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LOAN NUMBER.: 8830
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ADAMS COUNTY, NE
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DEED OF TRUST
DEFINITIONS. Words used in multiple sections of this document are defined below and other words are defined
in Sections 3, 11, l3, l8, 20 and 21. Certain rules regarding the usage of words used in this document are also
provided in Section 16.
(A) "Security Instrument" means this document, which is dated November 29, 2007, together with all Riders
to this docwnent.
(B) "Borrower" is Kayl Enterprises LLC, a Nebraska Limited Liability Company, whose address is 2820
E Hwy 34, Grand Island, Nebraska 68801 who is/are the trustor(s) under this Security Instrument.
(C) "Lender" is Pathway;Bank. Lender is a Corporation organized and existing under the laws of Nebraska.
Lender's address is 306 S. High PO Box 428, Cairo, Nebraska 68824, Lender is the beneficiary under
this Security lnstrument.
(D) "Trustee" is Pathway Bank. ,
(E) "Note" means the promissory hote signed by Borrower and dated November 29, 2007. The Note states that
Borrower owes Lender Fifty-five Thousand and 00/100 Dollars (U.S. $55,000.00) plus interest. Borrower
has promised to pay this debt in regular Periodic Payments' and to pay the debt in full not later than August
29, 2008.
(F) "Property" means the property that is described below under the heading "Transfer of Rights in the
Property." .
(G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due
under the Note, and all sums due under this Security Instrument, plus interest.
(H) "Riders" means all Riders to this Security Instrument that are executed by the Borrower. The following
Riders are to be executed by Borrower [check box as applicable]:
Adjustable Rate Rider Condominium Rider Second Home Rider
Balloon Rider Planned Unit Development Ridet~ Other(s)[specify]:.
1-4 Family Rider ~ BiweeklyPayment Rider
(I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances
and administrative rules ,and orders (that have the effect of the law) as well as all applicable final, non-
appealablejudicial options.
(J) "Community Association Dues, Fees, and Assessments" means all dues; fees, assessments and other
charges that are imposed on Borrower or the Property by a condominium association,. homeowners
association or similar organization.
(K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check,
draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument;
computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an
account. Such term includes, but is not limited to, point-of--sale transfers, automated teller machine
transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers.
(L) ~ "Escrow Items" means those items that are described in Section 3.
(M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by
any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i)
damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the
Property;, (iii). com~eyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the
value and/or condition of the Property.
(N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the
Loan.
(O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note,
plus (ii) any amounts under Section 3 of this Security Instrwment.
(P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing
regulation, Regulation X (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 same subject matter. As used in this Security
lnstrument, "RESPA" refers to all requirements and reshictions that are imposed in regard to a "federally
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'"~°'~'-'(Q) t"Successor"m Interest of Borrower" means any party that has taken title to the Prdperty; whether or nof° "'
+(~.~~u a~l~a~•~tas~as fumed Borrower's obligations under the Note and/or this Security Iristrumetit ': -,'~~ ~'s: 41'!+' si
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'TRANSFER OF KIGHTS,IN ;THZ'PROP.:ERT:XrThis,.Security~ Instrument secures to Lender: (i) the r'epaylnenti-•
of the Loan, and all renewals, extensions ;and mlidifications, of.the Note; and (ii) the petformance` of Borrower's
covenants and agreements under this°Security-tnstrume~nt alid the Note. For this purpose, Borrower irrevocably
grants and conveys to Trustee, in trust, with power"of sale the, following described property located in the County
of Adams: .,_..~_..... ,.._. ._
The Cast Ninety-six and Oue Hiil('(96"1~~%2)'feet of'Cot'One (1) of Musselman's Subdivision
of part of Haire's Addition to the City of Hastings, Adams County, Nebraska which currently
has the address of 747 N Williams Ave, Hastings, Nebraska 6890]
("Property Address")
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be
covered by this Security Instrument. All of the foregoing is referred to in this Security 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 Property 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 covenants for national use and non-uniform covenants with
' liliiited variations by jurisdiction fo constitute a uniform security instrument covering real property:
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower
shall pay when due the principa] • of, -and interest on, the debt evidenced by the Note and any
prepayment charges and late charges due under. the Note. Borrower shall also pay funds for Escrow
Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall 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 returned to Leltder 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,
treasm•er'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 entity; 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 Lender in accordance with the notice provisions in Section
15. Lender may return any payment or partial payment if the payment or partial payments are
insufficient to bring the Loan cw-rent. Lender may accept any payment or partial payment insufficient
to bring the Loan current, without waiver df'atiy rights hereunder or prejudice 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..lf 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 return 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 fi•om making payments due under the Note and this Security Instrument or
performing the covenants and agreements secured by this Security Instrument.
