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201oo�9s5
<br />(L) "Electronic F'uuds Tr$nsfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper
<br />instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or
<br />authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated
<br />teller machine transactions, transfers initiated by telephone, wire transfecs, 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, or proceeds paid by any third party (othec than
<br />insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destructian of, the Property; (ii) condemnation or
<br />other taking of all or any part of the Froperty; (iii) conveyance in lieu of condemnation; ar (iv) misrepresentations of, or amissions as to, the
<br />value and/or condition of the Property.
<br />(0) "Martgage 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) principal and intcrest under the Nate, plus (ii) any amounts
<br />under Section 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 regulation, Regulation X
<br />(24 C.F.R. Part 3500), as they might be amended from time to time, or any additianal or successor legislation or regulation that governs the
<br />same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a
<br />"federally related mortgage loan" 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 Praperty, whether or not that party has assumed
<br />Borrower's obligations under the Note and/or this Security Instrument.
<br />TRANSFER OF RIGHTS IN THE PROPERTY
<br />The benef ciary of this Security Instrument is MERS (solely as nominee for Lender and T,ender's successors and assigns) and to the
<br />successors and assigns of MERS. This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions
<br />and modifications of the Note; and (ii) the perfarmance of Borrower's covenants and agreements under this Security Instrument and the
<br />Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property
<br />located in the County of HALL:
<br />TH� SOUTH ONE NUNDRED (5 100) F�ET OF LOT SEVEN ('n, IN BLOCK THR�E (3), DICKEY SECOND
<br />SUBDIVISION, IN TH� CITY O�' GRAND 1SLAND, HALL COUNTY, NEBRASKA.
<br />Parcel Identification Number: 400040638
<br />which currently has the address of 2715 O'FLANNAGAN STREET
<br />GRAND 1SLAND, N�BRASKA 68803 ("Property Address"):
<br />TOG�THER 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 agrecs that MERS holds only legal title ta
<br />the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominae for
<br />C,ender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to
<br />foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security
<br />Instrumsnt.
<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 thc 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 af record.
<br />THIS SECURI7'Y INS"1'RUMENT combines uniform covenants for national use and non-uniform covenants with limited
<br />variations by jurisdiction to constitute a uniform security instrument covering real property.
<br />LTNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the
<br />principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Barrower
<br />shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in
<br />U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is
<br />returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Nate and this Security Instrument be
<br />made in one or more of the following forms, as selected by I.ender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's
<br />check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency,
<br />instrumentality, or entity; or (d) Electronic Funds Transfer.
<br />Payments are dcemed received by Lender when received at the location designated in the Note or at such other location as may be
<br />designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the
<br />payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to
<br />bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the
<br />future, but Lender is not obligated to apply such payments at the time such payments are accepted. Ifeach Periodic Payment is applied as of
<br />its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes
<br />payment to bring the Loan current. If Borrower does not do so within a raasonable period af time, Lender shall either apply such funds or
<br />return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately
<br />prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making
<br />payments due under the Note and this Security Instrument ar perForming the covenants and agreements secured by this Security Instrument.
<br />2. Application of Payments ar Proceeds. Bxcept as otherwise described in this 5ection 2, all payments accepted and applied by
<br />Lender shall be applied in the f'ollowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due
<br />under Section 3. Such paymcnts shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts
<br />shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal
<br />balance of the Note.
<br />If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amaunt to pay any late
<br />charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding,
<br />NEBRASKA -Single Family-Fannle Mae/Fweddie Mac 11NIFORM INSTRUMENT with MERS 3028 '}{p�
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<br />ios, inc. Borrower(s) Initials
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