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HomeMy WebLinkAbout20080438NUM pGS / - DOC TA~X~ ,,,, CK# ~ / _ FEES ~ PD ~ On CK# ~3= CHG ACCI'# RET FEES:-CASH____R.O.D. CK#._ REC'~ - ~~ RETURN 0 ~~- oGP rrN~ b~~~ -~a 70 DEFINITIONS I~I~n~~M~~~llm~~ n~uM ~~-r«i; // /~~~ RD. COMP X ,r~2f /D ~ s~ COMPARE ~ CADAS AO / ADAMS COUNTY, NE INST. N0. ~I~U ~ 0 ~ 3 ~ Date ~-~-0~ Time h-~OSANt REGISTER OF DEEDS [Space Above This Line For Recording Data] DEED OF TRUST Words used iu multiple sections of this docwneut are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used iu this document are also provided in Section 16. (A) "Security Instrument" means this docunteut, which is dated ........................ Pk26; X008, , , , . , , , .... , ................ , together with all Riders to this document. (B) "Borrower" is .MIKF.F,.POP4AU.A.No.KIM.ArPQPI.AU.H.U$~.ANP.A.NQ.W.IF~ ............................................................................ Borrower is the trustor under this Security Instrument. (C) "Leader" is BANK OF ~ONIPHAN ................................................................................................................. . Leader is a .GPR?QRATIQN ........................................................................................... organized attd existing under the laws of .THE $TAT.~ pF, (aI;QRASKp .........................................Leader's address is . P. p.QRX.2?4. AoNIPFI,AN,,N~, 68@QZ:p~7Q .. , , .. ......................................................................................................................................................... . Lender is the beneficiary under this Security Instrument. (D) "Trustee" is TIERONE,BANK,P.,O;BOX93009 LINCOLN, NE,68501;3009 ........................................................................... . ........... (E) "Note" means the promissory note signed by Borrower and dated 0,1; 26~ZQQQ . . . . : . . . . . ........ . ..... . . . . .........................The Note states that Borrower owes Lender p.NE.HUNQRE,qF.IFT,Y.T,ypU$ANQ.QI.GyT.H.U.NpR~p.~IGHT.Y.ANP.N.G1.1.QQ ........................................ ................................................ Dollars (U.S. $ .150,880;00,,,,,,,,,,,,,,,,.,.,,,.) plus interest. Borrower Itas promised to pay this debt in regular Periodic Payments and to pay the debt iu full not later than ..................... pz•p.1: 20aQ.. , , ................ . ........................................................................................................................................................ . (F) "Property" means the property that is described below under the heading "Transfer of Rights iu the Property." (C:) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all scans due under this Security Iustrmnent, plus interest. (H) "Riders" means all Riders to this Security Iustrutnent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ^ Adjustable Rate Kider ^ Condominium Rider ^ Second Home Rider ^ Balloon Rider ^ Planned Unit Development Rider ^ Other(s) [specify] ....................... ^ 1-4 Family Rider ^ Biweekly Payment 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 law) as well as all applicable fi~tal, non-appealable judicial opinions. (J) "Community Association llues, Fees, and Assessments" nteaus all dues, fees, assessments and other charges that are imposed ou 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 tenuiual, telephonic ittstrumeut, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such teen includes, but is not 1united 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) conveyance iu lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mottgage Insurance" means insurance protecting Lender against the nonpayment of, or default ou, the Loan. (O) "Periodic Payment" means the regularly scheduled atnowtt due for (,i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (I') "KESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.P.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 Instrwneut, "RESPA" refers to all requirements and restrictions that are iutposed in regard to a "federally related mortgage loan" even if the Loau does not qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest of Borrower" means 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. Form 3028 1 /01 NEBRASKA-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT IIIIIIIIIIIIIIIIIIIII~IIIIIIIIIIII Bankers Systems, Inc., St. Cloud, MN Form MD-1-NE 8!17!2000 ref: 1 /2001 (Ixrge 1 of 7 pct8es) J B 2 A 0 ~ ~ r ~ .. /~ot7 20080438 TRANSFER OF RIGHTS IN THE PROPERTY This Security Iitstrutneut secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's coveitauts and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located in tlte ...................................................RFGIS.TE;R.OF.OFFAS..................................................... of [Type of Recording Jurisdiction] A4?MS. CA.I! IVTY ............................................................................ [Name of Recording Jurisdiction] THE SOUTH THREE IS 3) FEET OF LOT NINE (9) AND ALL OF LOT TEN (10-, IN BLOCK TWO (2-, IN PARKHILL ADDITION TO THE CITY OF HASTINGS, ADAMS COUNTY NEBRASKA, ACCORDING TO THE RECORDED PLAT THEREOF. whiclt currently Itas the address of ............................:.......:...........934,TILDEN AVE................................................... [Street] ...........................HASTINGS......... ..........6.8.80J.......... (City] (Zip Code] .......... ("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 iu 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 encuntbrauces 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 SECURI'TY INSTRUMENT combines wtifonn covenants for ttatiottal use and non-uniform covenants with 1united variations by jurisdiction to constitute a uniform security instrwneut covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. 1'aymettt 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 iu U.S. currency. However, if any check or other instrunteut received by Lender as payment under the Note or this Security Instrument is returned to Leader -unpaid, Leader may require that any or all subsequent payments due under the Note and this Security Instrument be made iu one or more of the following forms, as selected by Leader: (a) cash; (b) money order; (c) certified check, back check, treasurer's check or cashier's check, provided any such check is drawn upon an iustitutioit whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Leader when received at the location designated in the Note or at such other location as Wray be designated by Louder in accordance with the notice provisions iu Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender Wray accept any paynteut . or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such paynteut or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on uuapplied funds. Leader may. hold such uuapplied 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 Wright have now or iu the future against Lender shall relieve Borrower from making payments due under the Note and this Security Iitstruinent or performing the covenants and agreements secured. by this Security Iustruinent. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Leader 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 iu which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, aitd thou to reduce the principal balance of the Note. If Lender receives a payment front Borrower for a delinquent Periodic paynteut whiclt 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 Wray apply any payment received front Borrower to the repayment of the Periodic Payineuts if, and to the extent that, each paynteut eau be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, 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. 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 Iustruntent as a lien or encumbrance on the Property; (b) leasehold payments or ground teats on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 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 teritt of the Loau, Leader may require that Conunuuity 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 Leader all notices of amounts to be paid under this Section. Borrower shall pay Leader the Funds for Escrow Items unless Lender 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 and or all Escrow Items at any tithe. Any 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 Lender receipts evidencing such payment within -such time period as Lender may require. Borrower's' obligation to make such payments and ~a provide receipts shall for all purposes be deemed to be a covenant and agreement contained iu this Security Instrument,, as the ...phrase. " covenant aud.,_ agreement" is used iii Section 9. If Borrower is obligated to pay Escrow Items directly, pursttaut to a waiver, and Borrower NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Bankers Systems, Inc., St. Cloud, MN Form MD-.1-NE 8/17/2000 .................... . Nebraska ........ . • Form.3028. 1 1 , ~ p 1 , , 11~8e 2 of 7 pages) I x ;:. ~ o F'7 ~0o~o43s fails to pay the amount due for an Escrow Item, Lender Wray exercise its rights 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 auy or all Escrow Items at any true by a notice. given in accordance with Sectton 15 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 atmouut (a) sufficient to perttit 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 ut au institution 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 auy Federal Home Loau Battk. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Futtds, annually analyzing the escrow account, or verifying the Escrow Items, utiless Lender pays Borrower interest on the Funds and Applicable Law pernits Lender to make such a charge. Utiless au agreement is made ut 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 Leader eau 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, Leader shall account to Borrower for the excess funds in accordance wttlt RESPA. If there is a shortage of Funds held iu escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the atuount necessary to make up the shortage in accordance with RESPA, but iu no more than 12 monthly payments. If there is a deficiency. 'of Funds 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 titan 12 monthly payments. Upon payment iu full of all sutras 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 ou the Property, if any, and Couuuunity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them iu 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 iu a manner acceptable to Lender, but only so long as Borrower is perforttiug such agreement; (b) contests the lien ttt good faith by, or defends against enforcement of the lien in, Legal proceedings which iu 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 lien an agreement satisfactory to Lender subordinating the lieu to this Security Instrument. If Louder determines that auy part of 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 10 days of the date on which that notice is given, Borrower shall satisfy the lieu or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Leader in connection with 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 tenu "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 fire tern of the Loau. 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 tray require Borrower to pay, in connection with this Loan, either: (a) a one-tune charge for flood zone deterniittatiou, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappittgs or suuilar changes occur which reasonably might affect such deterntiuation or certification. Borrower shall also be responsible for rite payment of any fees imposed by the Federal Emergency Management Agency iu 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, Leader Wray obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or antouut of coverage. Therefore, such coverage shall cover Lender, but Wright or nugltt not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or Liabtlrty and Wright provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the iusurauce coverage so obtained might significantly exceed t(te cost of iusurauce that Borrower could have obtained. Auy 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 Louder to Borrower requesting payment. .All iusurauce 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 stall came Lender as mortgagee and/or as an additional loss payee. Leader shall have the right to hold the policies and renewal certificates. If Leader requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any foram of iusurauce coverage, not otherwise required by Lender, 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 insurance carrier and Lender. Leader Wray make proof of loss if not ntadc 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, Leader shall have the 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 afforest 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 iusurauce 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 Section 2. If Borrower abandons the Property, Leader Wray file, negotiate and settle any available iusurauce claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the ntsurance carrier has offered to settle a claim, then Leader may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires fire Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in au antouut not to exceed the amounts unpaid under the Note or this Security Iustrutneut, and (b) any other of Borrower's rights (other titan 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 Property; Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or tins Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after Utc 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 Lender otherwise agrees ut writing, which consent shall not be unreasonably withheld, or unless extenuating ctrcuutstauces exist which are beyond Borrower's control. NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT orm 3028 1(q"J Bankers Systems, Inc., St. Cloud, MN Form MD-1-NE 8/17/2000 (pnge 3 of 7 jzages)~//I // ,~of 7 , zooso~3s 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or conuuit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall ntaintam the Property iu order to prevent the Property from deteriorating or decreasing it value due to its condition. Utiless 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 condemmatiou 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 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, Leader 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 nnprovernents on the Property. Lender shall give Borrower notice at the time of or prior to such au interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be iu default if, during the Loau application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, nttsleading, 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 lumited 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 coveuattts and agreements contained tit 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 Instrurneut (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which Wray attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Leader may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing iu court; and (c) paying reasonable attorneys' fees to protect its interest m the Property and/or rights under this Security Instrtument, 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 utilrttes turned on or off. Although Lender may 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 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. 