2. Application of Payments or Proceeds. Except as otherwise described in this Section 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 payments
shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts
shall be applied first to late charges, second'to any other amounts due under this Security 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 snore Periodic Payments, such excess may be applied to any late charges due.
Voluntary'prepayments shall be applied first to any prepayment charges and then as described in the
Note.
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-,.Any application of payments, insurance proceeds; .or Miscellaneous Proceeds to:principal due under
the Note shall 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 day 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 Security.lnstrument as a
lien or encumbrance on the Property; (b) leasehold payments or ground rents.on the Property, if any;
(c) premiums for any and all insurance required by Lender under Sectiori 5; and (d) Mortgage
Insurance premiums, if any, or' any sums' payable by Borrower. 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 that
Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such
dues, fees and assessments shall be-an Escrow Item. Borrower shall,promptly.~furnish to Lender all
notices of amounts to be paid under this Section. Borrower shall'jiay Lender the Funds for Escrow
Items unless Lender waives Borrower's obligation to pay the Funds for'any or all Escrow Items.
Lender may waive Borrower's obligatioh to pay to Lender Funds for any or all Escrow Items at any
time. Any such waiver may,only b~e in writing. In the event of such waiver, Borrower shall pay directly,
when and where payable, the. amounts due for any Escrow Items for which payment of Funds leas been
waived by Lender and; 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 agreement contained in this
Security Instrument, as the phrase "covenant and agreement" is used in .Section 9. ]f Borrower is
obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due
for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower
shall then be obligated under Section .9 to repay to Lender any such amount. Lender may revoke the
,.. waiver as to any or all Escrow:.Items at anytime by:a notice given in accordance with,Section ]5 and,
upon such revocation, Borrower. shall pay.to Lender all, Funds, and:in.such.amounts,.that are then
required under this Section 3.
Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply
the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can
require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and
reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with
Applicable Law. ,-
The Funds• shall be held`'in an institutiori•'whose deposits are insured by a federal agency,
instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or
in any Federal 1-lome Loan Bank. Lender'shall apply the Funds'to pay the Escrow [terns no later than
the''time specified under RESPA. Lehder~shall hot charge Borrower for holding and applying the
Funds, annually analyzing the escrow account, or verifying the Escrow Items; unless Lender pays
Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an
agreement is made in writing or'Applicable Law requires interest to be paid on the Funds, Lender shall
not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree
in writing, however, that interest shall be paid on the Funds. Lender shall give, to Borrower, without
. charge, an annual accounting of the Funds as required by RESPA.
' If there 'is a'surplus of Funds held in escrow, as defined under RESPA, Lender shall account to
Borrower for the'excess~ funds in accordance with RESPA. If there is a shortage. of Funds held in
escrow, as defined under RESPA, Lendershall notify Borrower as required by RESPA, and Borrower
shall pay to Lender the amount necessary to makeup the shortage in accordance with RESPA, but in
no more than 12 monthly payments. If there is a deficiency of Punds held in escrow, as defined under
RESPA, Lender shall notify' Borrower as required by RESPA, and Borrower shall pay to Lender the
amount necessary to make. up the deficiency in accordance with RESPA, but in no more than 12
monthly payments.
