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HomeMy WebLinkAbout20081654NUM PGS DOC TAX CK# FtES ~ •00 PD~CK# ~7d~} CHG ACCT # RET FEES:~~OCASH _~/R-.O. /D. CK# Rrn~RN L'_ ha~t~r 7%~/e ~~s-,f~~~~~ G89ai ~~Illlllnf~lllllllllsllllllllllll~~ NUM ~ / ~~,,~ RD. COMP -~ O COMPARE / ~$L.L CADAS ~ /~~ _ [Space Above This Line For Recording Datal DEFINITIONS DEED OF TRUST ADAMS COUNTY, NE INST. N0. F~~Q ~ ~' ~ Date~:~.a-~Time ,, ~- ~ o k ~~ dJ~'; REGISTER OF DEEDS Words used iu multiple sections of this document are defined below and other words are defined iu Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this docutueut, which is dated ........................ Q4; ~ 1; 2006, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , together with all Riders to this document. (B) "Borrower" is A4A.M.R~ SIP.44.ANp TIFFANY.A, sIpI:4,.N~$BAMP.AND WIFE .............. ................................. .......................... ......................................................................................................................................................... . Borrower is the trustor under this Security Iustrutnent. (C) "Lender" is BpIVK DF ~ONIPHpN . ............................................................................... . ................................ Leader is a .GOR?QPATl4N ................................................................................. . ......... organized and existing under the laws of .TN.~~?A?.~A.FK~QHASKA .........................................Lender's address is .P.O,60X,X70,pQF1IP~{AIV,.t~F,68QQ~;4270,,,,,, ......................................................................................................................................................... . Lender is the beneficiary under this Security Iustrumeut. (D) "Trustee" is BANK OF ~ONIPHAN, P 0 60X,270, ~ONIPHAN,,NE 68832 (E) "Note" means the promissory note signed by Borrower and dated R?-2.1:2.446 .....................................................The Note states that Borrower owes Lender FIFTY.El1~E?'Np.USAN0.6lGHTHUNa86p.AN4.Np11A4 ......................................................... ...........................'....................... Dollars (U.S. $ 554800;Oil,,,,,,,,,.,,,,,,,,,,.,,,) plus interest. Borrower has promised to pay this debt iu regular Periodic Payments and to pay the debt in full not later than ..................... p5: p.1: 2014.................... . (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 Iustrumeut that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ^ Adjustable Rate Rider ^ Coudominimn Rider ^ Second Honte Rider ^ Balloon Rider ^ Planned Uuit Development Rider ^ Other(s) [specify] ....................... ^ 1-4 Family Rider ^ Biweekly Payment Rider (I) "Applicable Law" ttteans all controlling applicable federal, state and local statutes, regulations, ordinances and adntiuistrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (.n "Community Association Dues, Fees, and Assessments" tneaus all dues, fees, assessments and other charges that are unposed on Borrower or the Property by a condominium association, homeowners association or snnilar organization. (K) "Electronic Funds Transfer" nteaus any transfer of foods, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic iustrarneut, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit au account. Such teen 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" nteaus those items that are described in Section 3. (M) "Miscellaneous Proceeds" nteaus any cotttpeusatiou, settletttent, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described iu Section 5) for: (i) damage to, or destruction of, xhe Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance 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 Loau. (O) "Periodic Payment" nteaus the regularly scheduled atnouut due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrtunent. (P) "RESPA" nteaus the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its hnplemeuting regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to tune, or any additional or successor legislation or regulation that governs the same subject matter. As used iu this Security Instrument, "RESPA" refers to all requirements and restrictions that are hnposed iu regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage Loau" under RESPA. (Q) "Successor in Interest of Borrower" nteaus any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Bankers Systems, Inc., St. Cloud, MN Form MD-1-NE 8/17/2000 ^ ~ ~ \1 ref: 1 /2001 (~xige I of 7 pnges)7L~_ / iitiu~oi ~~ ~Qa8~.654 TRANSFER OF RIGHTS IN THE PKOPERTY This Security Instrutment secures to Lender; (i) the repayment of the Loau, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security htstrutneut and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located iu the ...................................................HF.GIS.TCB.OF.QFEAS..................................................... of [Type of Recording Jurisdiction] AR?MS. CoIiNTY ............................................................................ . [Name of Recording Jurisdiction] LOTS 18 AND 19, BLOCK 6, VILLAGE OF ROSELAND, ADAMS COUNTY, NEBRASKA. which currently has the address of ............................................1211,3 W,ALEXANDER,ST,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, [street] ............................ROSElAN4............................., Nebraska ...................Ba$7.3..................... ("Property Address"): [City] [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtettauces, attd fixtures stow or hereafter a part of the property. All replacements attd additions shall also be covered by this Security Instrument. All of the foregoing is referred to iu this Security Ittstrutneut 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 uneucuntbered, except for enctunbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and detmauds, subject to any eucutmbrauces of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and uou-uuiforn covenants with limited variations by jurisdiction