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201004569 <br />IAAD1 # s 19617633 <br />performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, <br />Borrower irrevocably grants and conveys to the Trustee, in trust, with power of sale, the following described property <br />located in stall County, Nebraska: <br />LQT THIRTY-EIGttT (38), RAV6NW04D BUBDIVIBIOH, HALL COUNTY, MESHABK.A. <br />APN Il s 400214687 <br />which has the address of 4603 Tara dace, Grand Island, <br />Nebraska 68801 ("Property Address"); <br />[Zip Coda] <br />Is~~ curl. <br />TOGETHER WITH all the improvements noworhereattererected on the property, and all easements, appurtenances <br />and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security <br />Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and <br />agrees that MERS holds only legal title to the interests granted by Borrower in this Security instrument, but, 'rf necessary <br />to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to <br />exercise any or all ofthose interests, including, but not limited to, the rightto foreclose and sell the Property; and totake <br />any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. <br />BORROW ER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the rightto grant <br />and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower <br />warrants and will defend generally the title to the Property against all claims and demands, subject to any <br />encumbrances of record. <br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-un'rfarm covenants with <br />limited variations by jurisdiction to constitute a uniform security instrument covering real property. <br />Borrower and Lender covenant and agree as follows: <br />UNIFORM COVENANTS, <br />1. Payment of Prlncipsl, Interest and Late Charge. Borrower shall pay when due the principal of, and interest <br />on, the debt 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, <br />together with the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes and special <br />assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and <br />(c}premiums for insurance required under paragraph 4. In any year in which the Lender must pay a mortgage insurance <br />premium tothe Secretary of Housing and Urban Development ("Secretary"), or in any year in which such premium would <br />have been required if Lender still held the Security Instrument, each monthly payment shall also include either: (i) a sum <br />for the annual mortgage insurance premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of <br />a mortgage insurance premium 'rf 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" <br />and the sums paid to 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 <br />maximum amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures <br />Act of 1974, 12 U.S.C. Section 2601 at seq. and implementing regulations, 24 CFR Part 3500, as they may be amended <br />from time to time ("RESPA"), except that the cushion or reserve permitted by RESPA for unanticipated disbursements <br />or disbursements before the Borrower's payments are available in the account may not be based on amounts due for <br />the mortgage insurance premium, <br />If the amounts held by Lenderfor Escrow Items exceed the amounts permitted to beheld by RESPA, Lendershall <br />account to Borrower for the excess funds as required by RESPA. ff the amounts of funds held by Lender at any time is <br />not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the <br />shortage as permitted by RESPA. <br />The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If Borrower <br />tenders to Lender the lull payment of ail such sums, Borrower's account shall be credited with the balance remaining <br />for all installment items (a), (b), and (c) and any mortgage insurance premium installment that Lender has not become <br />obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior <br />to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance <br />remaining for all installments for items (a), (b), and (c). <br />3. Application of Payments. Ail payments under paragraphs 1 and 2 shall be applied by Lender as follows: <br />FiJst to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the <br />Secretary instead of the monthly mortgage insurance premium; <br />FHA Nebraska Deed of Trues- a/sa <br />Online Documents, Inc. PAg9 2 of fi NEEFMApE 0902 <br />