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TRANSFER OF RIGHTS IN THE PROPERTY 2 0110 3 61 � This Security Instrument secures to Lender: (i) the repayment of the Loan, and a11 renewals, exteasions and modificatrons of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instnunent and the Note. For this purpose, Borrower inevocably grants and conveys to Trustee, in trust, with power of sale, the following desctibed property located in the ...................................................R��iIST.ER.OF.O�E,AS........:............................................ of [Type of Recording Jurisdiction] NALL.......................................................................................: [Neme of Recording Jurisdictionl S07 W 13TH ST, GRAND ISLAND, NE 88801 LOT TWO (2), IN BLOCK THIRTEEN (13►, GILBERT'S ADDITIOIU TO THE CITY OF GRAND ISI.AND, HALL COUNTY, NEBRASKA AND 1216 N CLARK, GRAND ISLAND, NE 68801 THE SOUTHERLY SIXTY•EIGHT AND ONE HALF �68112) FEET OF LOT ONE (1►, BLOCK THIRTEEN (13�, GILBERT'S ADDITION IN THE CITY OF GRAND ISLAND, HALL COUNTY,NEBRASKA which currenfly has the address of ................................................................................................................. [streetl ..........................�R+4NUlS(�IIVO..........................., Nebraska .............................................. ("Property Address"): [City] [Zip Code] TOGETHER WITH a11 the improvements now or hereafter erected on the �roperly, and a11 easements, appurtenances, and fixtures now or hereafter a part of the �roperty. All replacements and additions shall also be covered by this Security Instnunent. All of the foregoing is referred to in this Securiry Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Properly and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covena.nts for national use and non uniform covenants with limited variations by jurisdiction to constitute a uniform security instnunent covering real property. UNIFORM COVENANTS. Borrower and Lender coveaant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepa,yment Charges, and Late Charg�s. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall a.lso pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instn�ment sha11 be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is retumed to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entiry; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lendet in accordance with the notice provisions in Section 1S. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or pre�udice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or retum them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under We Note and this Securiry Instrument or performing the covena.nts and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this 5ection 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such �ayments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts sha11 be applied �rst to late charges, second to any other amounts due under this Securiry Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment . from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment cha.rges and then as described in the Note. .- Any applxcation of payments, insurance proeeeds; or Miscellaneott�' Proceeds to'princip�l'�due under the Note sfiall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the da.y Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Securiry Instrument as a lien or encumbrance on the Pro�riy; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Bonower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require Wat Community Association Dues, Fees, and Assessments, if any, be escrowed b�+ Bonower, and such dues, fees and assessments sha11 be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Bonower's obligation to pay the Funds for any or all Escrow Items: Lender may waive Borrower's obligation to �ay to Lender Funds for an� or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower sha11 pay d�rectly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender aud, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and a�reement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Bonower �s obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower NEBRASKA—Single Family—Fanme Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1(01 Bankere Systems, Inc., St. Cl�d, MN Form MD-1-NE 8Jt7l2000 (page 2 of 7pages)