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TRANSFER OF RIGHTS IN THE PROPLR'1'Y 200208225 This Security Instrument secures to Lender. U) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and In) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys W Trustee, in trust, with power of sale, the following described Property located in the ..................... . ........ ............. County ... ........ ....... ..._. ... of [Type of Recording Jurisdiction] Hall county Register.af.0nelis..... _ ..................... ..............................: INUme of Recording formalistic.] Lot 24, Jeffrey Oaks Subdivision, Grand Island, Hall County, Nebraska Lot 1, Block 11, College Addition to West Lawn, Grand Island, Hall County, Nebraska which currently has the address of . ........... . . . . ........_ 4175 Norseman Ave.,_ .... varied ........._..._._._..... Grand Island .......................... Nebraska................... QUM................... ( "Property Address "); Icily] [zip code] 'I'OUEI'HER WITH all the improvements now or hereafter eructed on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Imstrumcnl. All of the 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 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 no any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non - uniform covenants with limited variations by.mi isi iction 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. Burrower 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 paymeW trader the Note or this Security loslrumem is returned to Lender unpaid, tender may require that any or all subsequent payments due under the Note and this Security Instrument he made in one or more of the following forms, as selected by Lender: (a) cash; (h) money order, (c) certified check, bank check, treasurer's check or cashier's check, provided any such cheek 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 if the payment or partial payments arc insufficient no bring the Loan current. Leader may accept any payment or partial payment insufficient W 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 tune such payments are accepted. If each Periodic Payment is applied as of its scheduled due dart:, Wen Lender need not pay interest on reapplied funds. Lender may hold such unappfied funds until Burrower stakes 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 net applied earlier, such funds will be applied to the outstanding principal balance under the Note 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 Non: and this Security Instrumrent 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 he applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Nan:; (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 to late charges, second to any other amounts due under this Security Instrument, and then m reduce the principal balance of the Note. If Lender receives a payment front Borrower for a delinquent Periodic Payment which includes a sufficient amount m pay any late charge due, the payment may be applied to the deliaquent payment and the late charge. If more than (fire Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each pa men] can be paid in full. To the extent that any 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 or extend or postpone the due date, or change the amount, of die Periodic Payments. 3. Funds far Escrow Incurs. 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 fur. (a) cases and assessments and other items which can attain priority over this Security Instrument as a lieu or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (e) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance prep hairs, if any, or any sums payable by Borrower to Leader in lieu of the payment of Mortgage Insurance prcnri etas in accordance with the provisions of Section 10. These items are called "Escrow morns." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if 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 amoral 4o be,paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waive, Borrower's bbligatioa to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Louder Funds for any or all Escrow Items at any time. Any such waiver may only be 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 Leader requires, shall furnish N Lender 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 MaelFreddle Mac UNIFORM INSTRUMENT Farm 3028 101 9ankars5y"tema, Inc, Sa "l on ' n 'a' a' alPR000 (Huge 2 of 7 fpgpl) �r