Upon. payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to
Borrower any Funds held by Lender.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable
to the Property which can attain priority over this Security Instrument, leasehold payments or ground
rents on the Property, if any, and Community Association L)ues;;Fees, and Assessments, if any. To the
extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless
Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner
acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien
in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's
opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only
until such proceedings are concluded; or (c) secures from the holder of the lien an agreement
satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any
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-• part'o£the Property is subject to a lien which can attain priority over this Security Instrument, Lender
~':" may give' Borrower a notice identifying the lien. ~ Within l0 days"of tlie' date on which that notice is
.,... ._ .. given;.Borrower shall satisfy the lien or take one or. more. of the.actions.set forth above in this Section
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Lender may require Borrower to pay cone-time charge foe a real estate tax verification and/or
reporting'service used by Lender in'connectiomwith this Loan. '
5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
Property insured against loss by fire, hazards. included within the term "extended coverage," and any
other hazards including, but not limited to, earthquakes and floods, for which ,Lender requires
insurance. This insurance shall be maintained in the amounts (including deductible-levels) and for the
periods that Lender requires. What Lender requires pursuant to the preceding sentences can change
during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower
subject to Lender's right ,to disapprove Borrower's choice, which right shall not. be exercised
.unreasonably. Lender may; require Borrower to pay,'in connection with this'Loan, either: (a) a one-time
charge for flood zone determination, certification and tracking services; or (b) a one-time charge for
flood zone determination and certification services and subsequent charges each time remappings or
similar changes occur which reasonably might affect such determination or certification. Borrower
shall also be responsible for the payment of any fees imposed by the Federal Emergency Management
Agency in connection with the review of any flood zone determination resulting from an objection by
Borrower.
If Borrower fails to maintain any of the coverages described above, Lender may 'obtain insurance
coverage,'at Lender's option and Borrower's expense. Lender'is under no obligation to purchase any
particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might
' not protect Borrower, Borrower's equity in the Property, or the' contents of the'Property, against any
' Brisk, Hazard or liability and might provide. greater or lesser coverage'than was previously in effect.
Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed
the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this
Section .5 shall become additional debt of Borrower secured by this Security Instrument. These
amounts shall bear interest at the Note, rate from the date. of disbursement and shall be payable, with
such interest, upon notice from Lender to Borrower requesting payment.
All insurance policies required by Lender and renewals of such policies shall be'subject to Lender's
right to disapprove such policies, shall.include a standard mortgage..clause; and shall name Lender as
mortgagee and/or. as an additional loss payee.. Lender shall have the right to hold the policies and
renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid
premiums and renewal notices. If Borrower obtains"'any fornr`of insurance cdverage~ not otherwise
required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard
mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee.
Itt the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may
make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in
writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall
be applied to restoration or repair of the Property, if the restoration or repair is economically feasible
and Lender's security is not lessened. During such repair and restoration period, Lender shall have the
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right to hold such insurance proceeds until Lender has had an.opportunity to.inspect such Property to
ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be
undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment
or in a series of progress payments as the work is completed. Unless an agreement is made in writing or
Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to
pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third
parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole
obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security
would be lessened, the insurance proceeds shall be applied to the sums secured by this Security
Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds
shall be applied in the order provided for. in Sectiolt 2.
If Borrower abandons the Property, Lender tnay file, negotiate and settle any available insurance claim
and related'matters. If Borrower does not respond within 30 days to a notice from Lender that the,
insurance carrier has offered to settle a claim, then Lender may negotiate arid settle the claim. The 30-
day period will begin when the notice is given. In either event, or if Lender acquires the Property under
Section 22 or otherwise,.Borrower hereby assigrts to Lender (a) Borrower's rights to any insurance
. proceeds in an amount not to exceed the amounts unpaid under the Note or this Security.lnstruntent, ~~
and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid
by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to
the coverage of the Properly. Lender may use. the insurance proceeds either to repair or restore the
Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.
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6.. Occupancy. Borrower shall occupy, establish;-and.use.the Property as Borrower's principal residence
within 60.days,after the execution of this Security Instrument and shall continue to occupy the Property
as :Borrower's principal; residence for at:aeast,;one year afrer;the date-of occupancy;-unless Lender
otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating
circumstances exist which are beyond Borrower's control. ,
7. Preservation, Maintenance and Protectimr of the Property; Inspections: Borrower shall not
destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the
Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in
order to prevent the Property from deteriorating.or decreasing in value due to its condition. Unless it is
determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall
promptly repair the Property if damaged to. avoid further deterioration or damage.. If insurance or
condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower
shall be responsible for repairing or restoring the Property only.if Lender has released proceeds for
such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a
series of progress payments as the work is completed': If the~insurance'or condemnation proceeds are
not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for
the completion of such repair or restoration.
Lender or its agent may make reasonable entries upon and inspections of the Property. If it has
'reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall
give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable
cause.
8. Borrower's Loan Application. .Borrower shall be in default: if during the Loan application process,
Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge
or consent, gave materially ;false, misleading, or inaccurate. information or statements•to Lender (or
failed to provide .Lender with material..information), :in ,connection -with:,-the .Loan. Material
representations include, but are not limited,to, representations concerning Borrower's occupancy of the
Property as Borrower's. principal residence.
9. ' Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a)
Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there
is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under
this Security Instrument (such as.a proceeding in bankruptcy, probate, forcondemnation or forfeiture,
for. enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or
regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is
reasonable or appropriate to protect Lender's interest in the Property and rights under this Security
h~shtunenf, including protecting and/or assessing.-the .vaiue'of the Property,. and securing and/or
repairing the Property. Lender's actions can inc]ude, but are not limited to: (a) paying any sums
secured by a lien which has priority over this Security Instrument; (b) appearing'in court; and (c)
paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security
Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes,
but is not limited to; entering the Property to make repairs, change locks, replace or board up doors and
windows, drain water from pipes, eliminate building or other code violations or dangerous conditions,
and have utilities turned on or off. Although Lender may take action under this Sectiori 9, Lender does
not have to do so and is not under ahy duty or obligation to do so. It is agreed that Lender incurs no
liability for not taking any or all actions authorized under this Section 9. - -
Any amounts disbursed by Lender under this Section 9 shall become additional debt-of Borrower
secured by this Security Instrument. These amounts shall bear interest,at the Note rate from the date of
disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting
payment.
[f this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease.
[f Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless
Lender agrees to the merger in writing.
10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan,
Bon-ower shall pay the premiums required to maintain the Mortgage Insurance in affect. If, for any
reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage
insurer that previously provided sucli insurance and Borrower was required ~to make separately
designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums
required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a
cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect,
from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance
coverage is not available, Borrower shall continue to pay to Lender the amount of the separately
designated payments that were due when the insurance coverage ceased to be in effect. Lender will
accept, use and retain these payments as anon-refundable ]oss reserve in lieu of Mortgage Insurance.
Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in
full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve.
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- ~ ' ~ Lendec'can no longer,require loss reserve payments if Mortgage Insurance coverage (in the amount and
for the period: that. Lender, requires) provided by, an insurer selected by .:Lender again becomes
available, is obtained, and ,Lender requires separately designated payments toward, the, premiums for
Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and
Borrower was required to make separately designated payments toward the pcemiuins for Mortgage
Insurance, Borrower shall pay_the premiums required to maintain Mortgage Insurance in effect, onto
provide anon-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in
accordance with any written agreement between Borrower and Lender providing for such termhtation
or until termination is required by Applicable Law. Nothing 'in .this Section ]0' affects Borrower's
obligation to pay interest. at the rate provided in the Note:
Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may
incur if Borrower does not repay- the Loan as agreed. Borrower is not a party to the Mortgage
Insurance.
Mortgage ,insurers evaluate>their;total risk on .all such insurance in force from time to time, and may
enter into agreements with other parties that .share or modify their risk, or reduce losses. These
agreements are on terms and conditions that'are satisfactory to the mortgage insurer and the other party
(or parties) to these agreements. These agreements may require the mortgage insurer to make payments
using any source of funds that the mortgage insurer may have available (which may include funds
obtained from Mortgage Insurance premiums).
As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsures, any
other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that
derive''from (or'might be characterized as) a portion of Borrower's payments for Mortgage Insurance,
in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses.'[f such agreement
provides that an affiliate of Lendee takes a 'share of the insurer's risk'in exchange for a share of the
"- `premiums paid to the insurer, the arrangeirient is often'terined "captive reinsurance." Further:
(a) Any such agreements will not affect the amounts that Borrower hasp agreed to pay for
Mortgage Insurance, or any other terms oC the Loan. Such agreements will not increase the
amowit.Borrower. will owe for Mortgage Insurance, and. they will not entitle Borrower to
..,any refund.. -
(b) Any such agreements will not affect the rights Borrower has - if any -with respect to the
Mortgage lnsurance under the Homeowners Protection Act of 1998 or any other law.
These rights' may include the right to receive certain disclosures, to request and obtain
' cancellation of the Mortgage Insurance, to have the Mortgage lnsurance terminated
automatically, and/or to receive a refund of any Mortgage Insurance premiwns that were
earfied'`at the`tlme of such.cahcellation''or fei•minatioiti ' ' " " ' ' `"" - "'"' `"
11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned
to and shall be paid to Lender.
If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the
Property, if the restoration.or,repair is economically feasible and Lender's security is not lessened.