to constitute a uniform security iustrutneut covering real property. UNIFORM COVENANTS. Borrower and Leader covettaut and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal 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 iustrutnent received by Leader as payment under the Note or this Security Iustrmmeut is returned to Leader unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Iustrutnent be made iu one or more of the following forms, as selected by Lender: (a) cash; (b) ntouey order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon au 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 Wray be designated by Lender in accordance with the notice provisions iu Section 15. Leader may return any payment or partial paytneut if the payment or partial payments are insufficient to bring the Loau current. Leader may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Leader is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Leader need not pay interest on uuapplied funds. Lender may hold such uttapplied funds until Borrower makes payment to bring the Loau current. If Borrower does not do so within a reasonable period of time, Leader 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 iuunediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Iustrutneut or perforning the covenants and agreements secured by this Security Instrmneut. 2. Application of Payments or Proceeds. Except as otherwise described itt this Section 2, all paynteuts 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 iu the order in which it became due. Auy remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Iustrutnent, and then to reduce the principal balance of the Note. If Louder receives a payment .front 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 paytneut and the late charge. If more than one Periodic Payment is outstanding, Leader may apply any payment received from Borrower to the repayment of the Periodic paynteuts if, and to the extent that, each payment eau be paid iu full. To the extent that any excess exists after the,~payntent is applied to the full payuteut of one or more Periodic Payments, such excess Wray be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Auy 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 Leader ott the day Periodic Payments are due under the Note, until the Note is paid iu full, a sutra (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lieu 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 Leader under Section 5; and (d) Mortgage Insurance prentiutns, if any, or any stuns payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums iu accordance with the provisions of Section 10. These items are called "Escrow Items. " At origittatiou or at any time during the tern of the Loan, Leader may require that Couttnuuity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be au Escrow Item. Borrower shall promptly furnish to Leader all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Leader waives Borrower's obligation to pay the Funds for any or all Escrow Items. Leader may waive Borrower's obligation to stay to Lender Funds for any or all Escrow Items at any time. Auy such waiver may only be in writing. Iu 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 has been waived by Lender and, if Lender requires, shall furnish to Leader receipts .evidencing such paytneut within such time period as Leader Wray require. Borrower's obligation to make such paynteuts and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained iu this Security Instrument, as .the phrase "covenanut .,aticl agreement" is used iu Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver; and Borrower NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT °' Form 3028 /01 Bankers Systems, Inc., St. Cloud, MN Form MD-1-NE 8!17/2000 (page 2 of 7 fXrgeSf ~ ` ~' 2~~ 20081654 fails to pay the amount due for an Escrow Item, Lender Wray exercise its rig:tts under Section 9 and pay such amount and Borrower shall thou 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 any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such unounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds iu au amount (a) sufficient to permit Lender to apply the Funds at the tune specified under 12ESPA, and (b) not to exceed the maxhnwn amount a lender eau require under I2ESPA. Leader shall estimate the atnouttt of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Itettts or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, iustrwueatality, or entity (including Lender, if Leader is an institution whose deposits are so insured) or in any Federal Home Loau Back. Lender shall apply the Funds to pay the Escrow Items ao later-than the time specified under 1ZESPA. Leader shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Leader pays Borrower interest ou the Funds and Applicable Law permits Lender to make such a charge. Utiless au agreement is made m writing or Applicable Law requires interest to be paid ou the Funds, Lender shall trot be required to pay Borrower arty interest or earnings oa the Funds. Borrower and Lender can agree iu writing, however, -that interest shall be paid ou the Funds. Leader shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held is escrow, as defined under RESPA, Leader shall account to Borrower for the excess funds in accordance wtth 1ZESPA. If there is a shortage of Funds held in escrow, as defined under I2ESPA, Lender shall notify Borrower as required by 12ESPA, and Borrower shall pay to Leader the amount.