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<br />1
<br />
<br />200705336
<br />
<br />Grand Island
<br />[City]
<br />
<br />Nebra9ka
<br />
<br />3230 North North Road
<br />[Street]
<br />68803
<br />[Zip Code]
<br />
<br />("Property Address");
<br />
<br />which has the address of
<br />
<br />TOGETHER WIlli all the improvements now or hereafter erected on the property, and all easements, appurtenances, and
<br />fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security
<br />Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understand9 and agrees
<br />that MERS holds only legal title to the interests granted by Borrower in this Security Instrument; but, if necessary to comply
<br />with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of
<br />those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of
<br />Lender including, but not limited to, releasing or canceling this Security Instrument.
<br />BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant
<br />and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and
<br />will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record.
<br />THIS SECURITY INSTRUMENT combines unifonn covenants for national use and non-unifonn covenants with limited
<br />variations by jurisdiction to constiulte a unifonn security instrument covering real property.
<br />
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of, and interest on,
<br />the debt evidenced by the Note and late charges due under the Note.
<br />2. Monthly Payment of Taxes, Insurance, and Other Charges. Borrower shall include in each monthly payment,
<br />together with the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes and special assessments
<br />levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and (c) premiums for
<br />insurance required under paragraph 4. In any year in which the Lender must pay a mortgage insurance premium to the Secretary
<br />of Housing and Urban Development ("Secretary"), or in any year in which such premium would have been required if Lender
<br />still held the Security Instnunent, each monthly payment shall also include either: (i) a sum for the arumal mortgage insurance
<br />premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a mortgage insurance premium if this Security
<br />Instrument is held by thc Secretary, in a reasonable amount to be detennined by the Secretary. Except for the monthly charge by
<br />the Secretary, these items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds."
<br />Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum
<br />amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12
<br />V.S.C. ~2601 st~. and implementing regulations, 24 CPR Part 3500, as they may be amended from time to time ("RESPA"),
<br />except that the cushion or reserve permitted by RESP A for unanticipated disbursements or disbursements before the
<br />Borrower's payments are available in the account may not be based on amounts due for the mortgage insurance premium.
<br />If the amounts held by Lender for Escrow Items exceed the amounts pennitted to be held by RESP A, Lender shall
<br />account to Borrower for the excess funds as required by RESP A. If the amounts of funds held by Lender at any time are not
<br />sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as
<br />pennitted by RESP A.
<br />The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If Borrower tenders
<br />to Lender the full payment of all such sums, Borrower's account shall be credited with the balance remaining for all installment
<br />items (a), (b), and (c) and any mortgage insurance premium instalhnent that Lender has not become obligated to pay to the
<br />Secretary, and Lender shall promptly refund any excess funds to Borrower. Immcdiately prior to a foreclosure sale of the
<br />Property or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installments for
<br />items (a), (b), and (c).
<br />3. Application of Payments. All payments under paragraphs I and 2 shall be applied by Lender as follows:
<br />FIRST, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the
<br />Secretary instead of the monthly mortgage insurance premium;
<br />SECOND, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other
<br />hazard insurance premiums, as required;
<br />THIRD, to interest due under the Note;
<br />FOURTH, to amortization of the principal of the Note; and
<br />1'lFIH, to late charges due under the Note.
<br />
<br />NEBRASKA FHA DEED OF TRUST
<br />
<br />ITEM T2696L2 (0308)-MERS
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<br />(Page 2 of7 pages)
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<br />GREATLAND.
<br />To ardor Call: 1.801).530-93930 Fax: 616.791.1131
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