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<br />200902768
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<br />This debt is evidenced by Borrower's note dated the same date ~ this Security Instrument ("Note"), which
<br />provides for monthly payments, with the full debt, if not paid earlier, dire and payable on Nay 1, 2039
<br />. This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the
<br />Note, with interest, and all renewals, extensions and nlodifications of $e Note; (b) the payment of all other sums,
<br />with interest, advanced wider paragraph 7 to protect the security of this $ecurity Instrument; and (c) the performance
<br />of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower
<br />irrevocably grants and conveys to the Trustee, in trust, with power of ~e, the fOllowing described property located
<br />in Hall i County, Nebraska:
<br />Lot Thirty-Five (35), Morningaide Acres Subdivi.io~, in the City of Grand
<br />ISland, Hall County, Nebraska i
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<br />ParcellD Number: 400330938
<br />which has the address of 1608 Chesapeake Circle i [Street]
<br />Grand Ialand [City), Nebraska 68801 [Zip Code] ("Property Address");
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<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
<br />appurtenances and fixtures now or hereafter a part of the property. All replacements and additions shall also be
<br />covered by this Security Instrument. All of the foregOing is referred to inI this Security Instrument as the "Property. "
<br />Borrower understands and agrees that MERS holds only legal title to i the interests granted by Borrower in this.
<br />Security Instrument; but, if necessary to comply with law or custom, .S, (as nominee for Lender and Lender's
<br />successors and assigns), has the right: to exercise any or all of those interests, including, but not limited to, the right
<br />to foreclose and sell the Property; and to take any action required of Len~r including, but not limited to, releasing or
<br />canceling this Security Instrument. i
<br />BORROWER COVENANTS that Borrower is lawfully seized of the lestate hereby conveyed and has the right to
<br />grant and convey the Property and that the Property is unencumbered, ex!:qlt for encumbrances of record. Borrower
<br />warrants and will defend generally the title to the Property against !all claims and demands, subject to any
<br />encumbrances of record. i
<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 insttjument covering real property.
<br />Borrower and Lender covenant and agree as follows: :
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<br />UNIFORM COVENANTS. j .
<br />1. PaylDent' 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 wider the Note.
<br />2. Monthly Payment. of TaDII, lDsurance and Other Charges. i Borrower shall include in each monthly.
<br />payment, together with the principal and interest as set forth in the Note aQd any late charges, a sum for (a) taxes and
<br />special assessments levied or to be levied against the Property, (b) lec\sehold payments or ground rents 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 the Secretary of Housing and Urban Development ("Secretary"), or in any year in
<br />which such premium would have been required if Lender still held the S~urity Instrument, each monthly payment
<br />shall also include either: (i) a sum for the annual mortgage insurance p~um to be paid by Lender. to the Secretary;
<br />or (ii) a monthly charge instead of a mortgage insurance premium if this ~ty Instrument is held by the Secretary,
<br />in a reasonable amount to be determined by the Secretary. Except for tD,e monthly charge by the Secretary, these
<br />items are called "Escrow Items" and the sums paid to Lender are called "~w Funds. "
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<br />fIIl-4N(NE) (0407)
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<br />PIIg'2of8
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<br />OS-01-000345
<br />Inltl*c:;..-,.
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