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200213435
<br />TOGETHER WITH all the iugrmvements now or hereafter erected on the property, and all easements,
<br />appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions stall
<br />also be covered by this SCGw ity last,ummnt. All of the foregoing is referred to in this Security Instrument
<br />as the "Property." Borrower understands and agrees that MFRS holds only legal title to the iomnsts
<br />granted by Borrower in this Sucw ity Insmmnient; but, if necessary in comply with law or custom, MERS,
<br />(as nominee for Lender and Lender's successors and assigns), has the righC to exercise any it all of those
<br />interests, including, but not limited to, die right to foreclose and sell the Property; and to take any action
<br />required of Lender including, but not limited to, releasing or canceling this Security Insh unreal.
<br />BORROWER COVENANTS drat Bw rower is lawfully seised of the estate hereby conveyed and has the
<br />right to grant and convey the Property and that the Property is unencumbered, except for cnc inflaauces of
<br />record- Borrower warrants and will defend generally the title to the Property against all claims and
<br />demands, subject to any encumbrances of record.
<br />THIS SECURITY TNSIRIIMEN'I combines nliforn covenants for national use and non - uniform
<br />covenants with limited variations by jurisdiction to constitute a uniform security insh urrrent Cuvcl ing r rat
<br />property.
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as fullness:
<br />1. Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of,
<br />and interest on, the debt evidenced by the Note and late charges (file model the Note.
<br />2. Monthly Payment of 'faxes, Insurance, and Other Charges. Borrower shall include in each
<br />monthly payment, together with the principal and interest as set forth in the Note and any late charges, a
<br />sum for (a) taxes and special assessments levied or W be levied against the Property, (b) leasehold
<br />payments or ground rents on the Property, and (C) premiums fill insurance required under Paragraph 4. In
<br />any year in which the Lender must pay a mortgage insurance premium to the Secretary of housing and
<br />Urban Development ( "Secretary"), or in any year in which such premium would have been required if
<br />Lender still held the Security Instrument, each monthly payment shall also include either: (i) a sum for the
<br />annual mortgage insmanct, premium to be paid by Lender to tire Secretary, or (it) a monthly charge
<br />instead of a mortgage insurance premium if this Security Instrument is held by the Secretary, in a
<br />reasonahle an41uut to be determined by the Secretary. Except for the monthly charge by the Secretary,
<br />these items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds."
<br />Lcudcr way, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to
<br />exceed the maximum amount teal may be required fill Buuuwcr's escrow account under the Real Estate
<br />Settlement Procedures Act of 1974, 12 U.S.C. § 2601 et sea. and implementing regulations, 24 CPR Part
<br />3500, as they may be amended from tine to tine ( "RESPA "), except that the cushion or reserve permitted
<br />by RESPA for unanticipated disbursements or disbursements before the Borrowers payments are available
<br />in the account may not be based 4111 anruerts due for the mortgage insurance premium.
<br />If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA,
<br />Lender shall am outil in Borrower fur the excess funds as required by RESPA. If the amounts offends
<br />held by Lender at any time are not sufficient to pay the Escrow Items when due, Lender may notify the
<br />Borrower and oulnirc Borowe, to make up the shortage as permitted by RESPA.
<br />'Ihe Escrow Funds are pledged as additional security for all stairs secured by this Security TmtinmenL
<br />If BOUOWCI tenders to Lender the full payment of all such scans, Borrower's account shall be credited
<br />with the balance remaining for all installment items (a), (b), and (c) and ally murtgagC insurance premium
<br />inslelhocat that Louder has not become obligated to pay to the Secretary, and Lender shall promptly
<br />refund any excess hods to Borrower. Immediately prior to a forecloswe sale of the Property or its
<br />acquisition by Lender, Borrower's account shall be credited with any balance remaining for all
<br />installments for items (a), (b), and (c).
<br />3. Application of Payments. All payments wider Paragraphs 1 and 2 shall be applied by Lender as
<br />follows:
<br />First, hr the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly
<br />charge by the Secretary instead ofthe monthly mortgage inswancu premium;
<br />Second, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and
<br />other hazard insurance premiums, as required;
<br />"Third, to interest due under the Note;
<br />Nourih, to amortization of the principal of the Note, and
<br />Fifth, to late charges due under the Note.
<br />a "..".r ndawa
<br />GMD 0191 (499) Page 2 Cf9 FBA Nebraska Deed of Trust
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