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200701335 Loan No: 136593 Data TD: 470 whic:h currently has the address of 522 WEST JOHN STREET, [Street] GRAND ISLAND, NEBRASKA 68801 [City] [Zip Codel TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replac:ements and additions shall also be c:overed by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Properly." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to c:omply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, hut 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. ("Property Address"): BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and c:onvey the Property and that the Properly is unencumbered, except for encumbrances of rec:ord. Borrower warrants and will defend generally the title to the Properly against all daims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT c:ombines uniform covenants for national use and non-uniform covenants with limited variations by jur~sdic:tion to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment c:harges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall he 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 selected by Lender: (a) cash; (b) money order; (c) certified chec:k, bank check, treasurer's c:hcck 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 (d) Electronic Funds Transfer. Payments are deemed received hy Lender when received at the location designated in the Note or at such other location as may be designated by Lender in acc:ordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to hring the Loan current. Lender may acc:ept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, hut Lender is not ohligated to apply such payments at the time such payments are accepted. If each Periodic 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 payment to bring the Loan current. If Borrower does not do so within a reasonahle 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 the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future 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 of Payments or Proceeds, Except as otherwise described in this Section 2, all payments accepted and applied by Lender shaH be applied in the folJowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall he applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lcnder receives a payment from Borrower for a delinquent Periodic Payment whic:h includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the latc charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. NEBRASKA - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01 (Page 3 of 11 Pages)