|
200212166
<br />LOAN 1, 22090147
<br />(I) "Riders" means all Riders to this Security Instmment that are executed by Borrower. The following Riders are to be executed
<br />by Borrower lcheck box as applicable]:
<br />C Adjustable Rate Rider D Condominium Rider Second Home Rider
<br />D Balloon Rider Planned Unit Development Rider Other(s) [specify]
<br />0 1-4 Family Rider 0 Biweekly Payment Rider
<br />(J) "Applicable Law" means all controlling applicablefederal , state and local statutes, regulations, ordinances andadministrative
<br />rules and orders (that have the effect of law) as well as all applicable final, non - appealable judicial opinions.
<br />(IQ "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed
<br />on Borrower or the Property by a condominium association, homeowners association or similar organization.
<br />(L) "Electronic Funds Transfer" means any transfer of otherthan a transaction originatedby check, draft, or similar paper
<br />instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order,
<br />instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point -of -sale
<br />transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse
<br />transfers.
<br />(M) "Escrow Items" means those items that are described in Section 3.
<br />(N) "Miscellaneous Proceeds" means any compensation, Settlement, award of damages, or proceeds paid by any third party (other
<br />than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii)
<br />condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (]v) misrepresentations
<br />of, or omissions as to, the value and/or condition of the Property.
<br />(0) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan.
<br />(P) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any
<br />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 regulation,
<br />Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or
<br />regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and
<br />restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related
<br />mortgage loan" under RESPA.
<br />(R) `Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed
<br />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 (solely as nominee for Lender and Lender's successors and assigns) and the
<br />successors and assigns of MERS. This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals,
<br />extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security
<br />Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the
<br />following described property located in the COUNTY ]Typoor@amrdinglorisdictimi of
<br />HALL [Name ofRecording lunsdictien]:
<br />LOT FIFTEEN (15), BLOCK TWO (2), COLONIAL ESTATES TENTH SUBDIVISION, HALL COUNTY,
<br />NEBRASKA.
<br />AP $x 400350521
<br />which currently has the address of 3106 MEMPHIS PLACE, GRAND ISLAND,
<br />[Sued] [City]
<br />Nebraska 68803 ( "Property Address "):
<br />[zip Code]
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and
<br />fixtures now or hereafter apart of the property. All replacements and additions shall also be covered by this Security Instmment. All
<br />of the foregoing is referred to in this Security Instmment 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 with law or custom, MERS
<br />(as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but
<br />not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to,
<br />releasing and canceling this Security Instrument.
<br />BORROWER COVENANTS that Borrower is lawfully seized ofthe estate hereby conveyed and has the right to grant and convey
<br />the Property and that the Property is unencumbered, except for encumbrances ofrecord. Borrower warrants and will defend generally
<br />the title to the Property against all claims and demands, subject to any encumbrances of record.
<br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non - uniform covenants with limited
<br />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 shall pay when due
<br />the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note.
<br />Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrurnsuit ^
<br />NEBRASKA — Single Family— Fa,ade Mael reddie Mae UNIFORM INSTRUMENT Initials
<br />Form 30281/01 Page 2 Of 8 NEEDEED
<br />
|