. During such-repairand restoration period; Lender shall have•the right to hold such Miscellaneous
Proceeds-until Lender has had an opportunity to inspect such Property to. ensure the work has been
.. .~ ,r ~^.,completed.to Lehder's satisfaction, provided that such inspection shall be undertaken promptly. Lender
may pay:for the repairs .and restoration in a single disbursement or•,.in a series of-progress payments as
the work is completed. Unless an agreement is made in writing or.Applicable Law requires interest to
be paid oh such Miscellaneous Proceeds, Lender. shall not be required to pay Borrower any interest or
earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or
Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured
by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such
Miscellaneous Proceeds shall be applied in the order provided for in Section 2.
In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds
shall be applied to the sums secured by this.Security Instrument, whether or not then due, with the
excess, if any, paid to Borrower. ,
hi the event of a partial taking, destruction, or loss in value of the Property in which the fair market
• value of:the Property immediately before the. partial taking, destruction, or loss in value is equal to or
greater than the amount of the sums secured by this Security Instrument immediately before the partial
taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
secured by this Security.lnstrument shall be reduced by the amount of the Miscellaneous Proceeds
multiplied by the following fraction: (a) the total amount of the sums secured immediately before the
partial taking, destruction, or loss in value divided by (b) the fair market value of the Property
immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to
Borrower.
,ln the event of a partial taking„destruction, or loss in value. of the Property in which the fair market
value of the Property immediately before the partial taking, destruction,.or loss iu value is less than the
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amount of the sums secured immediately before the partial taking, destruction, or loss ih value, unless
Borrower and Lender otherwise agree'imwriting,;.the Miscellaneous,.Proceeds shall be applied to the
sums secured by this:Security~Instrument wlietheYor ndFthe sums are then due. ~ '• "'
..., .;
If the, Property is abaridoned by Borrower, or if, after notice by Lender to Borrower that the Opposing
Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Bon•ower
fails to respond to Lender within 30 days after the date' lhe`riotice is given, Lender is authorized to
collect and appl"y fhe Miscellaneous Proceeds "either to restoration or repair of the Property or to the
~ sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third
party that owes Borrower Miscellaneous Proceeds or the party against wltont Borrower has a right of
action in regard to Miscellaneous Proceeds.
Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in
Lender's judgment, could result in forfeiture of the Property or other "material itnpainnent of Lender's
interest in the Property or rights under this Security Instrument. Borrower can cure such a default and,
• if acceleration has occurred, reinstate as provided in Section I'~;:by causing the action or proceeding to
be dismissed with a ruling that, in ,Lender's judgment, precludes forfeiture of the Property or other
material impairment of Lender's interest in the Property or rights under this Security Instrument. The
proceeds of any award or claim for damages that are attributable to the hnpainnent of Lender's interest
in the Property are hereby assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied.to restoration or repair of the Property shall be applied
in the order provided for in Section 2.
12. Borrower Not Released; Forbearance.By Lender.Not a Waiver. Extension of the time for payment
,... ., or'modification of amortization of the sums secured by this.Security,Instrument. granted by Lender to
Borrower or any Successor in Interest,of-Borrower shall not operate to release the liability. of Borrower
y of Borrower.. Lender, shall not, be required:to„commence, proceedings
or .an Successors, m Interest
against any Successor in Interest of Borrower or Ito refuse to extend'time for payment or otherwise
modify amortization of the sums secured'by this Security Instrument by reason of any demand made by
the original Borrower or any Successors in Interest of .Borrower. Any forbearance by Lender in
exercising any right or remedy including; without limitation, Lender's acceptance of payments from
third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then
due, shall not be a waiver of or preclude the exercise of any right or remedy.
13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and
agrees that Borrower's obligations and liability shall. be joint and several. However, any Borrower who
co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing.dtis
Security Instrument only to mortgage;_grantand convey.the.,co-signer.'s interest in the Propem~ under'
the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this
Security Instrument; and (c) agrees that Lender and-any other Borrower can agree to.extend, modify,
forbear or make any accoimnodatioits with regard to the terms of this Security Instrument or the Note
without the co-signer's consent.
