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200807766 This debt is evidenced by Borrower's note dated the same date as this Security InsIDlment ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on October 1, 2038 . This Security Instrumenl secures 10 Lender: (a) the repayment of the debt evidenced by the Note, with interesl, and all renewals, extensions and modif1cations of the Note; (b) the payment of all other Slllns, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For lhis purpose, Borrower irrevocably grants and conveys to the Tmstee, in trust, with power of sale, the following described properly located in Hall County, Nebraska: Lot Four (4), in Block One Hundred Forty-five (145), in Union Pacific Railway Company's Second Addition to the City of Grand Island, Hall County, Nebraska ParcellD Number: which has the address of 603 E DIVISION ST [Street] GRAND IS [Cily], Nebraska 68801-7732 [Zip Codel ("Property Address"); TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances and flxtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security InsIDlluent. All of the foregoing is referred to in lhis Security InsIDlluent as the "Properly." Borrower understands and agrees that MERS holds only legal title to tlle interesls granted by Borrower in this Security Instrument; but. if necessary to comply with law or custom, MERS, (as nominee for Lender and Lender's successors and assigns), has tlle right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell tlle Property; and to take any action required of Lender including, but not limited to, releasing or canceling lhis Security Instrument. BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to tile Property against all claims and demands, subject 10 any encLUubrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrumenl covering real property. Borrower and Lender covenant and agree as follows: UNIFORM COVENANTS. 1. Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and late charges due under the Note. 2. Monthly Payment of Taxes, Insurance and Other Charges. Borrower shall include in each monthly payment, together with the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes and special assessments levied or to be levied against lhe Properly. (b) leasehold payments or ground renls on the Property, and (c) premiums for insurance required under paragraph 4. In any year in which the Lender must pay a mortgage insurance premium to tile Secretary of Housing and Urban Development ("Secretary"). or in any year in which sllch premium would have been required if Lender still held tlle Security Instrument, each monthly payment shall also include either: (i) a sum for the annual mortgage insurance premium to be paid by Lender 10 lhe Secretary, ?r (ii) a monthly charge instead of a mortgage insurance premium if this Security Instrument is held by tlle Secretary, -Ill a reasonable alllounl to be determined by tile Secretary. Except for the monthly charge by the Secretary, tllese items are called "Escrow Items" and the SllIns paid 10 Lender are called "Escrow Funds." 002005661134 VMP@-4N(NE) (0407).01 Page 2 of 8 Initials: ., y ,Id CiliMorlgage 3.2.16.02 VI