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200600801 DOC ID #: 00012524951401006 Bet/ ttl1t-/3t.t/ tAl' / MtrAttrf',fJ/ fl-;,MliP/ NJPl mft/ N nvYf/ fI"ffPJ.'/- Lot Five (5), Island Acres Number Six, a replat of Lots Nineteen (19) and Twenty (20), Island Acres, City of Grand Island, Hall County, Nebraska Parcel ID Numbcr: 400048841 which currently has the address of 3203 w 16TH ST, GRAND ISLAND IStreelJCityl Nebraska 68803-2422 ("Property Address"): [Zip Codel 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 Instnnnent. All of the foregoing is referred to in this Security Instmment 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 ami 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. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed amI 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 by jurisdiction to constitute a unifonn security instrument covcring real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Paymcnt of Principal, Intcrest, ESCI'OW Hcms, Prcpaymcnt Chargcs, and Latc Charges. Borrower shall pay when due the principal of, and intcrest 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 ami this Security Instrument shall be made in U.S. currency. However, if any check or other 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 selectcd by Lender: (a) cash; (h) money order; (c) certified check, hank 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 (tn Electronic Funds Transfer. Payments are deemed reccived by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance wilh the notice provisions in Section 15. Lender may retulll any paymenl or partial payment if the payment or ptutial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, wilhout waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If cach Peliodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payments to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under thc Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the fulUre against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application or Payments or I'rocceds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (al interest due under the Note; (b) principal due under the Note; (c) amounts duc under Scetion 3. Such paymcnts shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to lale charges, second to any other amounts due under this Security Instillment, and then to reduce the principal balance of the Note. H Lemler receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the lale charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from . -6A(NE) (040'7) <V CHL (08/05) Page 3 of 11 Form 3028 1/01 fJfJf ~ ~