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<br />200710429
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<br />n:lakd Illortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" nnder
<br />RES!','\,
<br />(Q) "Suect'ssor in Interest of Bon-ower" means any party that has taken title to the Propcrty, whether or not
<br />Ih,lt party has assllllled Borrower's obligations under the Note and/or this Security Instrulllcnt.
<br />
<br />THANSFEH OF RICarrs IN THE PROPERTY. This Security Instrllll1cnt secures to Lender: (i) the repayment
<br />of the Loan, and ail renewals, extensions and ll1oditlcntions of the Note; and (ii) the performance of Borrower's
<br />covenants and agr'eements under this Security Instrument and the Note. For this purpose, BOITowerirrcvocably
<br />grants arrd conveys to Trustee, in trust, with power of sale, the following described property located in the County
<br />or lIall:
<br />
<br />Lot Fin (5), !lloek Thirty-Seven (37), in Russell Wheeler's Addition to the City of Grand
<br />1s1:11HI, Hall County, Nehraska, which currently has the address of 401 E 12th St, Grand
<br />Island, Nebraska 688U1
<br />
<br />(" Property Address"),
<br />
<br />'fOGETF'IER WITII an the improvements now or hereafter erected on the property, and all easernems,
<br />appurtenances, and t1xtllres now or hereafter a IXln of Il1e properly. All replacements and additions shall also hL'
<br />covered by litis Security Instrument. All of the foregoing is referred to in this Security Instrument as the
<br />"Propeny."
<br />
<br />!lC)RROWEIZ COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the rig.ht to
<br />grant nnd convey the Property ilnd that the Pt'Operty is unencumbered, except for encumbrances of recor(L
<br />Florrower warrants and will defend generally the title to the Property against all claims and delnands. subject to
<br /><lilY ellCumbrances of record,
<br />
<br />'TillS SECURITY INs'rRt}!vll;N'r combines uniform covenants for national use and non-uniform covenants with
<br />limited variations by jurisdiction to constitute a uniform security instrulllent covering real property,
<br />
<br />UNIFOHI'v1 COVENANTS. Borrower and Lender covenant and agree as {bllows:
<br />
<br />I. Payment of PrilH:ipal, Interest, Escrow Items, Prepayment Charges, llndLate Charges. Borrower
<br />shall pay when due the principal of, and interest on, the debt evidenced by the Note and any
<br />prepayment charges and late charges due under the Note, Borrower shall also pay fllf1ds for Escrow
<br />Items pursuant. to Section 3, Payments due under the NOle and this Security Instrument shall be made in
<br />US eIIlTL'ncy, IIowevcr, if any check or other instrument received by Lender as payrHent under the
<br />Not,~ or this Security Instrument is returned to Lender unpaid, Lender Illay require [hat any or all
<br />subsequent payments dUL~ under the Note and this Security Instrument be made in one or more of the
<br />Ii:lllowing forms, as selected by Lender: (a) cash; (b) money order; (c) cenilled check, bank check,
<br />lreitsurer's l'lwck or cashier's check, provided any such check is drawn upon iln institution whose
<br />deposits arc insured by OJ federal agency, instrumentality, or entity; or (d) Electronic funds Transfer.
<br />
<br />Payments arc deemed receivcd by Lender when received at the location designmed in the Note or at
<br />such other IOci1l!on as may be designated by Lender in accordance with the notice provisions in Section
<br />15, Lender may rdum any payment or partial payment if the payment or panial payments are
<br />insufficicnt 10 bring the Loan CWTcnt. Lender may accept any payment or partial paymcnt insufficient
<br />to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse
<br />such 1111)'1nont or pan inl paymcnts in the future, but Lender is not obligated to app Iy slIch payments at
<br />the liaw sl1ch payments arc accepted, If each Periodic Payment is applied as of its scheduled due date,
<br />t!len Lel)(kr ne,x! not pay interest on unapplied funds, Lender may hold such unapplied funds until
<br />Borrower maKes payment to bring the Loan current. I f Borrower docs not do so within a reasonable
<br />period of time, LL'llLlcr shall either apply such funds or return them to Borrower. If not applied earlier,
<br />such funds will be applied to the outstanding principal balance under the Note inlll1edimely prior to
<br />fon:closure, No offset or claim which Borrower might have now or in the future against Lender shall
<br />relieve Borrower from making payments due under the Note and this Security Instrument or
<br />perlbnning the covenants and agreements secured by this Security Instrument.
<br />
<br />., Application of Payments or Proceeds. Except as otherwise described in tItis Section 2, all paymcnts
<br />accepted and applied by Lendcr shall be applied in the following order of priority: (a) intercst due
<br />under tile NOlC~; (b) principal due under the Note; (c) ilmounts due under Section 3, Such paYlllents
<br />shall be applied to each Periodic Payment in the order in which it became due, Any remaining amounts
<br />shall be applied first to late charges, second to uny other amounts due under this Security Instrument,
<br />and thcn to reduce the principal balance of the Note
<br />
<br />If Lender receivcs a payment from Borrower for a delinquent Periodic Paynlcnt which includes a
<br />~lInlCiCnl ill110unl to pay any late charge due, the paymL~nt may be applied to the delinqueni payment
<br />and IhL' late charge, I r more than one Periodic Payment is outst'lI1ding, Lender may apply any paynlcm
<br />receivedfl'fHn Borrower to the repaymem of the Periodic Payments i( and to the extent that, each
<br />payment can be paid in fulL To the extent that any excess cxists after the payment is applied to the full
<br />payrnent of one or more Periodic Payments, such excess may be applied to any late charges dUe.
<br />VoluntMY prepayments shall be applied first to any prepayment charges and then as described in the
<br />Note,
<br />
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