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200311137 of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to the Trustee, in trust, with power of sale, the following described property located it: Hall County, Nebraska: Lot One (1) , A. B. Baxter Subdivision, Hall County, Nebraska. which has the address of 4723 W Airport Rd lstrcctl Grand Island !City;, Nebraska 68803 [Zip Codci ( "property Address"); TOGETHER WITH all the improvements now or hereafter erected on the property, and all casements, 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 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 al! claims 'and demands, subject to any encumbrances of record. 'I HIS SECURITY INSTRUMENT combines unilbrin covenants for national use and non - uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. Wrrow'er and Lender covenant and agree as follows: UNIFORM COVENANTS. 1. Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and late charges due under the Note. 2. i♦tonthly Payment of Taxes, Insurance and Other Charges. Borrower shall include in each monthly payment, together with the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes and special assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and (c) premiums for insurance required under paragraph 4. In any year in which the Lender must pay a Mortgage insurance premium to the Secretary of !lousing and Urban Development ( "Secretary "), or in any year in which such premium would have been required if Lender still held the Security Instrument, each monthly payment shall also im:lude either: (i) a sum for the aminal mortgage insurance premium to be paid by Lerder to the Secretary, or (ii) a mrnthiy charge ',.stead of a mortgage insurance premium if this Security Instrument is hc! i i tl.e Secretary, in a reasonable amount to be determined by the Secretary. Except for the monthly charge by the Secretary, these items arc cal :ed "Escrow Items" and the sums paid to Lender are called "Escrow Funds:" Lender may, at any time., collect and hold amounts for Escrow Items in an aggregate amount not to exceed the natxiu.um amuxrr(t that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. Section 2601 et seq. and implementing regulations, 24 CFR Part 3500, as they may be amended frorn time to time (" RESPA "), except that the cushion or reserve permitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payments are available in the account may not be based on amounts due for the mortgage insurance premium. (M-4 R(NE) (9604) 06 Pap. 7 0 a mnWf _ Z ^O 1 (� Y �ww I i I