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<br />200605120
<br />
<br />DOC ID #: 00013688674705006
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<br />Lot 6, Block 21, in the Original Town, now City of Grand Island, Hall
<br />County, Nebraska
<br />
<br />ParcellD Number: 400001713 which currently has the address of
<br />308 E 5TH STREET, GRAND ISLAND
<br />
<br />[Stree1/City]
<br />
<br />Nebraska 68801-4619 ("Property Address"):
<br />[Zip Code.1
<br />
<br />TOGETHER WITII all the improvcments now or hereafter erected ,on the property, and all cascmcnts,
<br />appurtenances, and fixturcs now or hereafler a part of the property. All replacements and additions shall 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, hut, if necessary to comply with law or custom, MERS (as nominee for
<br />Lender and Lender's successors and assigns) has 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 />ineluding, 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 />covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real
<br />property,
<br />
<br />UNifORM COVf\NANTS, Borrower and Lender covenant and agree as follows:
<br />I. Paymcot of PriocipaI, Ioterest, Escrow Items, Prepaymeot Charges, and Late Cha~es, Borrower
<br />shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment
<br />cbarges 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, as selected by Lender:
<br />(a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any
<br />such check is drawn upon an institution whose deposits arc insured by a federal agency, instrumentality, or
<br />entity; or (d) Electronic funds Transfer.
<br />Payments are deemed received hy Lender when received at the location designated in the Note or at such
<br />other location as 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 insutllcient 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 payments at the time such payments arc accepted. If each
<br />Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied
<br />funds. Lender may hold such unapplied funds unti I Borrower makes payments 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 e1aim 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 as otherwise described in this Section 2, all payments
<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 amounts 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 outstanding, Lender may apply any payment received from
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<br />~ -6A(NE) (0407)
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<br />CHL (08/05)
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<br />Pago3of11
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<br />Fonn 3028 1/01
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