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<br />WHIN RECORDED, MA1L TO:
<br />Exchange Bank
<br />1204 Allen Drrve, PO Bog 5793
<br />Grand Island, NEBRASKA 68802
<br />This instrument was prepared by:
<br />Exchange Bank
<br />1204 Allen Drive, PO Boz 5793
<br />Grand Island, NEBRASKA 68802
<br />308-382-2900
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<br />MIN:100846710084670223
<br />DEFINITION5
<br />Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21.
<br />Certain rules regazding the usage ofwords used in this document are also provided in Section 16.
<br />(A) "Security Instrument" means this document, which is dated May 24, 2011, together with a(( Riders to this document.
<br />(B) "Borrower" is JOSEPH P BROWN and STEFAlYI J BROR'N husband and wife. Borrower is the trustor under this Security
<br />Instrument. �KA Stefani J Traudt
<br />(C� "Lender" is Exchange Bank, organized and existing under the laws of the United States of America.
<br />Lender's address is 1204 Allen Drive, PO Boz 5793, Grand Island, NEBRASKA 68802.
<br />(D) uTrustee" is Central National Bank.
<br />Trustee's address is PO Box 268, Superior, Nuckolls County NEBRA5KA 68978.
<br />(E) "MERS" is Mortgage Eiectronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for
<br />Lender and Lender's successors and assigns. MERS is the beneficiary under this Security Instrument MERS is organized and existing
<br />under the laws of Delaware, and has an address and telephone number of P,O. Box 2026, Flint, MI 48501-2026, tel. ($88) 679-MER5.
<br />(I� "Note" means the promissory note signed by Borrower and dated May 24, ZOl l. T'he Note states that Bonower owes Lender TWO
<br />HUNDRED SIXTY-EIGHT THOU5AND AND NO/100 Doliars (U.S. $268,000.00) plus intetest. Borcower has promised to pay this
<br />debt in regular Periodic Payments and to pay the debt in full not later than June 1, 2026.
<br />(G) �°Property" means the properly that is described below under the heading "Transfer of Rights in the Property."
<br />(I� "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums
<br />due under this Security Instrument, plus interest.
<br />(n "Riders" means all Riders to this Security Instrument that are executed by Bonower. The following Riders are to be executed by
<br />Borrower (check box as applicable):
<br />❑ Adjustable Rate Rider ❑ Condominium Rider ❑ Second Home Rider
<br />❑ Balloon Rider ❑ Planned Unit Development Rider ❑ VA Rider
<br />❑ 1-4 Family Rider ❑ Biweekly Payment Rider
<br />❑ Other (Specify) -
<br />(.n "Applicable Law" means all confrolling applicable federal, state and local statutes, regulations, ordinances and administrative rules and
<br />orders (that have the effect of law) as well as all applicable frnal, non-appealable jndicial opinions.
<br />(I� "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on
<br />Borrower or the Properly by a condominium association, homeowners association or similar organization.
<br />(L) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, dra$, or simitar 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 transfers, and automated clearinghouse transfers.
<br />(A� "Escrow Items" means those items that are described in Section 3.
<br />(1� uMiscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than
<br />insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnatioa or
<br />NEBRASKA -Single Family-Fannie Mae/Freddle Mac UNIFORM INSTRUMENT with MERS orm 3028 1
<br />Page 1 of 8
<br />ios, inc. Borrower(s) fnitiafs
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