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200504511
<br />Lot Thirty -two (32), Jeffrey Oaks Third Subdivision, in the City of Grand Island, Hall County, Nebraska
<br />which currently has the address of 4005 Norseman Ave.
<br />[Street]
<br />Grand Island , Nebraska 68803 ( "Property Address"):
<br />[City] [Zip Code]
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
<br />appurtenances, and fixtures now or hereafter apart of the property. All replacements and additions shall also be covered by
<br />this Security Instrument. All of the foregoing Is referred to in this Security Instrument as the "Property."
<br />BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to
<br />grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower
<br />warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of
<br />record.
<br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non - uniform covenants with
<br />limited 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, Prepayment Charges, and Late Charges. Borrower shall paywhen due
<br />the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the
<br />Note. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or
<br />other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid,
<br />Lender mayxeni ixe,that any oral] suhseauent_pg=, -nts due. -1 nd this Cecuritj mein one or
<br />more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's
<br />check or cashier's check, provided any such check is drawn upon an Institution whose deposits are insured by a federal
<br />agency, instrumentality, or entity; or (d) Electronic Funds Transfer.
<br />Payments are deemed received by Lender when received at the location designated in the Note or at such other
<br />location as may be designated by Lender in accordance with the notice provisions in Section 13. Lender may return any
<br />payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender mayaccept
<br />any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to
<br />its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the
<br />time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay
<br />interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current.
<br />If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to
<br />Borrower. Ifnot applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately
<br />prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve
<br />Borrower from making payments due under the Note and this Security Instrument or performing the covenants and
<br />agreements secured by this Security Instrument.
<br />2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments
<br />accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note;
<br />(b) principal due under the Note. Such payments shall be applied to each Periodic Payment in the order in which it became
<br />due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security
<br />Instrument, and then to reduce the principal balance of the Note.
<br />If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount
<br />to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one
<br />Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic
<br />Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is
<br />applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary
<br />prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of
<br />payments, insurance proceed,:, or Miscellany ous Proceeu:i to principal due under the Note shall not extend or postpone the
<br />due date, or change the amount, of the Periodic Payments.
<br />3. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's
<br />obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this Security
<br />Instrument, including Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes,
<br />assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this
<br />Security Instrument, and leasehold payments or grounds rents on the property, if any, and Community Association Dues, Fees
<br />and Assessments, if any.
<br />Lender may require Borrower to pay a one -time charge for a real estate tax verification and/or reporting service
<br />used by Lender in connection with this Loan.
<br />4. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not
<br />limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts
<br />(including deductible leyels) and for the periods that Lender requires. What Lender requires pursuant to the preceding
<br />sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by
<br />Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably.
<br />Lender may require Borrower to pay, in connection with this Loan, either: (a) a one -time charge for flood zone
<br />NEBRASKA SECOND MORTGAGE DEED OF TRUST (page 2 of 6)
<br />© Creative Thinking, Ine. 2003
<br />15281.CV (3104) A1614 CTI Compliant Forms (e)
<br />GOTO(000423ae)
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