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<br />200704078
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<br />Ul "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and
<br />administrative rules and orders (that have the effect of law) as well as all applicable I1nal. non-appealable judicial
<br />opinions.
<br />(K) "Community Association Dues, {iees, and Assessments" means all dues, fees, assessments and other charges
<br />that are imposed on Borrower or tbe Property by a condominium association, homeowners association or similar
<br />organization.
<br />(L) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft,
<br />or similar paper instrument, which is initiated through an electronic terminal. telephonic instrument, computer, or
<br />magnetic tape so as to order, instruct, or authorize a I1nancial institution to dehit or credit an account. Such term
<br />includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by
<br />telephone, wire transfers, and automated clearinghouse transfers.
<br />(M) "Escrow Items" means those items that are described In Section 3.
<br />(N) "Miscellaneons Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any
<br />third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or
<br />destruction of, the Property; (ii) coodemnation or other taking of all or any part of the Property; (Iii) conveyance in
<br />lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property.
<br />(0) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan.
<br />(P) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note,
<br />plus (Ii) any amounts under Section 3 of this Security Instrument.
<br />(Q) "RESPA" means the Real Estate Settlement Procedures Act (12 V.S.C. ~2601 et seq.) and its implementing
<br />regulation, Regulation X (24 C.F.R. Part 3500). as they might be amended from time to time, or any additional or
<br />successor legislation or regulation that governs the same subject matter. As used in this Security Instrument,
<br />"RESP A" refers tn all requirements and restrictions that are imposed in regard to a " federally related mortgage loan"
<br />even if the Loan does not qualify as a "federally related mortgage loan" under RESPA.
<br />(R) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that
<br />party has assumed Borrower's obligations under the Note and/or this Security Instrument.
<br />
<br />TRANSFER OF RIGHTS IN THE PROPERTY
<br />
<br />The benel1ciary of this Security Instrument is MERS (solely as nominee for Lender and Lender's successors and
<br />assigns) and the successors and assigns of MERS, This Security Instrument secures to Lender: (i) the repayment of
<br />the Loan, and all renewals, extensions and modifications of the Note; and (Ii) the performance of Borrower's
<br />covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants
<br />and conveys to Trustee, in trust, with power of sale, the following described property located in the
<br />COUNTY of HALL
<br />[Type of Recording Jurisdiction] [Name of Recordlog Jnri,dlclion]
<br />
<br />NORTHERLY SEVENTY-TWO (72)
<br />(15) ~MER'S ADDITION TO
<br />NEBRASKA~
<br />en 0..."'" \ It. So
<br />
<br />FEET OF LOT FIVE (5), BLOCK FIFTEEN
<br />THE CITY OF GRAND ISLAND, HALL COUNTY,
<br />
<br />which currently has the address of
<br />
<br />1923 W DIVISION STREET
<br />IStr..t)
<br />
<br />GRAND ISLAND
<br />[City]
<br />
<br />, Nebraska
<br />
<br />68803
<br />[Zip Code]
<br />
<br />("Property Address"):
<br />
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
<br />appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be
<br />covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the" Properly. "
<br />Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security
<br />Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successnrs
<br />and assigns) has the right; to exercise any or all of those interests, including, but nnt limited tn, the right to foreclose
<br />and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling
<br />this Security Instrument.
<br />BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right
<br />to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record.
<br />Borrower warrants and wlll defend generally the title to the Property against all claims and demands, subject to any
<br />encumbrances of record.
<br />
<br />NEBRASKA--Single Family..Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS
<br />Form ~028 1/01 Page 2 of 11
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