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20100194E
<br />Harrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located in
<br />HALL County, Nebraska:
<br />LOT FORTY-NINE (49), WEST HEIGHTS ADDITION, AN ADDITION TO THE CITY OF GRAND ISLAND, HALL
<br />COUNTY,NEgRASKA
<br />which has the address of 423 SWERIDAN AVE , GRAND ISLAND IgtreM, cllyl.
<br />Nebraska tiBB03 ("Property Address");
<br />(Zip Lode]
<br />TOGETHER WITH all the improvements now ar hereafter erected on the property, and all easements, appurtenances, and
<br />fixtures now ar 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 comreyed 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 in constitute a uniform security instrument covering real property.
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal, Interest and Lata Charge. Harrower shall pay when due the principal af, and interest au, the
<br />debt evidenced by the Note and late charges due under the Nnte.
<br />2. Monthly Payments of Taxes, Insurance and Other Charges. Borrower shall include in each rnauthly 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 iu auy year in which such premium would have been required if Lender
<br />still held the Security Instrument, each monthly payment shall also include either: (i) 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 iu 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 1979, 12
<br />U.S.C. section 2601 et seq. and implementing regulations, 29 CFR Part 3500, as they may be amended from time to time
<br />("RESPA"), except that the cushion or reserve permitted by RESFA for unanticipated disbursemeuts ar disbursements before
<br />the Borrower's payments are available in the account may uat be based on amounts due far 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 Harrower for the excess funds as required by RESPA. Tf 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 Harrower and require Borrower to make up the shortage as permitted by
<br />RESFA.
<br />The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If Borrower tenders
<br />to Leuder the full payment of all such sums, Harrawer'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 oat become obligated to pay to the
<br />Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prier to a foreclosure sale of the
<br />Froperty or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installments for
<br />items (a), (b) and (c).
<br />3. Application 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 />~ to amortization of the principal of the Note; and
<br />Fifth, to late charges due under the Note.
<br />t~CC - 1580-2NE (08/97) Page 2 of 7 Initials:
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