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201104��4
<br />other taking of all or any part of the Properly; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the
<br />value and/or condition of the Properiy.
<br />(0) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan.
<br />(P) "Periodfc Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts
<br />nnder Section 3 of this Security Instrument.
<br />(Q) "RE5PA" means the Real Estate Settlement Procedures Act (1 Z U.S.C. § 2601 et seq.) and its implementing regulation, Regulation X
<br />(24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs 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 />"federally related mortgage loan" even if the Loan does not qualify as a"federa[ly related mortgage loan" under RESPA.
<br />(R) uSuccessor in Interest of Borrower" means any pariy that has taken title to the Property, whether or not that party has assumed
<br />Bonower's obligations under the Note and/or this Security Instrument.
<br />TRANSFER OF RTGHTS IN Tf� PROPERTY
<br />The beneficiary of this Security Instrument is NIERS (solely as nominee for Lender and Lender's successors and assigns) and to the
<br />successors and assigns of MERS. This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, eactensions
<br />and modifications of the Note; and (ii) the performance of Bonower's covenants and agreements under this Secnrity Instrument and the
<br />Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described properly
<br />located in the County of Hall:
<br />Lot Nine (9), Block One (1), Summerfield Estates Seventh Subdivision in the City of Grand Island, Hall Connty, Nebraska
<br />Parcel Identification Number:
<br />which cunently has the address of 3835 Meadowlark Circle
<br />Grand Island, NEBRASKA 68803 ("Properly Address"):
<br />TOGETHER WITH all the improvements now or hereafter erected on the properly, and all easements, appurtenances, and fixtures
<br />now or hereafter a part of the properiy. All replacements and additions shall also be covered by this Security Instrument. All of the
<br />foregoing is referred to in this Securiiy Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to
<br />the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for
<br />Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not timited to, t12e right to
<br />foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security
<br />Instrument.
<br />BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey
<br />the Property and that the Properly is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the
<br />title to the Properiy against all claims and demands, subject to any encumbrances of record.
<br />T'HIS SECURITY INSTRiTMENT combines uniform covenants for national use and non-uniform covenants with limited
<br />variations by jurisdictiott to constitute a uniform security instrument covering real property.
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the
<br />principal of, and interest on, the debt evidenced by the Note 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 nnder the Nota and this Security Instrument shall be made in
<br />U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is
<br />returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be
<br />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
<br />check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency,
<br />instrumentality, or entity; or (d) Electronic Funds Transfer.
<br />Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be
<br />designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the
<br />payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to
<br />bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the
<br />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
<br />its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes
<br />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
<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 offset or claim which Bonower might have now or in the future against Lender shall relieve Bonower from making
<br />payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument.
<br />2. Applicat�on of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by
<br />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
<br />under Section 3. Such payments shall be applied to each Periodic Payment 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 Secnrity Instrument, and then to reduce the principal
<br />balance of the Note.
<br />If Lender receives a payment from 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 delinquent payment and the late charge. If more than one Periodic Payment is outstanding,
<br />Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment
<br />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,
<br />such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as
<br />described in the Note.
<br />Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under tlie Note shall not extend
<br />or postpone the due date, or change the amount, of the Periodic Payments.
<br />3. Funds for Escrow Items. Borrowcr 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 provide for payment of amounts due for: (a) taxes and assessments and other items which can attain
<br />priority over this Secnrity Instrument as a lien or encumbrance on the Properly; (b) leasehold payments or ground rents on the Property, if
<br />NEBRASKA -Single Family-Fannie Mae/Fredd(e Mac UNtFORM ►NSTRUMENT wtth MERS Form 3J�
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<br />ios, tr,c. Borrower(s) Initials � _
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