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<br />200710068
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<br />CASE #: NE3212493409703
<br />the following described property located in HALL
<br />LOT TWO HUNDRED FIFTY-SEVEN (257) EXCEPTING THE SOUTHERLY FIVE
<br />THEREOF IN WEST LAWN, AN ADDITION TO THE CITY OF GRAND ISLAND,
<br />NEBRASKA.
<br />
<br />DOC 10 #: 00018300321611007
<br />Counly, Nebra'lka:
<br />(5) FEET
<br />HALL COUNTY,
<br />
<br />Parcel ID Number: 4 0 0 11 7 5 0 9
<br />which ha'l the address of
<br />
<br />1321 N GRAND ISLAND AVE, GRAND ISLAND
<br />[Street, City]
<br />
<br />Nebraska 68803-3028 ("Property Address");
<br />[Zip Code]
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all easement'l,
<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 "Property."
<br />Borrower understands and agrees thal MERS holds only legal title to the interests granted by Borrower in this
<br />Security Instrument; but, if necessary to comply with law or custom, MERS, (a'l nominee for Lender and Lender's
<br />successors and assigns), has the right: to exercise any or all of those interest'l, including, but not limited to, the right
<br />to foreclose and sell the Property; and lo lake any action required of Lender including, but not limited to, releasing
<br />or canceling this Security Instrument.
<br />BORROWER COVENANTS that Borrower is lawfully seized of the eslate 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 will defend generally the title to the Property against all claims and demands, subjecllo any
<br />encumbrances of record.
<br />TIllS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants
<br />with limited variations by jurisdiction to constitute a uniform security instrument covering real property.
<br />Borrower and Lender covenant and agree as follows:
<br />UNIFORM COVENANTS.
<br />1. Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of, and
<br />interest on, the debl 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
<br />payment, together with the principal and interest a'l set forth in the Nole and any late charges, a sum for (a) taxes
<br />and special assessments levied or to be levied against the Properly, (b) leasehold payment'l or ground rents on the
<br />Property, and (c) premiums for insurance required under paragraph 4. In any year in which the Lender must pay a
<br />mortgage insurance premium to the Secretary of Housing and Urban Development ("Secretary"), or in any year in
<br />which such premium would have been required if Lender still held the Security Instrument, each monthly payment
<br />shall also include either: (i) a sum for the annual mortgage insurance premium to be paid by Lender to the
<br />Secrelary, or (ii) a monthly charge instead of a mortgage insurance premium if lhis Security Instrument is held by
<br />lhe Secretary, in a rea'lonable amount to be determined by the Secrelary. Except for the monthly charge by the
<br />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
<br />maximum amount that may be required for Borrower's escrow account under the Real Eslate Settlement Procedures
<br />Act of 1974, 12 U.S.C. Section 2601 et seq. and implementing regulations, 24 CPR Part 3500, a'l they may be
<br />amended from time to time ("RESPA"), except that the cushion or reserve permitted by RESPA for unanticipated
<br />disbursements or disbursements before the Borrower's payments are available in the account may not be based on
<br />amounts due for the mortgage insurance premium.
<br />If the amounts held by Lender for Escrow Items exceed the amount'l permitted to be held by RESP A, Lender
<br />shall account lo Borrower for the excess funds as required by RESP A. If the amounts of funds held by Lender at
<br />any lime are not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require
<br />Borrower to make up the shorlage as permitted by RESP A.
<br />The Escrow Funds are pledged a'l additional security for all sums secured by this Security Instrument. If
<br />Borrower tenders to Lender the full payment of all such sums, Borrower's account shall be credited with the balance
<br />remaining for all installment items (a), (b), and (c) and any mortgage insurance premium installment that Lender
<br />has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower.
<br />Immedialely prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be
<br />credited with any balance remaining for all installment'l for items (a), (b), and (c).
<br />3. Application of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows:
<br />Firs!, to the mortgage insurance premium lo be paid by Lender to the Secretary or lo the monlhly charge by
<br />the Secretary instead of the monthly mortgage insurance premium;
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<br />. -4N(NE) (0407)
<br />(f,)
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<br />CHL (09/05)
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