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<br />May.15.2008 03:13 PM
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<br />Pathway Bank.
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<br />3084854235
<br />
<br />2/2
<br />
<br />200804233
<br />
<br />related mortgage loan" even if the Loan docs not qualify as a "federally related mOltgage loan" under
<br />RESr A.
<br />(Q) "Successor in Interest of Borrower" means any p~ that has taken title to the Property, whether or not
<br />that party has assumed BOl'l'ower's obligations under the Note and/or this Security instrument.
<br />
<br />TRANSFER OF RIGHTS IN THE PROPERTY. This Security Instrument secures to Lender: (i) the repaymem
<br />of the Loan, and all renewals, extensitms and modifications of the Note; and (ii) the performance of Borrowers
<br />covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably
<br />grants and conveys to Trustee, in trust, with power 01 sale, the following described property located in the County
<br />of Ball:
<br />
<br />Lot FOllr (4), Block Thirty-Two (32), in Russel Wheeler Addition to the City Of Grand
<br />Island, Hall County Nebraska. Parcel ID# 400121956 which currently has the address of 501
<br />E 11th St, Grand Island, Nebraska 68801
<br />
<br />("Property Address").
<br />
<br />TOGETHER WITH an the improvemcnts now or hereafter erected on the property, and aU easements,
<br />appurtenances, and fixtures now or hereafter a part of the properly. AU replacements and additions shall also be
<br />covered by this SecW'ity Instn.l.ID.ent. All of the foregoing is referred to in this Security InstJ.'Ulllent as the
<br />"ProperLy."
<br />
<br />BORROWER COVENANTS that Borrower is lawfully seised ofilie estate hereby conveyed and has the right to
<br />grant and convey the Property and that the Property i.s unencumbered. except for encumbrances of record.
<br />Borrower warrants and will defend generally the title to tlJe ProperlY against all claims and demands, subject to
<br />any encumbrances of record.
<br />
<br />TI-:lIS SECURITY INSTRUIvffiNT combines uniform covenants for national use an.d non-unifOlID covenants with
<br />limited variations by jw'isdiction to constitute a uniform security instrument covering real property.
<br />
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />
<br />I, Payment of Principal, Interest, !l:scl'OW Itemll, Prepa.yment Cbarges, and Late ClIarges. BOITower
<br />shall pay when due the principal of, and interest on, the debt cvidenced by the Note and any
<br />prepayment charges and late charges due under the Note, l3orrower shall also pay ftmds for Escrow
<br />Items pursuant to Section 3. Payments due tmder the Note and this SecuriLy Inslrlll1'l.ent shall be made in
<br />U.S. cunCDCY. Howevl:lr, if any check or other instrument received by Lender as payment under the
<br />Note or this Security Instrument is reLurned to Lender unpaid, Lender may require that any or all
<br />subsequent payments due UTlder the Note and lhis Security Instl1Jment be made in one or more of the
<br />following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check,
<br />treasurer's check or cashier's check, provided any such check is drawn upon an institution whose
<br />deposits are insured by a fcderal agency, instlUmentality, or entity; or (d) Electronic Plmds Transfer.
<br />
<br />Payments are deemed received by Lender when received at the location designatcd in the Note 01' at
<br />such other location as may be designated by tender in accordance with the notice provisions in Section
<br />IS, Lender may return any payment or partial payment if the payment 01' partial payments are
<br />insufficient to bring the l~oan current. Lender may accept any payment or partial payment insufficient
<br />to bring the Loan. current, without waiver of any rights hereunder or prejudicc to its rights to refuse
<br />such payment or pmtial payments in the fULure, but Lender is not obligated to apply such payments at
<br />the time such payments al'e accepted. If each Periodic Payment is applied lIS of its scheduled due date,
<br />then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until
<br />l3urrowcr 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 reLurn them to Borrower. Tfnut applied earlier,
<br />such funds will be applied to the outstanding principal balance under the Note immediaLel)' prior to
<br />foreclosure. Nt) offset or claim which Bon-ower might have now orin the future again~t Lender shall
<br />relieve Borrower :from making payments due under the Noto and this Secm'ity Instrument or
<br />performing the covenants and agreements seclU:ed by this SecurilY Instrwnent.
<br />
<br />2. Application of Payments or Proceeds. Except as otherwise described in tIlls Section 2, all payments
<br />accepted and applied by Lender shall be applied in the following order of pliority: (a) interest due
<br />under the Note; (b) principal due under the Note; (c) amounL'I due under Section 3, Su.ch payments
<br />shall be applied to each Periodic Paymenl in the order in which it became due. Any remainiJJg amounts
<br />shall be applied fD'st to late charges, second to any other amounts due under this Security Instrument,
<br />alld then to reduce the principal balance ofilie Note.
<br />
<br />If Lender receives a payment ft'om Borrower for a delinquent Periodic Payment which includes a
<br />sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment
<br />and the late charge. If more than one Periodic Payment is outstaudin~ Lender may apply any payment
<br />received from l3orrowcr to the repayment of tbe Periodic Payments if, and to the extent that, each
<br />payment can be paid in full. To the extent tbat any excess e,cists after the payment is applied to the full
<br />payment of one or more periodic Payments, such exceSS may be applied to any late charges due.
<br />Volunuuy prepayments shall he applied fIrst to any prepayment charges and then as described in the
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