-necessary, to make up the shortage in accordance with RESPA, but in uo more than 12 monthly payments. If there is "a deficiency of Funds held in escrow, as defined under RESPA, Leader shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with 12ESPA, but in uo 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 hnpositious attributable to the Property which eau attain priority over this Security Instrwneut, leasehold payments or ground rents oa the Property, if any, and Coaunuuity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the ntauuer provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Iustrumeut unless Borrower: (a) agrees iu writing to the payateut 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 iu good faith by, or defends against enforcement of the lieu iu, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lieu while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lieu au agreement satisfactory to Lender subordinating the lien to this Security Instrwneut. If Louder detenniues that any part of the Property is subject to a lieu which can attain prtority over this Security Instrwneut, Lender Wray give Borrower a notice identifying the lien. Within 10 days of the date oa which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above iu this Sectiott 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender itt connection with this Loan. 5. Property Insurance. Borrower shall keep ttte itttproveutents now existing or hereafter erected ott the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards iucludiug, but not limited to, earthquakes and floods, for which Louder requires insurance. This iusurauce shall be maintained is the atnouuts (iucludiug deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences eau change during the term of the Loau. The insurance carrier providing the iusurauce shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Louder may require Borrower to pay, lll Coll11CCt10ll With tills Loan, either: (a) a one-tune cliarge for flood zone detenuiuatiou, certification and tracking services; or (b) a one-time charge for flood zone detenniuation and certification services and subsequent charges each time remappiugs or similar changes occur which reasonably might affect such detenniuatiou 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 uo 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 risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the iusurauce coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Louder under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate froth 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. Leader shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall protttptly give to Leader all receipts of paid prentiunts and renewal notices. If Borrower obtains any form of iusurauce coverage, not otherwise required by Leader, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall ttatne Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the iusurauce carrier and Louder. Leader may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree iu 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 right to hold such insurance proceeds until Louder has had an opportunity to inspect such Property to ensure the work has been completed to Leader's satisfaction, provided that such inspection shall be undertaken promptly. Lender Wray disburse proceeds for the repairs and restoration in a single payment or is a series of progress payments as the work is completed. Unless an agreement is made iu writing or Applicable Law requires interest to be paid ou such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings ;ou 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 Lendef's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Iustrumeut, whether or not tlteu due, with the excess, if any, paid to Borrower. Suclt ittsurattce proceeds shall be applied itt the order provided for iu Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available iusurauce clauu and related matters. If Borrower does not respond within 30 days to a notice from Leader that the insurance carrier has offered to settle a claim, tlteu Lender may negotiate and 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 assigns to Lender (a) Borrower's rights to nay insurance proceeds in an amount not to exceed the atnouats unpaid under the Note or this Security Iustrumeut, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance ~tolicies covering the Property, insofar as such rights are applicable to the coverage of the Property. Louder may use the ntsuraace proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrwneut, whether or not then due. 6. Occupancy. Iorrower 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 least one year after the date of occupancy, unless Leader otherwise agrees iu writing, which consent shall not be unreasonably withheld, or unless extenuating ctrcwnstances exist which are beyond Borrower's control. NEBRASKA-Sin le Famil Form 3028 ,x/01 g y-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT [~Jl/~ ~ 1 Bankers Systems, Inc., St. Cloud, MN Form MD-1-NE 8/17/2000 (Ftzge 3 of 7 jxtges)~ 3~ 7 20081b54 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall trot 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 iu 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 iusurauce or condemnation proceeds are paid iu connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Leader Itas released proceeds for such purposes. Lender tnay disburse proceeds for the repairs and restoration in a single paynteut or iu a series of progress payments as the work is completed. If the iusurauce or condeutttatiott 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, Louder 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 Loau Application. Borrower shall be itt 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, nusleading, or inaccurate information or statements to Louder (or failed to provide Lender with material information) iu comtectiou 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, for condemnation or forfeiture, for enforcement of a lieu which may attain priority over this Security Instrtuneut 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 iu the Property and rights under t(tis Security Ittstrutnent, including protecting and/or assessing the value of the Property, and securing dud/or repairing the Property. Leader's actions can include, but are not limited to: (a) paying any sums secured by a lieu which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest iu the Property and/or rights under this Security Instrument, including its secured position iu 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 Wray take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Leader incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Leader under this Section 9 shall become additional debt of Borrower secured by this Security Instrumment. 