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<br />other taking of all or any part ofthe Property; (iii) conveyance in I ieu of condemnation; or (iv) misrepresentations of, or omissions as to, the
<br />value and/or condition of the Property.
<br />(0) "Mortgage Insurance" means insurance protecting. Lender a�ainst the nonpayment of, or default on, the Loan.
<br />(P) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts
<br />under Sectian 3 of this Security Instrument.
<br />(Q) "RESPA" means the Real Estate Seltlement Procedures Act (12 U.S.C. § 26�1 et seg.) and its implementing regulation, Regulation X
<br />(24 C,r.R. Part 3500), as ihey might be amended from time to time, or any additianal ar successor legislation or regulation that govems 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 />"feder-ally related mortgage loan" even if the l.oan does not qualify as a"federally related mortgage loan" under RESPA.
<br />(R) "Successor in Intcrest of [3orrower" means any party that has taken title to the Property, whether or not that party has assumed
<br />C3orrower's obligations under the Note and/or this Security Instrument.
<br />TRANSFER OF RIGHTS IN THC PItOP�RTY
<br />The beneficiary af this Secirrity instrument is M�RS (solely as nominee for Lender and Lendcr's successors and assigns) and to the
<br />successars and assigns of MERS. This Security Instrument secures to I,ender: (i) the repayment of the Loan, and all renewals, extensions
<br />and modifications of the Note; and (ii) the performance 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 II�11:
<br />I,ot Twenty Tour (24), Grand West Fourth Subdivision, in the City of Grand Islanci, Iiall County, Nebraska
<br />Parcel Identification Number: 4004156.58
<br />which currently has the address of 4038 Craig Dr
<br />Grand island, NEI3RASKA 68803
<br />("Property Address"):
<br />TOGETHER W ITH all the improvements now or hereaftar 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 />foregoin�; is referred to in this Sacurity Instrument as the "Pro�erty." Borrower understands and agrees that MERS holds only legal title to
<br />the interests granted by l3orrower in this Security lnstrument, but, if necessary to comply with law or custom, MERS (as nominee for
<br />Lender and Lender's successors and assigns) has the ri�ht: to exercise any or all of those interests, including, but not limited to, ihe ri�ht to
<br />foreclose and sall the Property; and to take any action rec�uired of Lender including, b�rt not limited to, releasing and canceling this Security
<br />►nstrument.
<br />BORROW ER COV ENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey
<br />ihe Property and that the I'roperty is imencumbered, except for encumbrances of record. Borrower warcants and will defend generally the
<br />title to the Property against all claims and demands, subject to any encumbrances af record.
<br />THIS SCCURiT'Y 1NSTRiJMENT combines uniform covenants for national use and nan-imiform covenants with limited
<br />variations by jurisdiction tn cnnstitute a uniform security instrument covering real pmperty.
<br />UNIFORM COVENANTS. I3orrower and Lender covenant and agree as. follows:
<br />1. Payment of Principal, Interest, Escrow Items, Prep�yment Charges, and Late Charges. Borrower shall pay when due the
<br />principal of, and interest on, the debt evidenced by the Nate and any prepayment charges and late charges due under the Note. Borrower
<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 hy Lender as payment undar the Note or this Sec�rrity Instrument is
<br />returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Inscrument be
<br />made in one or more of ihe following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank ch�ek, treasurer's
<br />check or cashier's check, provided any such check is drawn upan an institution whase deposits are insured by a federal agency,
<br />instrumentality, or entity; or (d) Electronic Funds Transfer.
<br />Payments are deemed received by Lender when recaivad at the Incation designated in the Note or at such other location as may be
<br />designated by Lender in accordance with the notice provisions in Section 1 S. Lender may return any payment or partial payment if the
<br />payment or partial payments are insufficiant to bring the Loan current. Lender may accept any payment or partial payment insufficient to
<br />hrin� the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment ar partial payments in the
<br />future, but Lender is not obligated to apply such payments at the time such payments are accepted. [f each Periodic Payment is applied as of
<br />its scheduled due date, then I.ender need not pay interest on unapplied funds. Lender may hnld such unapplied fiinds until Borrower makes
<br />payment to bring the Loan current, lf Borrower dnes not do so within a reasonable period of 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 ot�set ar claim which Borrowar might have now or in the future against Lender shall relieve Borrower from making
<br />payments due under the Note and this Secr�rity Instrument or performing the covenants and agreements secured by this Security Instrument.
<br />2. Application of Payments or Proceeds. Gxcept as otherwisc descrtibed in this Section 2, all payments accepted and applied by
<br />I�ender shall be applied in the f�llowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due
<br />under Section 3. Such payments shall ba applicd to each Periodic 1'ayment 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 (nstrument, and then to reduce the principal
<br />balance of the Note.
<br />If Lender receives a payment frorn Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late
<br />charge due, the payment may be applied to the dclinquent payment and the latc charge. If more than one Periodic Payment is outstanding,
<br />Lender may apply any payment received from Borrower to the repayrnent of the Periodic Payments if, and to the extent that, each payment
<br />can be paid in full. 7'o the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments,
<br />such excess may be applied to any late charges due. Voluntary pre�rayments shall be applied first tn any prepayment charges and then as
<br />described in the Note.
<br />Any application of payrn�nts, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend
<br />or postpone the due date, or change the amount, of the Feriodic Payments.
<br />3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is
<br />paid in full, a sum (the "Funds") to pravide for payment of amounts due for: (a) taxes and assessments and other items which can attain
<br />NEBRASKA -5ingle Family-�annie MaelFrqddie MaC UNIFORM INSTRUMENT with MERS o 3028 1/01
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<br />ios, inc. Borrower(s) Initi t�
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