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<br />200703445
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<br />DOC IO #: 00016778843304007
<br />XOOX~KKJXIID{:X:~~)f>.XX~X~~X~~~X~X~~X
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<br />Lot 5, in Block 14, in Wallich's Addition to the city of
<br />Grand Island, Hall County, Nebraska.
<br />
<br />Parcel 10 Number: 400106426
<br />
<br />which currently has the address of
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<br />1323 W 7TH ST, GRAND ISLAND
<br />
<br />[Street/City I
<br />
<br />Nebraska 68801-4109 ("Property Address"):
<br />[Zip Code]
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<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
<br />appurtenances, and fixtures now or hereafLer a part of the property. All replacemcnts and additions shall also
<br />be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument a,> 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 necessary to comply with law or custom, MERS (a,> nominee for
<br />Lender and Lender's successors and assigns) ha,> 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 />TillS SECURITY INSTRUMENT combines uniform covenant,> 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 COVENANTS. Borrower and Lender covenant and agree a,> 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. Payment,> 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) ca"h; (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 are insured by a federal agency, instrumentality, or
<br />entity; or (d) Electronic Funds Transfer.
<br />Payments are deemed received by Lender when received at the location designated in the Note or at such
<br />other location a'l 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 payments at the time such payments are accepted. If each
<br />Periodic PaymeTlt is applied as of its scheduled due date, then Lender need 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, sueh 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 Proceed... Except a,> 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 whieh it became due. Any remaining amount,> 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
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<br />. -6A(NE) (0407)
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<br />CHL (08/05)
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<br />Page 3 of 11
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<br />Form 3028 1/01
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