|
<br />200603060
<br />
<br />DOC ID #: 00013317013603006
<br />
<br />Lot 2, Block 13, Wallich's Addition, Grand Island, Hall
<br />County, Nebraska.
<br />
<br />Parcel ill Number: 400106272
<br />
<br />which currently has the address of
<br />
<br />1409 W 7TH ST, GRAND ISLAND
<br />
<br />[Street/City I
<br />
<br />Nebraska 68801-4111 ("Property Address"):
<br />[Zip Code]
<br />
<br />TOGETHER WITH all the improvement<s now or hereafter erccted on the property, and all easements,
<br />appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shaIJ also
<br />be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the
<br />"Property." Borrower understands and agrees that MERS holds only legal title to the interest granted by
<br />Borrower in this Security Instrument, but, if nccessary to comply with law or custom, MERS (a<s nominee for
<br />Lender and Lender's successors and assigns) ha<s the right: to exercise any or all of those interests, including,
<br />but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender
<br />including, but not limited to, releasing and canceling this Security Instrument.
<br />BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the
<br />right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of
<br />record. Borrower warrants and will defend generally the title to the Property against all claims and demands,
<br />subject to any encumbrances of record.
<br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform
<br />covenant<s with limited variations by jurisdiction to constitute a uniform security instrument covering real
<br />property.
<br />
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree a<s follows:
<br />1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower
<br />shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment
<br />charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to
<br />Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency.
<br />However, if any check or other instrument received by Lender as payment under the Note or this Security
<br />Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under
<br />the Note and this Security Instrument be made in one or more of the following forms, a<s selected by Lender:
<br />(a) ca<sh; (b) money order; (c) certified cheek, bank check, treasurer's cheek or cashier's check, provided any
<br />such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or
<br />entity; or (d) Electronic Funds Transfer.
<br />Payment<s are deemed received by Lender when received at the location designated in the Note or at such
<br />other location a<s may be designated by Lender in accordance with the notice provisions in Section 15. Lender
<br />may return any payment or partial payment if the payment or partial payments are insufficient to bring the
<br />Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current,
<br />without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in
<br />the future, but Lender is not obligated to apply such payment,> at the time such payments are accepted. If each
<br />Periodic Payment is applied as of it<s scheduled due date, then Lender nced not pay interest on unapplied
<br />funds. Lender may hold such unapplied funds until Borrower makes payment,> to bring the Loan current. If
<br />Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return
<br />them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under
<br />the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future
<br />against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument
<br />or performing the covenants and agreements secured by this Security Instrument.
<br />2. Application of Payments or Proceeds. Except a,> otherwise described in this Section 2, all payment'>
<br />accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the
<br />Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to
<br />each Periodic Payment in the order in which it became due. Any remaining amount<s shall be applied first to
<br />late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal
<br />balance of the Note.
<br />If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a
<br />sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the
<br />late charge. If more than one Periodic Payment is out,>tanding, Lender may apply any payment received from
<br />
<br />q -6A(NE) (0407)
<br />
<br />CHL (08/05)
<br />
<br />Page 3 of 11
<br />
<br />Form 3028 1/01
<br />
|