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2U1Q0442~ 'TRANSFER OF' RIGHTS IN 'I'l lE PROPERTY 'I'bis Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfortnance of Borrower's covenants and agreements under this Security Instrument and the Note. Far this purpose, 13orrnwer irrevocably grants and conveys to 't'rustee, in trust, with power of sale, the following described property located in the .................................................t..Y~•~ot Records g..unsdlatle,~........,,..............,..,..,..,.,,,.... of T e n J n H?h~ .......................... ........................................................... (Name of Recording Jurisdiction( LOT TWO 121, BLOCK ELEVEN (111, IN H.G. CLARK'S AbbITION TO THE CITY OF GRANb ISLANb, HALL COUNTY, NEBRASKA. 07 W S~ 9TW 5T EET which currently has the address of ........................ . ....................8......1"..15tre , , . , ... , , ................ , .......................... . etJ , , , ..... GRAND ISLANb, , , , . , . , Nebraska ................... .68E.01.................... (° Property Address") [Cityl [Zip Code) TOGETHER Wl'T'tl all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENAN'T'S that Forrower is lawfully seised of the estate hereby conveyed and has the right to groat and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. 'I'IiIS ST;CIJRITY INS'T'RUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniforrrt security instrument covering real property, UNIFORM COVENANTS. Borrower and Leader covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3, Payments due under the Note and this Security Instrument shall he made in U. S. currency. 1-Iowever, if any check at other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, bender may require that nay or all subsequent payments due under the Note and this Security Instrument he 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 check or cashier's check, provided nay such check is drawn upon as institution whose deposits are it- ured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments ate deemed received by Leader when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Leader may return nay payment or partial payment if the payment or partial payments ate insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of nay rights hereunder or prejudice to its rights to refuse such payment ar partial payments in the future, but Lender is not obligated to apply such payments at the time such payments ate accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Horrower makes payment to bring the Loan current. If Borrower does not do so within a reasopablc period of time, L,endcr shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance uudcr the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Leader shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall he applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall he applied to each Periodic Payment. in the order in which it became due. Any remaining antouats shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from $orrower for a delinquent Periodic Payment which includes a sufficieut amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, l.,ender may apply nay payment received from Harrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. Ta the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any Late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. $orrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which car- attain priority over this Security Instrument as a lien or encumbrance an the Property; (b) leasehold payments or ground rents on the Property, if' any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiuts, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Sectiou 10. These items are called "Escrow Items." At origination or at any lime durizig the term of the Loan, Lender may require that Cozntztuaity Association 17ues, Fees, and Assessments, if any, hr escrowed by Hottowcr, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to he paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Itettts. Leader may waive Hottower's obligation to day to Lender Funds for any or all Escrow Itetns at any time. Any such waiver may only be in writing. In the event of such waver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Harrower NEBRASKA--Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form S 01 Bankers Systems, Inc., St. Cloud, MN Form MO-1 ~NE 811 X2000 Gage 2 of 7 pages) ~~