made in U.S. currency. However, if any check or other instrument received by Lender as payment
<br />under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any
<br />or all subsequent payments due under the Note and this Security Instrument be made in one or more
<br />of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank
<br />check, treasurer's check or cashier's check, provided any such check is drawn upon an institution
<br />whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds
<br />Transfer.
<br />NEBRASKA Single Family -- Fannie Mae/Freddie Mac UNfFORMINSTRUMEW MERSMod(fied Form )WF 1/01
<br />R03 -1713
<br />(pege2 of 10 pegas)
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