'T'hese 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 Instrument 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 Leader 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 froth the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the prentiurms for Mortgage Insurance, Borrower shall pay the prentiunts 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 Leader. If substantially equivalent Mortgage Iusurauce coverage is not available, Borrower shall continue to pay to Leader the amount of the separately designated payments that were due when the Iusurauce coverage ceased to be in effect. Leader will accept, use and retain these payments as anon-refundable loss 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. Lender can no longer require loss reserve payments if Mortgage Iusurauce coverage (iu the amount and for the period that Lender requires) provided by an insurer selected by Leader again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Iusurauce. If Lender required Mortgage Insurance as a condition of making the Loau and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termiuatiott or until terniuatiou is required by Applicable Law. Nothing iu this Section 10 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 Loau as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance iu 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 oa terns and conditions that arc 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 Wray have available (wltic(t Wray include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, 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, is exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "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. (It) Any such agreements will not affect the rights Borrower has--if any--with respect to the Mortgage Insurance 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 Insurance 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 ecoaontically feasible and Leudez''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 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 pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Utiless an agreement is made in 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 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 sumts secured by this Security Iastrunrent, whether or not then due, with the excess, if any, paid to Borrower. Suclt Miscellaneous Proceeds shall be applied in t(te order provided for iu 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 suats secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Botrow r. NEBRASKA-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form 302 Bankers Systems, Inc., St. Cloud, MN Form MD-1-NE 8/17/2000 (prtge 4 of 7 pages) r ~0~7 ~(~Q80438 In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immuediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrunteut immediately before the partial taking, destruction, or loss in value, unless Borrower and Leader 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 inuuediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property nnmediately before the partial. taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property iu which the fair market value of the Property immediately before .the partial taking, destruction, or loss in value is less than the amount of the sums secured inunediately before the partial taking, destruction, or loss in value, utiless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the Burns secured by this Security Instrument whether or not the Burns are then due. If the Property is abandoned by Borrower, or if, after notice by Leader to Borrower that the Opposing Party (as defined in 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 Bunts 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 whom 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 judgtuent, could result in forfeiture of the Property or other material iutpairntent 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 iu Section 19, by causing the, action or proceeding to be -dismissed with a ruling that, in Lender's judgtnettt, 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 damages that are attributable to the impairment 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 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 antortvation of the Bunts secured by this Security Instrunteut granted by Lender to Borrower or any Successor iu Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to conuneuce proceedings against any Successor in Interest of Borrower or to refuse to extend time for paytttettt or otherwise modify amortization of the Bunts secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors iu Interest of Borrower. Any forbearance by Leader 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 this Security Instrument only to mortgage, grant and convey the co-signer's interest iu the Property 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 accommodations with regard to the terms of this Security Instrunteut 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 Instrunteut in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Iustruntent. Borrower shall not be released front Borrower's obligations and liability under this Security Instrmnettt unless Leader agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided is Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Leader Wray 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. Ia regard to any other fees, the absence of express authority in this Security Iustruntent to charge a specific fee to Borrower shall not be construed as a prohibition ou 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 Loan charges collected or to be collected in connection with the Loan exceed the permitted Inuits, then: (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 front Borrower which exceeded permitted limits will be refwtded 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). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower Wright have arising out of such overcharge. 15. Notices. All. notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument 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 sent 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 unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly 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 Instrunteut at any one time. Any notice to Leader 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 Leader. If nay notice required by this Security Instrunteut is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 1G. Govet•ning Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the lawof the jurisdiction iti which the Property is~located. All'rights~and obligations contained in this Security Instrument are 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 nay provision or clause of this Security Iastrumeat or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Iustruntent or the Note which eau 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 "Wray" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Iustruntent. 