(Subject' to the provisions of .Section 18, any 'Successor. in Interest of Borrower who assumes
Borrower's obligations under this Security. Instrument. in writing, and is'approved by Lender, shall
obtain all of Borrower's rights and benefits under this Security Instrunent. Borrower. shall not be
' " released from Borrower's obligations and liability under this Security Ihstrument unless.Lender agrees
to such release in writing. The covenants and agreements.ofthis Security Instrument shall bind (except
' as provided in Section 20) and benefit the successors and assigns of Lender. '
14. Loan Charges. Lender may charge Borrower fees. for services performed in connection with
Borrower's default; for the purpose of protecting Lender's interest in the Property and rights under this
Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation
fees. bt regard to any other fees, the absence of express authority in this Security Instrument to charge a
specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender
may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law.
If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so
that the interest or other loan charges collected or to be collected in connection with,the Loan exceed
the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce
the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the
principal owed under the Note or by making a direct payment to Borrower. If a refund reduces
principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether
or not a prepayment charge is provided for under the Note). Bonrrower's acceptance of any such refund
made by direct payment to Borrower will. constitute a waiver of any right of action Borrower might
have arising out of such overcharge.
I5. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be
in writing. Any notice to Borrrower in connection with this Security'Instrumentsholl be deemed to have
been given to Borrower when mailed by first class mail or when actually delivered to Borrower's
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. notice: address• if•sent by other means. Notice ao'any:one Borrower shall constitute notice to all
,Borrowers :unless: Applicable: Law expressly requires. otherwise: The notice address -shall be the
Property Address unless Bbrrower..has designated:a~substitute notice address by notice to Lender.
•„ •. .Borrower shall,prompt,ly notify Lender of.Borrower's change of,.address.. If Lender specifies a
procedure for reporting Borrower's change of address,_then Borrower shall only report a change of
address through that specified procedure. There may be.only one designated notice address under this
Security.Instrument at any one time. Any notice to Lender'shall be given by delivering it or by mailing
it by first class mail to Lender's address stated herein unless Lender has designated another address by
notice to Borrower. Any notice in connection with this,Security Instrument shall not be deemed to have
been given to Lender until actually received by Lender. If any notice required ,by this Security
Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the
corresponding requirement under this Security Instrument.
. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by
federal law and the law. of the jurisdiction in which the Property is located. All rights and obligations
contained in this Security Instrument are subject to any regdirements and limitations of Applicable
Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be
silent, but such silence shall not be construed as a prohibition against agreement by contract. In the
event that any provision or clause of this Security Instrument or the Note conflicts with. Applicable
Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be
.given effect without the conflicting provision.
As used in this Security Instrument: (a) words of the masculine gender shall mean and include
corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and
include the plural and vice versa; and (c) the .word "may" gives sole discretion without any obligation
to take any action.• ,
"' 17. 'Borr'ower's.Copy. Borrower shall be given one copy of the Note and of this Security Instrument.
--'18.i< Transfer ofthe Property or a Beneticial:Interest in Borrower. As used in this Section 18, "Interest
in.the' Property" means any legal or beneficial interest in the Property, including but not limited to,
those beneficial interests transferred ima bond for deed, contract for deed; installment sales contract or
escrow agreement, the intent of which is the transfer- of title by Borrower at a future date to a
purchaser.
If all or. any part of the Property or any Interest in the:Property is sold or transferred.(or if Borrower is
not a natural person and a beneficial interest itt Borrower is sold or transferred) without Lender's prior
written consent, Lender may require immediate payment in full of all sums secured by this Security
- Instrun:riit. ;However;;'this option hall: not.be exercised. by-Lender if such exercise :is-prohibited by
Applicable Law.
if Lender exercises this option, Lender shall. give Borrower notice of acceleration. The notice shall
provide a period of not ]ess than 30 days from the date the notice is given in accordance with Section
15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to
pay these sums prior to the.expiration of this period, Lender may invoke any remedies permitted by this
., -Security Instrument without further notice or. demand on Borrower. '
19. ' Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower
.: ,, , .,
shall }iave tlie.right to•have enforcement of this Security Iristrwnetit discontinued at any time prior to
• • • the earliest of: ~(a) •f ve days before sale_bf the Property pursuant to. any power of sale contained in this
Security hrstrumehi; (b) such other period as Applicable Lave might specify for the termination of
Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those
conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security
Instrwnent and the Note as if no acceleration had occurred; (b) cures any default of any other
covenants or agreements; (c) pays all expenses inctrred in enforcing this Security Instrument,
including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and
other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this
Security Instrument; and (d) takes such action.as Lender may reasonably require to assure that Lender's
interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the
sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower
- -„ pay such, reinstatement ruins. and expenses in one or more of the following forms, as selected by
.. . ,..
