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200902261 TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instnunent 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 ...... ... ... ... ...... ..... ................. ........ ........ ....... ... ... ...... ... ...... ... ......... ... ... .................. of (Type at RecordihU Jutisdictlohl (Name O'f Recording Jurisdiction] lot Five (5), Colonial Estates Third Subdivision to the City of Grand Island, Hall COunty, Nebraska. which currently has the address of ......................................... ..~on.Qr'~i!I)~.Qr\~L.......................................... (Street) ......................... .~.~~n.~.I.sl~l)~ ........................., Nebraska .. .. 68803 ............... ("Property Address"). [City] [Z,p Cod.] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and flXmres now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." 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 demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constimte a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall 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. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is remrned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be tnade in one or more of the following forms, 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 an instimtion whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. 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 are insufficient to bring the Loan current. Lender may accept any payment or parllal 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 fumre, 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 unapplied funds. Lender may hold such unapplied funds IIlltil Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or remrn 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 claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due IIllder the Note and this Security Instrument or perfonning the covenants and agreements secured by this Security Instrnment. 2. Applicatl(ln (If Payments (If Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to eacb Periodic Payment in the order in wbich it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment wbich includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the exteut that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges aud theu as described in the Note. Auy application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall uot extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds fOf Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the NOll', unti( the Note is paid in full, a sum (the "FlIllds") to provide for paymeut of amOUIllS due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on tbe Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurauce required by Lender under Sectiou 5; and (d) Mortgage Insurance premiums, if any, or any SUfU$ payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordauce with the provisions of Section 10, These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that COllllllunity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Leuder all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Fuuds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evideucing such payment withiu such time period as Lender may require. Borrower's obligation to make such paymeuts and to provide receipts shall for all purposes be deemed to be a covenalll and agreement contained ill this Security Instrument, as Ihe phrase "covellant and agreemelll" is used iu Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower NEBRASKA-Singl. f.rnily-F.nnie Mae/Freddie M.c UNIFORM INSTRUMENT Bahktllll; SY~l~ll1l1.II1(:" s~. cloud, MN Furm MO-1-NE 8/17/2000 ~ 30' ,1~ (page lof7pagesJ XL ~