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<br />and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to the Trustee, in
<br />trust, with power of sale, the following described property located in Hall County, Nebraska:
<br />The Northerly Half (N1/2) of loot Six (6), in Block Twenty Eight (28), in Charles Wasmer's Addition to the City of Grand
<br />Island, Hall County, Nebraska
<br />Parcel ID Number: 400109026
<br />which has the address of: 413 S. Madison Street
<br />Grand Island, NEBRASKA 68801, ("Property Address");
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all 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, MFRS, (as nominee for
<br />Lender and Lender's 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 Lender, including, but not limited to, releasing or canceling this
<br />Security Instrument.
<br />BORROWER 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 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 variations
<br />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 and Late Charge. Borrower shall pay when due the principal of, and interest on, the debt
<br />evidenced by the Note and late charges due under the Note.
<br />2. Monthly Payment of Taxes, Insurance and Other Charges. Borrower shall include in each monthly payment, together with the
<br />principal and interest as set forth in the Note and any late charges, a sum for (a) taxes and special assessments levied or to be levied
<br />against the Property, (b) leasehold payments or ground rents on the Property, and (c) premiums for insurance required under paragraph 4.
<br />In any year in which the Lender must pay a mortgage insurance premium to the Secretary of Housing and Urban Development
<br />("Secretary"), or in any year in which such premium would have been required if Lender still held the Security Instrument, each monthly
<br />payment shall also include either: (i) a sum for the annual mortgage insurance premium to be paid by Lender to the Secretary, or (ii) a
<br />monthly charge instead of a mortgage insurance premium if this Security Instrument is held by the Secretary, in a reasonable amount to be
<br />determined by the Secretary. Except for the monthly charge by the Secretary, these items are called "Escrow Items" and the sums paid to
<br />Lender are called "Escrow Funds."
<br />Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum amount that
<br />may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. Section 2601 et seq.
<br />and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time ("RESPA"), except that the cushion or
<br />reserve permitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payments are available in the
<br />account may 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 to
<br />Borrower for the excess funds as required by RESPA. If the amounts of funds held by Lender at any time are not sufficient to pay the
<br />Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as permitted by RESPA.
<br />The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If Borrower tenders to Lender
<br />the full payment of all such sums, Borrower's account shall be credited with the balance remaining for all installment items (a), (b), and
<br />(c) and any mortgage insurance premium installment that Lender has not become obligated to pay to the Secretary, and Lender shall
<br />FHA Nebraska Deed of Trust with MERE - 4/96 Amended 7/04
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