|
<br />200710411
<br />
<br />TRANSFER OF RIGHTS IN THE PROPERTY
<br />
<br />This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the
<br />Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this
<br />purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located in
<br />the C 0 lJ N ~ Y of H ~ ~ L, N..E R ~A ~ ~ A .
<br />[Type of Recording urisdlctlonj [Name 0 ecording UriS Ictlon]
<br />LOT FOUR (4) ON BLOCK FIFTY-TWO (52). IN PACKER AND BARR'S SECOND
<br />ADDITION TO THE CITY OF GRAND ISLAND. HALL COUNTY, NEBRASKA,
<br />
<br />which currently has the address of
<br />
<br />GRAND ISLAND
<br />[City]
<br />
<br />1 923 W 3 R 0 S T R E E T
<br />
<br />,Nebraska 6 8 8 0 3
<br />[Zip Code]
<br />
<br />[Street]
<br />("Property Address"):
<br />
<br />TOGETHER WITH 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 Instrument. All
<br />of the foregoing is referred to in this Security Instrument as the "Property."
<br />
<br />BORROWER COVENANTS that Borrower is lawfully seised of the EJstate hereby conveyed and has the right to grant and
<br />convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend
<br />generally the title to the Property against all claims and demands, subject to any encumbrances of record.
<br />
<br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited
<br />variations by jurisdiction to constitute a uniform security instrument covering real property.
<br />
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay
<br />when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under
<br />the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security
<br />Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note
<br />or this ,SecuritY,lnstrument is returned t~ Lender unpaid, Lender may require that any or all subsequent payments due under the Note
<br />and this Security Instrument be made In one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c)
<br />certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose
<br />deposits are insured by a federal agency, instrumentality, or 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 other location as
<br />may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or parti~1
<br />payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial
<br />payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to Its rights to refuse such payment
<br />or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted If each
<br />Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold
<br />such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable
<br />period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the
<br />outstanding principal balance under the Note imrnediately prior to foreclosure. No offset or claim which Borrower might have now or
<br />in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or
<br />performing the covenants and agreements secured by this Security Instrument.
<br />
<br />2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and
<br />applied by Lender shall be appfled in the following order of priority: (a) interest due under the Note; (b) principal due under the Note;
<br />(c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order In which it became dUG.
<br />Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and
<br />then to reduce the principal balance of the Note.
<br />
<br />If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any
<br />late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is
<br />outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent
<br />that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or
<br />more Periodic Payments, such excess may be applied to any late charges dUe. Voluntary prepayments shall be applied first to any
<br />prepayment charges and then as described in the Note.
<br />
<br />Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend
<br />or postpone the due date, or change the amount, of the Periodic Payments.
<br />
<br />3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the
<br />Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which
<br />can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on
<br />the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance
<br />premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance
<br />with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan,
<br />Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues,
<br />fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under
<br />this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for
<br />any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any
<br />such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts
<br />due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender
<br />receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and
<br />to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the
<br />phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver,
<br />and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount
<br />and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any
<br />or all Escrow Items at any time by a notice given in accordance with Sectior; 15 and, upon such revocation, Borrower shall pay to
<br />Lender all Funds, and in such amounts, that are then required under thi~' Sectiun 3.
<br />
<br />Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time
<br />specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the
<br />amount of Funds due on the basis of current data and reasonable estimates of expenditures of future E~ow Items or otherwise in
<br />accordance with Applicable Law. \K 2:t
<br />
<br />NEBRASKA -Singl.. Fllmily-F..nni.. MllelFrllddie M..e UNIFORM INSTRUMENT
<br />
<br />FORM 3028 01/~~" 2 of 7 p..g",,)
<br />
<br />(lt1i
<br />
|