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<br /> 77'I��17 c�,3 1 pURCHASE MONEY REAL ESTATE MORTGAGE
<br /> William R. Lingeman and Doris E. Lingeman, husband and wife,
<br /> each in his and her own name and right and as spouse of each other,
<br /> Mortgagors, jointly and severally, in consideration of the sum of
<br /> Thirty-Nine Thousand Fifty Dollars ($39,050.00) , mortgage to Merlin
<br /> Gaylord Orville Ruby and Belva J. Ruby, husband and wife, as joint
<br /> tenants, Mortqagees, the £ollowing described real estate in Hall
<br /> County, Nebraska:
<br /> Lot Seven (7) , Block Thirty-Two (32) , in the Original
<br /> Town, now City of Grand Island, Hall County, Nebraska,
<br /> as surveyed, platted and recorded.
<br /> This i� a Purchase Money Real Estate Mortgage securing part
<br /> of the consideration for the sale and conveyance of the real estate
<br /> by Mortgagees to Mortgagors on December 15, 1977. This Mortgage is
<br /> given to secure the payment of the principal surn of $39,050.00, with
<br /> interest from December 15, 1977, at the rate of six (6) percent per
<br /> annuta on the unpaid balance of principal, payable in installments
<br /> according to the terms of a Promissory Note dated December 15, 1977,
<br /> executed and delivered by Mortgagors to Mortgagees, the principal
<br /> and interest being payable in installments as follows:
<br /> S13,000 .00, with interest, on December 15, 1978;
<br /> S13,000.00, with interest, on December 15, 1979; and
<br /> $13,050.00, with interest, on December 15, 1980.
<br /> The Pr�nissory Note provides time is of the essence of the
<br /> Promissory Note and if default is made in the payment of any install-
<br /> ment of principal or interest, the holder of the Promissory Note may,
<br /> without notice or demand, declare the entire principal sum then unpaid
<br /> toqether with accrued interest thereon immediately due and payable.
<br /> Upon default of payment of any installment of principal, the unpaid
<br /> installment of principal bears interest at the highest legal rate.
<br /> Mortgagors agree to pay all taxes and assessements upon the
<br /> real estate and all other taxes, levies and assessments levied upon
<br /> this Mortgage and the Note which this Mortgage is given to secure,
<br /> before payment is delinquent. If Mortgagors fail to pay the taxes
<br /> and assessments before delinquent, Mortgagees may pay the taxes and
<br /> assessments or other liens and are given a lien secured by this
<br /> Mortgage for the amounts advanced with interest at the highest legal
<br /> rate.
<br /> Mortgagors agree to carry fire and extended-coverage insurance
<br /> coverinq the improvements on the real estate in an insurable amount
<br /> at least equal to the replacement cost of the improvements, but in
<br /> no evdnt not less than the unpaid balance of the indebtedness
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