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