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<br />200900920
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<br />Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located in
<br />HALL County, Nebraska;
<br />LOT 49, WEST HEIGHTS ADDmON, AN ADDmON TO THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA.
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<br />which has the address of 423 SHERIDAN AVE, GRAND ISLAND
<br />Nebraska 68803 ("Property Address");
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<br />[Street. City],
<br />
<br />[Zip Code]
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and
<br />fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security
<br />Instrument. All of the foregoing is referred to in this Security Instrument as the "Property."
<br />BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage,
<br />grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants
<br />and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record.
<br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited
<br />variations by jurisdiction to constitute a uniform security instrument covering real property.
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment ofPrJnclpal, Interest and Late Charse. Borrower shall pay when due the principal of, and interest on, the
<br />debt evidenced by the Note and late charges due under the Note.
<br />2. Monthly Payments of Taxes, Insurance and Other Charges. Borrower shall include in each monthly payment,
<br />together with the principal and interest as set forth in the Note and any late charges, a sum of (a) taxes and special assessments
<br />levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and (c) premiums for
<br />insurance required under paragraph 4. In any year in which the Lender must pay a mortgage insurance premium to the Secretary
<br />of Housing and Urban Development ("Secretary"), or in any year in which such premium would have been required if Lender
<br />still held the Security Instrument, each monthly payment shall also include either: (1) a sum for the annual mortgage insurance
<br />premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a mortgage insurance premium if this
<br />Security Instrument is held by the Secretary, in a reasonable amount to be determined by the Secretary. Except for the monthly
<br />charge by the Secretary, these items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds".
<br />Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum
<br />amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12
<br />V.S.C. section 2601 et seq. and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time
<br />("RESPA"), except that the cushion or reserve permitted by RESPA for unanticipated disbursements or disbursements before
<br />the Borrower's payments are avallable in the account may not be based on amounts due for the mortgage insurance premium.
<br />If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, Lender shall account
<br />to Borrower for the excess funds as required by RESPA. If the amounts of funds held by Lender at any time are not sufficient to
<br />pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as permitted by
<br />RESPA.
<br />The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If Borrower tenders
<br />to Lender the full payment of all such sums, Borrower's account shall be credited with the balance remaining for all installment
<br />items (a), (b) and (c) and any mortgage insurance premium installment that Lender has not become obligated to pay to the
<br />Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the
<br />Property or its acquisition by Lender, Borrower's account shall he credited with any balance remaining for all installments for
<br />items (a), (b) and (c).
<br />3. AppHcation of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows;
<br />First. to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary
<br />instead of the monthly mortgage insurance premium;
<br />Second. to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance
<br />premiums, as required;
<br />Third. to interest due under the Note;
<br />Fourth, to amortization of the principal of the Note; and
<br />Fifth. to late charges due under the Note.
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<br />OCC - 1690-21E (OeI87)
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<br />Initials: ~4f2..S
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