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� 0 � O v o J o J V2 WBCD LOAN # 503Q77623
<br />performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose,
<br />Borrower irrevocably grants and canveys to the Trustee, in trust, with power of sale, the fallowing described property
<br />located in ttall County, Nebraska:
<br />Lot 13, Fleasant View Fifteenth Subda.vision to the City of Grand Island, Hall County,
<br />Nebraska.
<br />APN #: 400441128
<br />which has the address of s23 SUN VALLEY p�., Gw�rtb isr�z►rin,
<br />Nebraska 68so1
<br />("Property Address");
<br />[Street, City),
<br />(Zip Code]
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances
<br />and fixtures now or hereafter a part of the praperty. 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, if necessary
<br />to camply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to
<br />exercise any or all of those interests, including, but not limit�d to, the right to foreclose and sell the Praperry; and to take
<br />any action required of Lender including, but nnt limited to, releasing and canceling this Security Instrument.
<br />B�RROWER C�VENANTS that Borrower is lawfully seized atthe estate hereby conveyed and has the rightto grant
<br />and cnnvey the Prop�rty and that the Property is unencumbered, except far encumbrances of recnrd. Borrower
<br />warrants and will d�fend gen�rally the title to the Properry against all claims and demands, subject to any
<br />encumbrances of record.
<br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with
<br />limited variations by jurisdiction ta constitute a uniform security instrument covering real property.
<br />Borrower and Lender covenant and agree as follows:
<br />UNIFORM COV�NANTS.
<br />1. Payment of Principal, Interest and Late Charge. Borrawer shall pay when due the principal of, and interest
<br />on, the debt evidenced by the Note and late charges due under #he 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 ar to be levied against the Properry, (b) leasehold payments or ground rents on th� Properry, and
<br />(c) premiums for insurance required under paragraph �. In any year in which the Lender must pay a mortgage insurance
<br />premium tothe Secretary of Housing and Urban Develapment ("Secretary"), or in anyyear in which such premium would
<br />have been required if Lender still held the Securiry 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 if this Security Instrument is held by the Secretary, in a reasonable amaunt to be
<br />determined by the Secretary. Except for the manthly charge by the Secretary, these items are called "Escraw Items"
<br />and the sums paid to Lender are called "Escrow Funds."
<br />Lender may, at any time, callec# and hald 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 �state Settlement Pracedures
<br />Act of 197�+, 12 U.S.C. Sectian 2601 et 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 �orrower's payments are available in th� account may not be based on amounts due far
<br />the mortgage insurance premium.
<br />If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, Lender shall
<br />account to Borrower for the excess funds as required by RESPA. If the amounts of funds held by Lender at any time is
<br />not sufFicient ta 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 full payment of all 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 ta Barrower. Immediately prior
<br />to a foreclosure sale of the Property or its acquisition by Lender, Barrawer's accaunt shall be credited with any balance
<br />remaining for all installments for items (a), (b), and (c).
<br />3. Appllcatlon of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows:
<br />First, to the mortgage insurance premium to be paid by Lender to th� Secretary or to the monthly charge by the
<br />Secretary instead of the monthly mortgage insurance premium;
<br />FHA Nebraska Dsed of Trust - 4/96
<br />Online Documents, Inc.
<br />Rage 2 of 6
<br />Ini�.iais:
<br />EEFHADE 0802
<br />11-15-20],p 18:Op
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