18. Transfer of the Property or a BeueGcial Interest in Borrower. As used iu 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 is a bond for deed, contract for decd, 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 in Borrower is sold or transferred) without Leader's prior written consent, Lender may require inmuediate payment iu full of all Bunts secured by this Security Iustruntent. However, this option shall not e exercised by Leader if such exercise is prohibited by Applicable Law. NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT orm 30 Bankers Systems, Inc., St. Cloud, MN Form MD-1-NE 8/17/2000 (ytige S Of 7prtges) L "' c~ ~/ X0080438 If Leader exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of trot less titan 30 days from the date tite notice is given iu accordance with Section 15 within which Borrower must pay all sums secured by this Security Iustrtunent. If Borrower fails to pay these Bunts prior to the expiration of this period, Leader may invoke any remedies permitted by this Security Instrutttent without further notice or demand on 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 Instrwuent discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other perod as Applicable Law might specify for the ternittatiou of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Iustrumettt. Those conditions arc that Borrower: (a) pays Lender all Burns which then would be due under this Security Instrument and the Note as if uo acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in ettforciug this Security Iustrutneut, 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 Instrmnent; and (d) takes such action as Leader may reasonably require to assure that Lender's interest in the Property and rights under this Security Iustrutnent, and Borrower's obligation to pay the- Bunts secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sutras and expenses in one or more of the following forns, as selected by Lender: (a) cash; (b) `utoney order; (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 Securtty Instrument 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 Section 18. 20. Sale of Note; Ohange of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Iv`ote (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result iu a change in the entity (known as the "Loan Servicer") that collects Periodic Paytments 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 t(te Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information ItESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other 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 arc not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Leader 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 notified 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 [he 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 Enviromnental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile'solvents, materials containing asbestos or fornaldehyde, and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or enviromnental protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or removal action, as defined iu F.,uvirotmiental Law; and (d) an "Enviromnental Condition" means a condition that eau cause, contribute to, or otherwise trigger an Enviromnental Cleanup. Borrower shall not cause or pernit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Bnviromnental Law, (b) which creates au Enviromnental 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 not apply to the 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 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 Euvirotmtental 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 coudrttou 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 govermueutal or regulatory authority, or any private party, that any removal or other rentediatiou of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviromnental Law. Nothing herein shall create any obligation ou Lender for au Enviromnental Cleanup. NUN-UNIFORM COVENANTS. Borrower and Leader further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covettattt or agt•eement in this Security Ittstrutnettt (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 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. 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 attd sale. If the default. is not cured on or before tlae date specified in the notice, Lender at its option tnay require itntnediate payment in full of all sutras secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies ptovided 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 ou 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 iu 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 of any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Tt•ustee shall apply the proceeds of the sale itt the following order: (a) to all costs and expenses of exet•cising 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. NEBRASKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 302 ! 1 Bankers Systems, Inc., St. Cloud, MN Form MD-1-NE 8/17/2000 (/xrge 6 of 7(xlges) -; ~ 0~ 7 ' 20080438 23. Recouveyance. Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to recouvey the Property and shall surrender this Security Instrtuneut and all notes evidencing debt secured by this Security Instrument to Trustee. Trustee shall recouvey 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 recouveying 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 tame remove Trustee and appoint a successor trustee to any Trustee appointed hereunder by an instrument recorded iu the county in which this Security Iustrtumeut 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. 2_5. Request for Notices. Borrower requests that copies of the notice of default and sale be sent to Borrower's address whicli is the Property Address. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower attd recorded with it. ..... ,~'"- f~/- ..~ ........................... (Seal) OPLAU -Borrower h ..:... ......... -....U ..... .. ......................... (Seal) KIM A. POPLAU -Borrower STATE OF NEBRASKA [Space Below This Line For Acknowledgment] County of ................... ADAMS... .................. The foregoing instrument was acknowledged before me this .01; 26; 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... . ............ . ...................................(date) by MlK~.F, POP~AU;.KIM.A, ?9P~AU. KtlSE3ANP. ANP.W.IFS.......................................................... .....................................:..........................................................(uatne of person acknowledged). My Commission expires, 0919.2010 ............y . ............................................... GENERAL NOTARY-State of Nebraska ""' """' """"""""" ' JUDY A. SOUKUP Notar Public ... ... My Comm. ~. Sept.19, 2p1o UUOY A. SOUKUP ~- 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 (page 7oJ7yages) ~Or~