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<br />200600796
<br />
<br />889452-05
<br />advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower's
<br />covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower, in consideration of the debt
<br />and the trust herein created, irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described
<br />property located in HALL County, Nebraska:
<br />LOT NINE (9), IN BLOCK SEVEN (7), IN WEST PARK ADDITION TO THE
<br />CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA.
<br />
<br />which has the address of 1109 N SHERMAN AVE
<br />
<br />[Street]
<br />
<br />GRAND ISLAND
<br />[City]
<br />
<br />,Nebraska 68803
<br />[Zip Code]
<br />
<br />("Property Address");
<br />
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances,
<br />and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security
<br />Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees
<br />that MERS holds only legal title to the interests granted by Borrower in this Security Instrument; but, if necessary to comply
<br />with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of
<br />those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of
<br />Lender including, but not limited to, releasing or canceling this Security Instrument.
<br />
<br />BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to
<br />mortgage, 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 />
<br />1. Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of, and interest on, the
<br />debt evidenced by the Note and late charges due under the Note.
<br />
<br />2. Monthly Payments of Taxes, Insurance and Other Charges. Borrower shall include in each monthly payment,
<br />together with the principal and interest as set forth in the Note and any late charges, an installment of any (a) taxes and special
<br />assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and (c) premiums
<br />for insurance required by paragraph 4.
<br />Each monthly installment for items (a), (b), and (c) shall equal one-twelfth of the annual amounts, as reasonably
<br />estimated by Lender, plus an amount sufficient to maintain an additional balance of not more than one-sixth of the estimated
<br />amounts. The full annual amount for each item shall be accumulated by Lender within a period ending one month before an
<br />item would become delinquent. Lender shall hold the amounts collected in trust to pay items (a), (b), and (c) before they
<br />become delinquent.
<br />If at any time the total of the payments held by Lender for items (a), (b), and (c), together with the future monthly
<br />payments for such items payable to Lender prior to the due dates of such items, exceeds by more than one-sixth the estimated
<br />amount of payments required to pay such items when due, and if payments on the Note are current, then Lender shall either
<br />refund the excess over one-sixth of the estimated payments or credit the excess over one-sixth of the estimated payments to
<br />subsequent payments by Borrower, at the option of Borrower. If the total of the payments made by Borrower for item (a), (b),
<br />or (c) is insufficient to pay the item when due, then Borrower shall pay to Lender any amount necessary to make up the
<br />deficiency on or before the date the item becomes due.
<br />As used in this Security Instrument, "Secretary" means the Secretary of Housing and Urban Development or his or her
<br />designee. In any year in which the Lender must pay a mortgage insurance premium to the Secretary, each monthly payment
<br />shall also include either: (i) an installment of the annual mortgage insurance premium to be paid by Lender to the Secretary, or
<br />(ii) a monthly charge instead of a mortgage insurance premium if this Security Instrument is held by the Secretary. Each
<br />monthly installment of the mortgage insurance premium shall be in an amount sufficient to accumulate the full annual
<br />mortgage insurance premium with Lender one month prior to the date the full annual mortgage insurance premium is due to the
<br />
<br />L
<br />
<br />FHA Nebraska Deed of Trust - 2/91
<br />DOCUUNE2
<br />DoCUUNE2. VTX 03/11/2005
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<br />Page 2 01'8
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