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200809696 15519673 renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located in the COUNTY (Type of Recording Jurisdiction) of HALL (Name of Recording Jurisdiction) LEGAL DESCRIPTION * which currently has the address of 507 EAST 11TH STREET, GRAND ISLAND, NE 68801 ("Property Address"). TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property, All replacements and additions shall also be covered by this Security Instrument All of tlle foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS hold only legal title to the interests granted by Borrower in tltis Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited 10, releasing and canceling this Security Instmment. BORROWER COVENANTS that Borrower is lawfully seised 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 the Property against all claims and denwnds, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines unifonn covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Eserow Items, Prepllyment Charges, llnd Late Charges. Borrower shaH pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currcncy. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following foons, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon ~m institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Tnmsfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15, Lender may return any payment or partial payment if the payment or partial payments arc insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on Lmapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower docs not do so within a reasonable period of time, Lender shall either apply such funds or retLUTl them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure No offset or clain. wltich Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and tItis Security Illstnllllent or performing the covenants and agreements secured by tIus Securiry Instnllllent. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shaH be applied in the foHowing order of priority: (a) interest due under the Note; (b) principal due under the Notc; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second 10 any otller amounts due under this Security Instnllnenl, <md then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, tlle payment may be applied to the delinquent payment and the late charge. If more tllan one Periodic NEllRASKA--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT e;. 338.2 Page 3 of 12 FonD 3028 1/01 * Lot Four (4)~ Block Thirty-two (32)~ in Russel Wheeler's Addition to the City of Grand Island~ Hall County~ Nebraska ~. L C-.