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:201007261
<br />(J) "Applicable Law" means 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 frnal, 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 Funds 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 term
<br />includes, but is not limited to, paint-of-sale transfers, automated teller machine transactions, transfers initiated by
<br />telephone, wire transfers, and automated clearinghouse transfers.
<br />(M) "Escrow Items" means those items that are described in Section 3.
<br />(N~ "Miscellaneous Proceeds" means any compensation, settlement, award of damages, nr proceeds paid by any
<br />third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage tn, or
<br />destruction of, the Property; (ii) condemnation nr other taking of all nr any part of the Property; (i9i) conveyance in
<br />lieu of condemnation; ar (iv) misrepresentations nf, nr omissions as to, the value and/or condition of the Property.
<br />(O) "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 for (i) prindpal and interest under the Note,
<br />plus (ii) any amounts under.5ection 3 of this Security Instrument.
<br />(Q) "RESPA" 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,~or any additional ar
<br />successor legislation or 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 RESPA.
<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 Nate and/or this Security Instrument.
<br />TRANSFER OF RIGHTS IN THE PROPERTY
<br />The benefidary of this Security Instrument is MFRS (solely as nominee far Lender and Lender's successors and
<br />assigns) and the successors and assigns of MERS. This Security Instrument secures to Lender: (i) the repayment of
<br />the Loan, and all renewals, extensions and modifications of the Nate; and (ii) the performance of Borrower's
<br />covenants and agreements under this Security Instrument and the Note. For this purpose, Borrowerirrevocablygrantc
<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 uF Recording Jurisdiction]
<br />Fractional Lot Five (5), in Fractional Black Two (2), in Ehn Place Addition to the City of Grand Island, Hall
<br />County Nebraska, and the Westerly 54 feet of Fractional Lot Faur (4), in Fractional Block Ten (10) in Charles
<br />Wasmer's Addition to the City of Grand Island, Hall County, Nebraska, and the Westerly 1.2 feet of Fractional Lot
<br />Four (4) and all of Fractional Lot Five (5) in Fractional Block Ten (10) of Palmer's Subdivision of Lot Seven (7) of
<br />the County Subdivision ofthe Southeast Quarter ofthe Southwest Quarter (SEl/4 SW1/4) of Section ld, Township
<br />11 North, Range 9, West of the 6th P.M., Hall County, Nebraska, said Four fractions together forming a rectangular
<br />tract of ground having a frontage of 54 feet on Division Street and a depth of 132 feet, all according to the recorded
<br />plats thereof.
<br />which currently has the address of J. 4 2 3 WEST 17I V T S I ON
<br />[street]
<br />GRAND ISLAND ,Nebraska 6 8 8 01 ("Property Address")
<br />[City] [Zip Code]
<br />TOGETHER WITH all the improvements now nr hereafter erected on the property, and all easements,
<br />appurtenances, and tlxtures 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 MERS holds only legal title to the interests granted by Borrower in this Security
<br />Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors
<br />and assigns) has the right: to exercise any ar all of those interests, including, but not limited tn, the right to foreclose
<br />and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling
<br />this Security Instrument.
<br />BORROWER COVENANTS that Harrower 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 to any
<br />encumbrances of record.
<br />NE6RASKA--5ingle Family--Fannie Mae/Freddia Mac UNIFORM INSTRUMENT -MERS nocMagic aoasas-r3c2
<br />Form 3028 1/01 Page 2 of 11 www.docmagic.cam
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