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200214012 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 Borrower" 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 secures to Lender: (i) the repayment of the Loan, and all renewal s, extensions and modifications of the Note; and (if) the performance of Bortower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower in evorahly grants and conveys to Trustee, in trust, with power of sale. the following described property located in the County of Hall [Type or Recording Jurisdiction] [Name of Recording Jurisdiction Lot Six (6), in Block One Hundred Twenty Three (123) Union Pacific Railway Company's Second Addition to the City of Grand Island, Hall County, Nebraska. which currently has the address of 420-422 1/2 W 7th [Street] Grand Island , Nebraska 68803 ("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 apart of the property , All 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 will 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 non - uniform covenants with limited variations byjurisdiction to constitute a uniform security instrument covering teal property. UNIFORM COVENANTS. Borrower and Lender covenant 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 lnstrumentshali be made in U.S. currency. However, if any check or ther instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's 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 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 are insufficient to bring the Loan current Lender mayaccept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice m its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apple such payments at the If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. Hour applied earlier, such funds will be applied to the outstanding principal balance under the Now 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 Now and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 1 all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied m each Periodic Payment in the order in which if became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. NEBIIASKA Single Pamily—FamrteMae/Freddie Mac UNIFORM INSTRUMENT Form3028 1/01 (page 2 vj8pagel) 9734.CV pro2) G1115s