|
� 1 rf
<br />Barrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located in
<br />Hall County, Nebraska:
<br />Lot Four (4), Block One• (1), in Yates Subdivision of part of Lot Eleven (11), County
<br />Subdivision in S�ction Five (5), To�,znship Nine (9) North, Range Nine (9) West of the
<br />6th P.M., in the Village of Doniphan, Hall County, Nebraska, according to the recorded
<br />plat thereof.
<br />which has khe address of 307 N 2nd St Doniphan, NE 68832 [street, ciry),
<br />Nebraska ("Property Address");
<br />[75p code]
<br />TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and
<br />f9xtwes now or hereafter a part of the property. All replacements and additions shaJl also be covered by this Security
<br />Insiivment. All of the foregoing is referred to in this Security Instrument as.the "Property."
<br />BORROWER COVENANTS that Borr�wer is Iawfully seized of the estate hereby conveyed and has the right to mortgage,
<br />grant and convey the Property and that the Property is unencumbered, except for encumbrances of re�ord. Barrower warrants
<br />and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record.
<br />THIS 5ECURITY INSTRI7MENT' combines uniform covenants for national use and non-uniform covenants with limited
<br />variations by jurisdiction to constitute a uniform security instrument covering real properly.
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal, Ittterest and Late Charge. Borrower shall pay when due the prindpal of, and interest on, the
<br />debt evidenced by the Note and late charges due under the Note.
<br />2. Monthly Payments of Taxes, Insurance and Other Charges. Borrower shall include in each monthIy payment,
<br />together with the principal and interest as set forth in the Note and any late charges, a sum of. (a) taxes and special assessments
<br />levied or to be levied against the Properly, (b� leasehold payments or ground renis on the Property, and (c) premiums for
<br />insurance required under paragraph 4. In any year in which the Lender must pay a mortgage insurance premium to the Secretary
<br />of Housing and Urban Development ("Secretary"), or in any year in which such premium would have been reqwired if Lender
<br />still held the Securily Instr�ument, each monthly payment shall aLso include either: (i) a sum for the annual mortgage insurance
<br />premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a mortgage insurance premium if this
<br />Security Instrument is held by the Secretary, �in a reasonable amount to be determined hy the Secretary. Except for the monthly
<br />charge by the Secretary, these items are called "Escrow Items" and the sums paid to Lender aze called "Escrow Funds".
<br />Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum
<br />amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12
<br />U.S.C. section 2601 et seq. and implementing regulaaons, 24 CFR Part 3500, as they may be amended from time to time
<br />("RESPA"), except that the cushion or reserve permitted by RFSPA for unanticipated disbursements or disbursements before
<br />the Borrower's payments are available in the account may not be based on amounts due for the mortgage insuiance premium.
<br />If the amounis held by Lender for Fscrow Items eacceed the amounts permitted to be held by RESPA, Lender shaIl account
<br />to Borrower for the excess funds as required by RESPA. If the amounts of funds heid by Lender at any time are not sufficient to
<br />pay the Escrow Items when due; Lender may notify tlne Borrower and require Borrower to make up the shortage as permitted by
<br />RFSPA.
<br />'The Escrow Funds are pledged as additfonal security for all sums secured by this Security Ins�ent. If Borrower tenders
<br />to Lender the full payment of all such swms, Borrower's account shall be credited with the balance remaining for all installment
<br />items (a), (b) and (c) and any mortgage insurance premium installment that Lender has not become ohligated to pay to the
<br />Secretary, and Lender shall promptly refund any eatcess funds to Borrower. Immediately prior to a foreclosure sale of the
<br />Property or its acqwtsition by Lender, Borrower's account shall be credited with any balance remaining f�r all installments for
<br />items (a) , (b} and (c) .
<br />3. Application of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows:
<br />First, to the mortgage insurance prennium to be paid by Lender to the Secretary or to the monthly charge by the Secretary
<br />instead of the monthly mortgage insurance premium;
<br />Second. to awy taxes, spedal assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance
<br />premiums, as required;
<br />Third, to interest due under the Note;
<br />Fourth, to amortization of the principal of the Note; and
<br />Fifth, to late charges due under the Note.
<br />GCC -1590-2NE (08/97) Page 2 of 7 iniUals: '"��
<br />
|