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<br /> INDIVIDUAL
<br /> DUE ON SALE
<br /> �RST OPTIONAL FUTURE ADVANCES
<br /> ��� SAVINGS FUND
<br /> ��n�co�N FORM No.,2o
<br /> Loan Nurr�$-------- ---188----1-
<br /> � . . . . TYOe Bran[h
<br /> . r �� ���,��� 12
<br /> M O R T G A G E
<br /> ; , �
<br /> ' , THIS MORTGAGF., made and executed this . 1�. .........__ day of � �c!!1.C2E�'._....,. A.D.,
<br /> ,� 19.�.'7 between the Mortgag�or, _James A. .Schlarb and Jeanette R. Sch�rb, husband and
<br /> . ..... ...... . ... . . .. .
<br /> wife ointl and each in their own ri ht � ��� �� ���
<br /> � i .....--- �--------_Y.....................• - ------------... ...-�g----........- -- ------------------------------------��-
<br /> ', �g Grand Island , , County of ....... Hall .__.,State of Nebraska ,hereinafter referred
<br /> . . ........--� -
<br /> to as the $onower, and the Mortgagee, FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
<br /> LINCOLN, 1235 "N" Street, Lincoln, Nebraska 68501, its successors and assigns, hereinafter referred to
<br /> as Lender.
<br /> ` WiTxEssgz�x: That the said Borrower for and in consideration of�he sum ofFIFTY TWO THOUSAND
<br /> � 100 -- ---------------.----_----Dol:ars (US 5... .....52�000.00.... •--.)
<br /> ----------- s
<br /> ..ANl?..NO.L......r.-.----....................... . . .. .
<br /> paid by said Lender, does hereby mortgage, grant and conve,y to Lender, its successors and assigns; the
<br /> following described property located in the (',ounty of ... .. ,Hall ..__.., State of Nebraska: A Tract of
<br /> . - - ...... .
<br /> land in Lot l, Mainland, Section 11 and Lot 4, Island Section, Island Section 11, al1 in Township 10 -
<br /> ' North, Range 10 West of the 6th P.M., Hall County, Nebraska, and more particularly described as
<br /> i follows; Commencing at the West Quarter Corner of Island Section 11, Township 10 North, Range 10
<br /> West; thence North 0�23'00" East along the YTest line of the Northwest Quarter of Said Section 11 a
<br /> ` distance of 1120.74 feet to ��i� rooint of Beginning; thence North 0°23'00" East along the West line
<br /> � of the Northwest Quarter of� ection Section 11 a d`stance o£ 646.82 feet; thence South 89°37'00" East
<br /> i a distance of 875.75 feet; thence South O°23'00" West a distance of 646.82 feet thence Nor-th 89�37'Od"
<br /> West a distance of 875.75 feet to the point of beginning said tract containing 14.00 acres more or
<br /> less of which 0.49 acres more or less are reserved for County Road purposes.
<br /> TocETHEx with all the improvements now or hereaftzr erected on the property, and all easements,
<br /> rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water, water rights, and
<br /> water stock, and all fixtures now or herenfter attached to the property, all of which, including replace-
<br /> ments and additions thereto,shali be deemed to be and remain a part of the property covered by this
<br /> Mortgage; and all of the foregoing, together with said property (or the leasehold estate in the event tl-iis
<br /> Mortgage is on a leasehold) are herein referred to as the "Propert_y".
<br /> � Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right
<br /> to mortgage, grant and convey the Property, that the Property is unencumbered, and that Borrower will
<br /> ; warrant and defend generally the title to the Property against all claims and demands, subject to any
<br /> easements and restrictions listed in a schedule of exceptions to coverage in any title insurance policy in-
<br /> suring Lender's interest in the Property, or (2) attorney's opinion of title from abstract of title certified
<br /> by bonded abstracter.
<br /> Pxovtnsn A[,wwYs, and these presents are executed and delivered upon the following conditions,agree-
<br /> ments and obligations of the Borrower, to-wit:
<br /> The Borrower agrees to pay to the Lender, or order, the principal sum of FIFTY TWO THOUSAND
<br /> ' --AISo..DTD./.1Q0-----r-c.-r.-rr.--rr.--.----.ccr.rr.----r_-----.-----.Dollars (US �..... ....52,000.00 .-. ---)
<br /> ; payable as provided in a note exe�utted and delivered,�Goncturr.�ntly herewith,the fi���gayment of principal,
<br /> if not sooner paid, on the_......... . .s Y ep em er
<br /> ` ..... da of ....- - -- . ... __.... -� � -.
<br /> UNIFORM CovExnxTs. Borrower and Lender covenant and agree as follows: �� � �
<br /> �
<br /> 1. Payment of Principal and Interest. Borrower shail promptly pay wlien due the principal of and in-
<br /> terest on the indebtedness evidenced by the Note, prepayment and late charges as provided in t.he Note,
<br /> and the pnncipal of and int.erest on any Future Advances secured by this 144ortgage.
<br /> 2. Funds tor Taxes and Insurcmce. Subject to Lender's option under paragraphs 4 and 5 hereof, Bor-
<br /> rower shall pay to Lender on the day rnonthly installments of principal and interest are payable under the
<br /> Note, until the Note is paid in full,a sum {herein "Funds") equal to one-twelfth of the yearl,y taxes and
<br /> assessments which may attain priorit,y over this Mortgage, and ground renCs on the Property, if any plus
<br /> one-twelfth of yearly premiwn installments for hazard insurance, plus one-twelfth of ,yearly premium in-
<br /> stallments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by
<br /> Lender on the basis of assessments and bills and reasonable estimates thereof, Lender shall apply the Funds
<br /> to pay said taxes,assessments, insurance premiums and ground rents. Lender shall mal:e no charge for so
<br /> hulding ancl applying the Funds or verifying and comPiling said asse5sment5 and bills. 'Phe Lender::hall
<br /> give to the Borrower,�vithout charge,an annual accounting of the Funds showing credits and debits to the
<br /> Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional
<br /> security for the sums secured by this Mortgage. The Borrower agrees that the Funds ma,y be held bY the
<br /> Lender and commingled with other funds and the Lender's own funds and the Lender may pay such items
<br /> : fmm its own funds and the Lender shall not be liable for interest or dividends on such Funds. � • _
<br /> '"^�`' ;�w:��,
<br /> If the amount of the Funds held by Lender,together with tl�e future monthly instaliments of Funds z � ;„
<br /> payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed �'�
<br /> � the amount required to pay said taxes,assessments; insurance premiums and ground rents as they fall 3ue,
<br /> such excess shall be,at Borrower's option, either promptly repaid to Borrower or credited to Borrower on '`?
<br /> monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufI'icient to pay '"'�'�
<br /> taxes, assessments, insurance'premiums and ground rents as they fall due, Borrower shall pay to Lender
<br />� any amount nea:easary Eo make up the deficiency within thirty days after notice from Lender to Borrocver
<br /> requestizig paym�nt ther�of, or L'orrower �Iyall, by an increase in monthly instaliments oi Funds required.
<br /> repay the deficiency within the Fund accounting period. �
<br /> ' tJpon payment in full of all sums secured b,y this Morkgage,Lender shall apply Funds held as a credit.
<br /> against all sums clua
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