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�oiioo3o� �o� Three (3), Black Fifteen (15), Lambext's Additian to the C�ty of Grand Island, Hall County, Nehraska which has the address of 1215 EAST 6TiI STREET', G�AND ISLA.ND [S[ree[, Ci[y] , Nebraslca 688U1 fzip cod�� ("Property Address"); TOG�THER WITH all tne improvements now or Y�ereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafcer a part of the pro�erty. All replacements ar�d additions shall also be cov�r�d by this Securiry Instrument. All of the foregoing is referred to in this 5ecuriry Instrument as the Properry." Borrower understands and agrees that MERS holds onJy le�ai title to the interests graz�ted by Borrower in this 5ecurity Instruxnent; but, if necessary to coxnply with law ar custvm, MERS (as naminee for Lender and Lender's succ�ssors and assigns) has the ri�ht: ta exercise any or a11 of tkxose interests, including, but not limited to, the ri�ht to foreclose and sell the Property; and to tal:.e any action requixed of Lender including, but nat iimited to, releasin� and cazacelinR this Securiry Instrument. BORROW�R COVENANTS that Borrower is lawfully seised of the �state hereby conveyed azxd has the right to grant and canvey the Property and th.at the Prnperty as unencumbered, except for encurnbrances of record. Borrower warrants and wil] defend �enerally the citle to the PropPrty against all claims and demands, subject to any encumbrances of record. THIS S�CURITY INSTRUMENT combines unif�rm covenants for national use and non-uziifarm covenants with limited vaz'iations by jurisdiction tc� consiitute a uniforrn securiry instrum,ent caverin� real prapArty. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Yayment of Principal, Interest and Late Char�e. Bozrower shall pay when due the principal o�, and interest on, the debt evidenced by the Note and iate charges due under the Nate. 2. Monthly Payment of 7['axes, Insuz and Other Chae Borrower shali include 'vn each monthly paymEnt, together witt� the principal and interest as set forth in the Note and any late char�es, a suzxa for (a) taxes and special assessments levied or to be levied against the Property, (b) leasehold payments or br�und rents on the Property, and (c) premiurns for insurance requared under Parasraph 4. In any year in which the Lender must pay a Xnart�age insurince premiuzn to the Secretary of Housing aiad Uzban Development ("Secretary"), or in any year in which such premium would k�ave be°n required if L�nder still held the Se�uriry Instrum�nt, each month.ly payment shall also include either: (i) a sum for the annual mort�a�e insuranee premium to be paid by Lender to the Secretary, or (ii) a manthly charDe instead of a morigaRe insurancE premium if this 5ecuriry Instrument is h�ld by the Secretary, in a reasonable aznount to be deternuned by the Secretary. Except for the monthly char�e by the Secretary, these items are called "Escrow Items" and the suxns paid to Lencler are called "Escrow Funds." GV2171-2 (696) Page 2 of 8 FHA Nebraska Aeed of Trust � I��III II��I II�II'�I�I II�� IIIII IIIII IIII� II�I� II�II �III �I�IIII ��I �II�I� II��I II�II I�III II�� I�II 1, 1, 0], � 1 3 2 2 � G V�], 7 1 i1 