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201002030
<br />(Q) "RESPA" means the Real Estate Settlement Procedures Act (I 2 U.S.C. § 2601 et seq.) and its implementing regulation, Regulation X
<br />(24 C.F.R. Part 3500), as they might be amended from ti me to time, or any additional or successor legislation or regulation that governs the
<br />same subject matter. As used in this Security instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a
<br />"federally related mortgage loan" even if the Loan does not qual ify as a "federally related mortgage loan" under RESPA.
<br />(R) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed
<br />Borrower's obligations under the Note and/or this Security Instrument.
<br />TRANSFER OF RIGHTS IN THE PROPERTY
<br />The beneficiary of this Security Instrument is M1R5 (solely as nominee for Lender and Lender's successors and assigns) and to the
<br />successors and assigns of MERS. This Security instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions
<br />and modifications of the Note; and (ii) the pertbnnance of $orrower's covenants and agreements under this Security Instrument and the
<br />Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, intrust, with power of sale, the following described property
<br />located in the County of Hall:
<br />Lot Ten (10), in Block Sixteen (l6), Scarff s Addition to West Lawn, in the City of Crand Island, Hall County, Nebraska, and
<br />its complement, Lot Five (5), of the Subdivision of Lots Two Hundred Eighty (280), Two Hundred Eight One (281) and Two
<br />Hundred Eighty Two (282) in West Lawn, in the City of Grand Island, Hall County, Nebraska
<br />Parcel Identification Number: 400088282
<br />which currently has the address of 1819 N Lafayette Avenue
<br />Grand Island, NEBRASKA 68803 ("Property Address"):
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and al I easements, appurtenances, and fixtures
<br />now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the
<br />foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MFRS holds only legal title to
<br />the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for
<br />Lender and Lender's successors and assigns) has the right: to exercise any or al I of those interests, including, but not limited ta, the right to
<br />foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security
<br />Instrument.
<br />BORROW ER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey
<br />the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the
<br />title to the Froperty 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 of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the
<br />principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Nate. Borrower
<br />shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in.
<br />U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is
<br />returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be
<br />made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's
<br />check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency,
<br />instrumentality, or entity; or (d) Electronic Funds Transfer.
<br />Payments are deemed received by Lender when received at the location designated in the Note or at such other location as tnay be
<br />designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the
<br />payment or partial payments are insufficient to bring the Loan current. Lander may accept any payment or partial payment insufficient to
<br />bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the
<br />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
<br />its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes
<br />payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shal I either apply such funds or
<br />return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately
<br />prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making;
<br />payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument.
<br />2, Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by
<br />Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due undertheNote; (c) amounts due
<br />under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts
<br />shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal
<br />balance of the Note.
<br />IfLender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late
<br />charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding,
<br />Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment
<br />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 Feriodic Payments,
<br />such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as
<br />described in the Note.
<br />Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend
<br />or postpone the due date, or change the amount, of the Periodic Payments.
<br />3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is
<br />paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain
<br />priority over this Security Instrument as a lien. or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if
<br />any; (c) premiums far any and al I insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums
<br />payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10.
<br />These items arc called "Escrow ]terns." At origination or at any time during the term of the Loan, Lender may require that Community
<br />Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item.
<br />Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for
<br />Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's
<br />obligation to pay to Lender Funds for any or all Escrow ]terns at any time. Any such waiver may only be in writing. In the event of such
<br />waiver, Borrower shat I pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been
<br />waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may
<br />require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and
<br />NEBRASKA -Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT with MERS Form 3028 1101
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<br />ios, inc. Borrower(s) Initials ~_
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