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<br />(J) '"Applicable Law" tzteans all controlling applicable federal, state and local statutes, regulations, ordinances and
<br />administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial
<br />opinions.
<br />(K) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges
<br />that are imposed on Borrower or the Property by a condominium association, homeowners association or similar
<br />organization.
<br />(L) '"Electronic kinds Transfer" means any transfer of funds, other than a transaction originated by check, draft,
<br />or similar paper instrument, which is initiated through, an electronic terminal, telephonic instrument, computer, or
<br />magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such terrr-
<br />includes, but is not limited to, point-nf--sale transfers, automated teller machine transactions, transfers initiated by
<br />telephone, wire transfers, and automated clearinghouse transfers.
<br />(1V)n "Escrow Items" means those items that are described in Section 3.
<br />(N) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any
<br />third party (other than insurance proceeds paid under the coverages described in Section S) for: (i) damage tv, or
<br />destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in
<br />lieu of condemnation; or (iv} misrepresentations of, or omissions as tp, the value and/or condition of the Property.
<br />(D) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan.
<br />(P) "Periodic Payment" means the regularly scheduled amount due far (i) principal and interest under the Nate,
<br />plus (ii) any amounts under Section 3 of this Security Instrument.
<br />(Q) '"IZESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing
<br />regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, ar any additional or
<br />successor legislation ar regulation that governs the same subject matter. As used in this Security Instrument,
<br />"RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan"
<br />even if the Loan does not qualify as a "federally related mortgage loan" under RI:SPA.
<br />(R} "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that
<br />party has assumed Borrower's obligations under the Note and/or this Security Instrument.
<br />TRANSFER OF RIGHTS IN THE PRQPERTY
<br />The beneficiary of this Security Instrument is MFRS (solely as nominee for Lender and Lender's successors and
<br />assigns) and the successors and assigns of MFRS. This Security Instrument secures to Lender: (i) the repayment of
<br />the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfoxmance of Borrower's
<br />covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants
<br />and conveys to Trustee, in trust, with power of sale, the fallowing described property located in the
<br />COUNTY of HALL
<br />[Type of Recording Jurisdiction] [Name of Recording Jurisdiction]
<br />LOTS 5 AND 7, BLOCK 86, WHEELER
<br />THE CITY OF GRAND ISLAND, HALL
<br />A.P.N.: 4DD1264DD
<br />AND SENNETT'S FOURTH A1~DTTIONTO
<br />COUNTY, NEBRASKA
<br />which currently has the address of
<br />GRAND ISLANl7
<br />[city]
<br />224 W. 15TH STREET
<br />[Street]
<br />Nebraska 6 $ $ Q 1 ("Property Address"):
<br />[Zip Code]
<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 in this Security Instrument as the "Property."
<br />Borrower understands and agrees that MFRS holds only legal title to the interests granted by Borrower in this Security
<br />Instrument, but, if necessary to comply with law or custom, MFRS (as nominee fox Lender and Lender's successors
<br />and assigns) has the right: to exercise any or al! of those interests, including, but not limited to, the right to foreclose
<br />and sell the Property; and tv take any action required of Lender including, but not limited to, releasing and canceling
<br />this Security Instrument-
<br />BORROWER CDVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right
<br />to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record.
<br />Borrower warrants and will defend generally the title to the Property against all claims and demands, subject tv any
<br />encumbrances of record.
<br />NEBRASKA--SingfB Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT -MFRS pp~,y~Ayj~ 800.649-1362
<br />Form 3Q28 1/01 Page 2 of 11 www.docmagic.com
<br />302&.mzJ.xml
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