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20031087'7 (P) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (Q) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation 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. (R) "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 The beneficiary of this Security Instrument is MERS (solely as nominee for Lender and Lender's successors and assigns) and the successors and assigns of MERS. This Security Instrument secures to Lender: (i) the repayment of the Loan, 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, in trust, with power of sale, the following described property located in the County of Hall [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] Part of Lot 5, Block 2, Westerhoff's First Subdivision in the City of Grand Island, Hall County, Nebraska: More particularly described as follows: Beginning at the Southwest corner of said Lot 5 running Easterly along and upon the Southerly lot line of said Lot 5 a distance of 8 feet to the actual point of beginning, thence running Northerly parallel to the Westerly boundary line of said Lot 5, to a point on the Southerly boundary line of Westside Street, thence running Easterly along and upon the Southerly boundary line of Westside Street a distance of 57 feet, thence running Southerly parallel to the West boundary line of said Lot 5, to a point on the Southerly boundary line of said Lot 5 thence running Westerly along and u=pon the Southerly boundary line of said Lot 5 a distance of 57 feet to the point of beginning. Parcel ID Number: 4 0 0112 6 71 which currently has the address of 2907 Westside St [Street] Grand Island [City] , Nebraska 6 8 8 0 3 [Zip Code] ( "Property Address "): 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. 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 understands and agrees that MERS holds only legal title to the interest granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. DOC #:321443 APPL #:2000252705 4 VLOAN #:2000252705 Initials: (� - 6A(NE) (OD05) Page 3 of 15' ` Form 3028 1/01 i 1