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200208449 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 Borrewer" 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 Securesto Lendec (i) the repayment of the Ioan, and all renewals, extensions and modifications of the Note; and (ii) 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, intrust, with power of sale, the following described property located in the County _. of Hall [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] Lot Nine (9), Morningside Acres Third Subdivision, in the City of Grand Island, Hall County, Nebraska. which currently has the address of 1715 Allegheny Circle [Street] Grand Island _ , Nebraska 65801 ( "Property, Address"); [City] [Zip Code] 'TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. Alt replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seized 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 wdl defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and nonuniform covenants with limited variations byjurisdiction to constitute a uniform security instrument covering real property. UNIPORMCOVENANTS. Borrower and Leadcruwenant 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 or this Security Instrument is resumed to Lender unpaid, I ender 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; (b) money order; (c) certified check, bank check, treasurers 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 Now 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 are insufficient to bring the Loan current. Lendermayaacept any payment or partial payment insufficient to bring the Inan current, without waiver of any rights hereunder or prejudice in 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 neednntpxy intereston unapplied funds. Lender may holds uch 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 or claim which Borrower might have now or in the future a artist Lender shall relieve Borrower from making Payments due under the Note and this Security Instrument or perlornang 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 be applied in the fiillowing order of priority: (a) interest due under the Note; (h) principal due under the Note; (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 many other amounts due under this Security Instrument and then to reduce the principal balance of the Note. NEBRASKA - Single Family - Fannie Mae/Freddle Mar UNIFORM INSTRUMENT Form3a2g 1/01 (page 2 rf8pa,3) 111,iI V (1xY2) 611650 l 010(rar21553)