Lender (a) cash;'(b) mbriey or'der'; (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 entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this
Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration
lead occurred. However, this right to reinstate shall not apply in the case of acceleration under Section
18.
20. Sale of Note; .Change oC Loan Servicer; Notice of Grievance. The Note or a partial interest in the
Note (together' with this Security Instrument) can be sold one or more times without prior notice to
Borrower: A sale might result in a change in the entity (known as the "Loan Servicer") that collects
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20075400
r ~ Periodic'Payments due under the Note and this Security;Instrument and'performsothermortgage loan
servicing obligations under the Note;'this Security Instrument, and Applicable Caw:'There also might
be one'or more chahges of the Loan Servicer unrelated to'a sale of the Note: If there'is a change of the
Loan Servicer; Borrower will' lie giveti•vvritten'notice of the change`whicfi will state"the name and
address df the `new Loan Servicer,'the'address'•td'which'pa'ymerits should be'made'and any other
information RESPA requires iri connection with a notice of transfer of servicing: If the Note is sold and
thereafter the Loah is serviced by a Loan Servicer oilier than the purchaser'of the Note, the mortgage
loan servicing obligations to Borrower will, remain with the Loan Servicer or be transferred to a
successor Loan Servicer and are not assumed by the Note purchases unless otherwise provided by the
Note purchaser.
Neither Borrower nor Lender may commence, join, or be joined to any judicial,,action (as either an
individual litigant or the member of a class) that arises from the other party's actions pursuant to this
Security Instrument or that alleges that the other party has breached any provision of, or any duty owed
by reason of, this Security Instrument,' until such Borrower or+Lender has notifed the other party (with
such notice given in compliance with the requirements of.Section 15)'of such alleged breach and
afforded the other party hereto a reasonable period after the giving of such notice to take corrective
action. If Applicable Law provides a time period which must elapse before certain action can be taken,
that time period will be deemed to be reasonable for purposes of this paragraph. The notice of
acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of
acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and
opportunity to take corrective action provisions of this Section 20.
21. Hazardous Substances. As.used in this Section 21: (a) "Hazardous Substances" are those substances
defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the
following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides
and herbicides,. volatile solvents, .materials containing, asbestos.,or formaldehyde, ;and radioactive
.~~ .. ,
materials; (b) "Environmental Law" means federal laws arid laws of thejurisdiction where the Property
is. located that relate to health, safety or environmental protection; (c) "Environmental Cleanup"
includes anyresponse action, remedial action, or removal action, as defined'hi Environmental Law; and
(d) an "Environmental Condition" means'a condition that can cause, contribute to; or otherwise trigger
an Environmental Cleanup.
Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous
Substances; or threaten to release any Hazardous Substances, on or irr the Property. Borrower shall not
do, nor allow anyone else to do, anything affecting the Property (a) that 'is in violation of any
Environmental Law, (b) which creates an Environmental Condition, or (c) which, due-to the presence,
use, or release of a Hazardous Substance, -:creates .a condition that adversely affects the.. value of the
Property. The preceding two sentences shall i~of apply to the presence,. use, or storage omahe`Property
of small quantities of Hazardous Substances that are generally recognized to be appropnafe,ao normal
residential uses and to maintenance of the Property (including, but not limited to, hazardous substances
in consumer products). '
Borrower shall promptly give Lender. written notice of (a) any. investigation, claim, demand, lawsuit or
other action by any governmental or regulatory agency or private party involving the Property and any
Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any
Environmental Condition, including but not limited to, any spilling, leaking; discharge, release or threat
of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of
a Hazardous Substance which adversely affects the value of the Property. ]f Borrower learns, or is
notified by any governmental or regulatory authority, or any private party, that any removal or other
remediation of any t-lazardous Substa
iice'affecting the Property is necessary, Borrower shall promptly
take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create
any obligation on Lender for an Environmental Cleanup.
