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<br />200710274
<br />
<br />CASE #: NE3212488473703
<br />the following described property located in HALL
<br />LOT FOUR (4), BLOCK (4), GIDEON'S ADDITION
<br />COUNTY, NEBRASKA.
<br />
<br />DOC ID #: 00018092664511007
<br />County, Nebra'lka:
<br />TO THE VILLAGE OF DONIPHAN, HALL
<br />
<br />Parcel ID Number: 400418355
<br />which has the address of
<br />
<br />410 WEST WALNUT STREET, DONIPHAN
<br />[Street, Cityl
<br />
<br />Nebraska 68832 ("Property Address");
<br />[Zip Codel
<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 agrec''l that MBRS holds only legal title to the interel.t'l granted by Borrower in this
<br />SecurHy Instrument; but, if necessary to comply with law or custom, MBRS, (as 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 to take 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 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 will defend generally the title to the Property against all claims and demands, subject to any
<br />encumbrances of record.
<br />THIS SECURlTY 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 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
<br />payment, together with the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes
<br />and special assessments levied or to be levied against the Property, (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 />Secretary, or (ii) a monthly charge instead of a mortgage insurance premium if this Security Instrument is held by
<br />the Secretary, in" a reasonable amount to be determined by the Secretary. Except for the monthly charge by the
<br />Secretary, these items are called "Escrow Items" and the sums paid to Lender are called "E.'lcrow 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 Estate Settlement Procedures
<br />Act of 1974, 12 V.S.C. Section 2601 et seq. and implementing regulations, 24 CPR Part 3500, as they may be
<br />amended from time to time ("RESP A"), except that the cushion or rc''lerve permitted by RESP A 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 amounts permitted to be held by RESP A, Lender
<br />shall account to Borrower for the excess funds as required by RESP A. If the amounts of funds held by Lender at
<br />any time are not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require
<br />Borrower to make up the shortage as permitted by RESPA.
<br />The Escrow Funds are pledged as 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 />Immediately 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 installments 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 />First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by
<br />the Secretary instead of the monthly mortgage insurance premium;
<br />
<br /><8 -4N(NE) (0407)
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<br />CHL (09/05)
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