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. If this Security Instrutueut is on a leasehold, Borrower shall comply with all the provisions of the lease. If 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, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such 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 iu effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Ittsurattce previously iu effect, front an alternate mtortgage 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. Leader will accept, use and retain these payments as anon-refundable loss reserve in lieu of Mortgage Iusurauce. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loau is ultumately paid iu full, and Lender shall not be required to pay Borrower any interest or earnings ou such loss reserve. Lender eau no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Leader requires) provided by au insurer selected by Leader 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 Loau attd Borrower was required to make separately designated payments toward the premiums for Mortgage Iusurauce, Borrower shall pay the premiwus required to maintain Mortgage Insurance in effect, or to provide anon-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends iu accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section IO affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Iusurauce reimburses Lender (or any entity that purchases the Note) for certain losses it tray incur if Borrower does trot repay the Loatt as agreed. Borrower is not a party to the Mortgage Iusurauce. Mortgage insurers evaluate their total risk ou all such iusurauce in l force from tune to tune, and Wray cuter into agreements with other parties that share or modify their risk, or reduce losses. These agreenteuts are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreenteuts Wray require the mortgage insurer to make payments using any source of funds that the mortgage insurer Wray have available (which Wray include funds obtained front Mortgage Insurance prentiunts). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reiusurer, any other entity, or any affiliate of any of the foregoing, Wray receive (directly or indirectly) amounts that derive front (or might be characterized as) a portion of Borrower's payments for Mortgage Iusurauce, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Leader takes a share of insurer's risk iu exchange for a share of the premiwms paid to the insurer, the arrangement is often terned "captive reinsurance. " Further; (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount 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 ltas--if any--with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any outer law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Iusurauce terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 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 repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Leader has had au opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Leader may pay for the repairs and restoration iu a single disbursement or in a series of progress payments as the work is completed. Unless au agreetneut is made iu writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings ou such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds stall be applied to the suuts secured by this Security Iustrtumeut, whether or not thou 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 iu value of the Property, the Miscellaneous Proceeds shall be applied to the sutras secured by this Security Instrumment, whether or not then due, with the excess, if any, paid to Borrower. NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ~ Form 302- 8 }{01 Bankers Systems, Inc., St. Cloud, MN Form MD-i-NE 8/17/2000 (jxtge 4 of 7pzgesJ ,~l ~j/ t ~~7 20081654 In the event of a partial taking, destruction, or loss iu 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 stuns secured by this Security Iustrutnent immiediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise- agree iu writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured himmediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property nmmediately before the partial taking, destruction, or loss iu value. Any balance shall be paid to Borrower. In 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 is value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Leader otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Iustrutnent whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Leader to Borrower that the Opposing Party (as defined is the next sentence) offers to make an award to settle a claim for damages, Borrower -fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the.Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrmnent, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against-whom Borrower has a right of action iu regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criniiual;-is begun that, in Lender's judgment, could result in forfeiture of the Property or other material unpairnent of Lender's interest in the Property or rights under this Security Instrument. Borrower eau cure such a default and, if acceleration has occurred, reinstate as provided is Section 19, by causing the action or proceeding to be dismissed with a ruling that, is Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest is the Property or rights under this Security Instrument. The proceeds of any award or claim for datmages that are attributable to the nnpairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are trot applied to restoration or repair of the Property shall be applied iu the order provided for iu Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the tune for payment or modification