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20100357
<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 />Lat Fifteen (15), Block Otte (1 ), Better Homes Subdivision to the City of Grartd Island, Hall
<br />County, Nebraska.
<br />which has the address of 1147 South Eddy Street ,Grand Island
<br />Nebraska ssso~ ("Property Address");
<br />[Street, City],
<br />[Zip Code]
<br />TOGETHER WITH all the improvements nnw or 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 Secuxity
<br />Instrument. AlI of the fnregning is referred to in this Security Instrument as the "Property." Bnrrower understands and agrees
<br />that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply
<br />with law or cttstam, MFRS (as nominee for Lender and Lender's successors and assigns} has the right to exerdse any or aII of
<br />those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of
<br />Lender including, but not limited to releasing or canceling this Security Instrument.
<br />BDRROWER 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 Prnperty 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-unifortn covenants with limited
<br />variations by jurisdiction to constitute a uniform security instrument covering real property.
<br />UNIFORM COVENANTS. Harrower and Lender covenant and agree as follows:
<br />1. Payment of Pxincipal, Interost and Late Charge. Borrower shall pay when due the principal of, and interest on, the
<br />debt evidenced by the Note and late charges due under the Nnte.
<br />2. Monthly Paymcnta of Taxers, Insurance and Other Charges. Botxower shall include in each monthly payment,
<br />together with the principal and interest as set forth m the Note and any late charges, a sum of (a) saxes and special assessments
<br />levied or to be levied against the Property, (b) leasehold payments or ground rents op 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: (i) a sum far 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 in 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, cnllect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum
<br />amnunt that may be required far Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12
<br />U.S.C. section 2801 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 fnr unanticipated disbursements or disbursements before
<br />the Borrower's payments are available in the account rriay 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 znay notify the Borrower and require Harrower to make up the shortage as permitted by
<br />RESPA.
<br />The Escrow Funds are pledged as additinnal security Far 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 ar 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 Secrebry
<br />instead of the monthly mortgage insurance premium;
<br />Second, to any taxes, special assessments, leasehold payments of ground rents, and fire, flood and other hazard insurance
<br />premiums, as required;
<br />Third, to interest due under the Note;
<br />Faurtlt~, to amortization of the principal of the Note; and
<br />P'if hs to late charges due under the Note.
<br />GCC - M1590-2NE (Oglnly Psge 2 nt ~ initials
<br />Gtr
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