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201108216
<br />(I� "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that
<br />are imposed on Borrower or the Property by a condominium association, homeowners association or similar organizat�on.
<br />(L) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or
<br />sirnilar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic
<br />tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such tercri includes, but is not
<br />limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers,
<br />and automated clearinghouse transfers.
<br />(1Vn "Escrow Items" means those items that are described in Section 3.
<br />(N) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third
<br />party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction
<br />of, the Property; (ii) condemnation or other taking of all or any part of the Properiy; (iii) conveyance in lieu of
<br />condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property.
<br />(0) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan.
<br />(P) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus
<br />(ii) any amounts under Section 3 of this Security Instrument.
<br />(Q) "RESPA" means the Real. Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.) and its implementing
<br />regulation, Regulation X(24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or
<br />successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA"
<br />refers to all requirements and restrictions that are imposed in regard to a"federally related mortgage loan" even if the
<br />Loan does not yualify as a"federally related mortgage loan" under RESPA.
<br />(R) ��Successor in Interest of Borrower" means any party that has taken title to the Properiy, whether or not that party
<br />has assumed Borrower's obligations under the Note and/or rhis Security Instrument.
<br />TRANSFER OF RIGHTS IN THE PROPERTY
<br />The beneficiary of this Security Instrument is MERS (solely as nominee for Lender and Lender's successors and assigns)
<br />and to the successors and assigns of MERS. This Security Instrument secures to Lender: (i) the repayment of the Loan,
<br />and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and
<br />agreements under this Security Instrument and the Note. For this purpose, Borrower inevocably grants and conveys to
<br />Trustee, in trust, with power of sale, the following described properiy located in the County of Hall:
<br />Lot Ten (10), block One (1), Summerfield Estates Seventh Subdivision, in the City of Grand Island, Hall
<br />County, Nebraska
<br />which currently has the address of 3841 Meadowlark Circle
<br />Grand Island, NEBRASKA 68803, ("Property Address"):
<br />TOGETHER WITH all the improvements now or hereafter erected on the properly, and all easements,
<br />appurtenances, and fixtures now or hereafter a part of the properly. All replacements and additions shall also be covered
<br />by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Propert}:" Bonower
<br />understands and agrees that MERS holds only ]egal title to the interests granted by Borrower in this Security Instrument,
<br />but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has
<br />the right: to exercise any or all of those interests, including, but not lirnited to, the right to foreclose and sell the Property;
<br />and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument.
<br />BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to
<br />grant and convey the Property and that the Properly is unencumbered, except for encumbrances of record. Borrower
<br />warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances
<br />of record.
<br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with
<br />limited variations by jurisdiction to constitute a uniform security instrument covering real property.
<br />LTNIFORM 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
<br />when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges
<br />due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note
<br />and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by
<br />Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any
<br />or all subsequent payments due under the Note and this Security Instrument be made m one or more of the following
<br />forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's
<br />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
<br />location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any
<br />payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may
<br />accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or
<br />NEBRASKA -Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT with MERS Form 3028 1/01
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