of amortization of the sutras secured by this Security Iustrutnent granted by Lender to Borrower or any Successor iii Interest of Borrower shall trot operate to release the liability of Borrower or arty Successors is Interest of Borrower. Leader shall not be required to continence proceedings against any Successor iu Interest of Borrower or to refuse to extend three for payment or otherwise modify atnortizatiou 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 is 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 this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the tetras of this Security Iustrunieut; (b) is not personally obligated to pay the sutras secured by this Security Instrument; and (c) agrees that Lender and any other Borrower eau agree to extend, modify, forbear or make any accommodations 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 Iustrunteat in writing, and is approved by Leader, shall obtain all of Borrower's rights and benefits wider this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Iustrwtent utiless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Leader may charge Borrower fees for services per;orned in connection with Borrower's default, for the purpose of protecting Lender's interest iu the Property and rights under this Security Iustrwneut, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority iu 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 Loau is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other Loau charges collected or to be collected in connection with the Loan exceed the permitted limits, thee: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sutras already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to retake 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). Borrower'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. 1_5. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be is writing. Any notice to Borrower in connection with this Security Iastrunteut shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if scut by other means. Notice to any one Borrower shall constitute notice to all Borrowers utiless Applicable Law expressly requires otherwise. The notice address shall be the Property Address utiless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Leader 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. Aay notice to Leader shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein utiless Lender has designated another address by notice to Borrower. Any notice iu connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Leader. 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 Iustrutnent. 16. Governing Law; Severability; Rules of Construction. This Security Iustrutnent shall be governed by federal law and the law of the jurisdiction iu which the Property is located. All rights and obligations contained in this Security Instrument arc subject to any requirements 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 au.d include the plural and vice versa; and (c) the word "may" gives sole discretion without nay obligation to take any action. i 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Iustrutnent. 18. Transfer of the Property or a Beneficial Interest in Borrower: As used iu this Section 18, "Interest in the Property" means nay legal or beneficial interest iu the Property, including, but not lunited to, those beneficial interests transferred is a bond for deed, contract for deed, iastalhmeut 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 in Borrower is sold or transferred) without Lender's prior written consent, Lender may require hnmediate payment iu full of all sutras secured by this Security Instrwneat. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. NEBRASKA-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form 30~28 ~~\\~r00 1 Bankers Systems, Inc., St, Cloud, MN Form MD-1-NE 8/17/2000 (Fczge 5 of 7pnges) S ~~ 2008f654 If Leader exercises this option, Leader shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days front 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 sutras prior to the expiration of this period, Lender Wray invoke any remedies permitted by this Security Instrument without further notice or demand ou Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower Meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any throe prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained iu this Security Iustrutneut; (b) such other period as Applicable Law tnigltt specify for the terntittatiou 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 Iustrutneut and the Note as if uo acceleration had occurred; (b) cures arty default of arty other covenants or agreemiettts; (c) pays all expenses incurred iu enforcing this Security Iustrutneut, including, but not Incited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest iu the Property and rights under this Security Iustrunteut; and (d) takes such action as Lender may reasonably require to assure that Lender's interest iu the Property and rights under this Security Iustrmneut, and Borrower's obligation to pay the sutras secured by this Security Iustrutnent, shall continue unchanged. Leader may require that Borrower pay such reinstatement sutras and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) ntouey order; (c) certified check, back 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, iustrutnentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by ,Borrower, this Security Iustrutneut and obligations secured hereby shall remain fully effective as if'no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under'Sectiou 18: 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest itt the Note (together with this Security Iustrutneut) can be sold one or more times without prior notice to Borrower. A sale Wright result in a change in the entity (known as the "Loan Servicer") t(tat collects Periodic Payments due under the Note and this .Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and-Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loau Servicer, Borrower will be given written notice of the change which will state rite name and address of the new Loau Servicer, the address to which payments should be made and any other ittfornation RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loau is serviced by a Loau Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will rentaiu with the Loan Servicer or be transferred to a successor Loan Servicer and are not assmued by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Leader Wray continence, joie, or be joined to any ,judicial action (as either au 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 notified the other party (with such notice given in cotnpliauce with the requirenteuts 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 eau be taken, that thne period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration attd 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 Euvirotnueutal Law and the following substances: gasoline, kerosene, other flatnntable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of rite jurisdiction where the Property is located that relate to health, safety or euvirommental protection; (c) "Envirotuneutal Cleanup" includes any response action, remedial action, or removal action, as defined iu Euvirotnnental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Enviromneutal Cleanup. Borrower shall not cause or perttit rite presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, ou or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is iu violation of any Euvirommental Law, (b) which creates an Envirotuneutal Condition, or (c) which, due to rite presence, use, or release of a Hazardous Substance, creates a couditiou that adversely affects the value of the Property. The preceding two sentences shall not apply to [he presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to ntaintettance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, clann, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviromnental Law of which Borrower has actual knowledge, (b) any Environmental couditiou, including but not lunited 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. If Borrower learns, or is notified by any govertumental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is accessary, Borrower shall promptly take all necessary remedial actions iu accordance with Environmental Law. Nothing herein shall create any obligation on Lender for au Euvironneutal Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure rite default on or before the date specified in rite notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. 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 outer defense of Borrower to acceleration and sale. If the default is not cured on 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 futtlter demand and may invoke the power of sale and any outer remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing t}te 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 arty part of the Property is located attd shall mail copies of such notice in rite manner prescribed by Applicable Law to Borrower and to the outer persons prescribed by Applicable Law. After the time required by Applicable Law, Trustee shall give public notice of sale to rite 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 attd place and under the terms designated itt rite notice of sale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of rite Property by public announcement at the time attd place of arty previously scheduled sale. Leader or its designee may purchase the Property at any sale. Upott receipt of payment of rite price bid, Trustee shall deliver to the purchaser Trustee's deed conveying t}te Property. The recitals itt the 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 al! costs and expenses of exercising the power of sale, attd the sale, including rite payment of rite 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 ot• persons legally entitled to it. NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ~~ Form 3028 101 Bankers Systems, Inc„ St. Cloud, MN Form MD-1-NE 8/17/2000 (page 6 of 7 jXlgeSf~~' (/_ ~~^ 24081654 23. Reconveyauce. Upon payment of all sutras secured by this Security Instrument, Lender shall request Trustee to reconvey the Property and shall surrender this Security Iustrwneut 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 recouveyiug the Property, but otily 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, Wray from time to time remove Trustee and appoint a successor trustee to any Trustee appointed hereunder by an instrutttent 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 conferred upon Trustee herein and by Applicable Law. 25. Request for Notices. Borrower requests that copies of the notice of default and sale be scut to Borrower's address which is the Property Address. BY SIGNING BELOW, Borrower accepts and agrees to the teens and covettauts contained in this Security Iustrutnent and in any Rider executed by Borrower and recorded with it. ~ru:': G"°^ .....':~~....: ~~ .................:................ (Seal) AOAf~ S LO f~ -Borrower ... .... ...,r1..'~~~ ................................ (Seal) TIFF A. SI 0 -Borrower STATE OP NEBRASKA (Space Below This Line For Acknowledgment] County of ....................ADAMS ..................... The foregoing ittstruntettt was acknowledged before me this .04;21;2008,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ...................................(date) by ADAM.R,.SiA1,0;?1FFANYA,S.IP.LR,.NUSI3ANP.AN9.kV.IFF............................................,........... ............................................................. ..................................(name of person acknowledged). My Conmtission expires: 09-19-2010 GEIrEfiAL NOTARY - Slate of Nebraska .... ... .. " " " " " " " ............................... . JUf~YA.SOUKUP Notary public JU .SOUKUP My Comm. Exp. Sept.19, 2010 NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Bankers Systems, Inc„ St. Cloud, MN Form MD-1-NE 8/17/2000 Form 3028 1 /01 (prtge 7 of 7 jxtgesJ 7~ /