NON-UNIFORM COVENANTS. Borrow,gr and Lender fw-ther covenant and agree as follows
22. Acceleration;•Remedies. Lender shall give notice to Borrower prior to acceleration following
Borrower's breach of any covenant m• agree ren but not prior to
acceleration under Section 18 unless Applic ~~~~~ ~~°l~R4 otherr e). ,.he notice shall
specify: (a) the default; (b) the. action require fit I,p~ll a' >ot less than the
minimum number of days established by Apl .rom re-date the notice is given to
Borrower, by which the default must be cured; and (d) that failure to cure the default on or
before the date specified in the notice may result in acceleration of the sums secured by this
Security Instrument and sale of the Property. To the extent permitted by law, the notice shall
further inform Borrower of the right to reinstate after acceleration and the right to bring a
court action to assert the non-existence of a default or any other defense of Borrower to
acceleration and sale. If the default is not cured mr or before the date specified in the notice,
Lender at its option may require immediate payment in full of all sums secured by this Security
Instrument without further demand and may invoke the power of sale and any other remedies
permitted by Applicable Law. To. the extent. permitted by law, Lender shall be :entitled to collect
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all expenses incurred in pursuing the remedies provided in this Section 22, including, but not
limited to, reasonable attorneys' fees and costs of title evidence.
if the power of sale is invoked, Trustee shall record a notice of default in each county in which
any part of the Property is located and shall mail copies of such notice in the manner prescribed
by Applicable Law to Borrower and to the other persons prescribed by Applicable Law. After
the time required. by Applicable Law, Trustee shall give public notice of sale to the persons and
in the manner prescribed by Applicable Law. Trustee, without demand on Borrower, shall sell
the Property at public auction to the highest bidder at the time-and place and under the terms
designated in the notice of sale in one or more. parcels and in any order Trustee determines.
Trustee may postpone sale of all or any parcel of the Property by public announcement at the
time and place of any previously scheduled sale.. Lender or its designee may purchase the
Property at any sale.
Upon receipt of payment of the price bid, Trustee shall deliver to the .purchaser Trustee's deed
cmweying the Property. The recitals in thr. Trustee's deed shall be prima facie evidence of the
truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following
order: (a) to all costs and expenses of exercising the power of sale, and the sale, including the
payment of the Trustee's fees actually incurred and reasonable attorneys' fees as permitted by
Applicable Law; (b) to all sums secured by this Security Instrument; and (c) any excess to the
person or persons legally entitled to it.
23. Reconveyance. Upon payment of all sums secured by this Security Instrument, Lender shall request
Trustee to reconvey the Property and shall surrender this Security Instrument and all notes evidencing
debt secured by this Security Instrument to Trustee. Trustee shall reconvey the Property without
warranty to the person or persons legally entitled to it. Such person or persons shall pay any
recordation costs. Lender may charge-such person or persons a fee for reconveying the Property, but
only if the fee is paid to a third party (such as the Trustee) for services rendered and the charging of the
fee is permitted under Applicable Law.
24. Substitute Trustee. Lender, at its option, may from time to time remove Trustee and appoint a
successor trustee to any Trustee appointed hereunder by an instrwnent recorded in the county in which
this Security Instrument is recorded. Without conveyance of the Property, the successor trustee shall
succeed to all the title, power and duties confen~ed upon Trustee herein and by Applicable Law.
25. 12equest for Notices. Borrower requests that copies of the notice of default and sale be sent to
Borrower's address which is the Property Address.
BY SIGNING BGL ,Borrower accepts and agrees to `the terms and covenants contained in all pages of
'this Sc~•'t isli•t ieirf and'in any ridci-(s) executed by Boi•rowet°and recorded with il..
ICayl Lntcrpri LLC Date
INDIVLDUAL ACKNOWLEDGMENT
STATE OF NEBRASKA
COUNTY.OF HALL
~/ /y
The foregoing instrument was acknowledged by~
witness whereof, I hereunto set tny'hand and, if applicable, my offic
My commission expires: 13Ji91i~99a
• 6tffi! otNeble~ka
(Official Seal) ~EgULLNAN
THIS INSTRUMENT PREPARED BY:
Pathway Banlc
306 S. High St.
Cairo, NG 68824
General Notary
ref re m/e/o/n~Nove~mber 29, 2007. In
wsici yJ~~~ S~ ~/l ti~~y
..
AFTER RECORDING RETURN TO:
Pathway Bank
PO Box 428
Cairo, NE 68824
NEBRASKA -Single Fnniily- Pannk M.e/Fre~lilk M.c UNIFORM INSTRUMENT
~ 2004-200G Capyriyht Complinnce Systems, Inc. 2026-A4E7 - 2006.11.140
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