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<br /> IfVDlVIDUAL
<br /> DUE ON SALE
<br /> ���'r OPTIONAL FUTURE ADVANCES
<br /> FEVG����^/I�L� SAVINGS FUND
<br /> r � �II��rVL.N � Fonm N0.720. . � . .
<br /> Loan Number__34734--- --1$$_-- 1--- I
<br /> . . . . . . .� True o.a��n , . . .
<br /> 1Vi 0 R T G A G �
<br /> THIS MORTGAGE, made and executed this ...........:-�`�1.... .. ...... da of .. � ��-_t��,. `"
<br /> y �. .. ................._._ A.D.�
<br /> ]9..71_.,between the Mortgagor, ........James. Douglas.Watson. and,�1i14ki T,,��..�akaRra,..husb.and......__
<br /> ..:.......
<br /> ---•--------and_,wife.�...lointly and._each__in, their,own..right----.......---•----�--�-�--------�...............--
<br /> of ...Grand. Island........_ County of ..Hall_.._ ,., __ _..__.,State of..?`Iebraska......,hereinafter referred
<br /> to as the Borrower, and the Mortgagee, FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
<br /> LINCOLN, 1235 "N" Street, Lincoln, Nebraska 65501, its successors and assigns, hereinafter referred to
<br /> as Lender.
<br /> WiTxEssETx: That the said Borrower for and in consideration of the sum of.�'NxX._.xF7Q.7�iQUSAND
<br /> --.•AND NO/lOQ---------------------------------------- �
<br /> ................ .......�------ ... ..._.... ....---............_............- ---....... ..------.�ol.ars (US g._22_,OOO...QO_. ........_-�
<br /> paid by said Lender, does hereby mortgage, grant and convey to Lender, its successors and assigns; the
<br /> ,'' following described property located in the County of .._......_ Hall ......, State of Nebraska:
<br /> .........._...._.
<br /> i Comraencing at a point in the South line and 20 feet West of the Southeast corner of I,ot "B", of Elm
<br /> } Place Addition to the City of Grand Island, FIall County, Nebraska running thence Northwesterly and
<br /> , parallel with the Easterly line of said Lot "B", 132 feet to the South line of the a1Zey, thence
<br /> ; Southwesterly along said South line of said Al1ey, 52 feet, thence turning a right angle and running ;
<br /> l Southeasterly on a line parallel with said Easterly line of said Lot "B", 132 feet, to the North 1ine::'
<br /> ( of Division Street, in said City, and thence Northeasterly along said North line o£ Division Street,
<br /> + 52 feet, to the place of Beginning, being part of said Lot "B" and Part of Lot 8 of the County
<br /> Subdivision of the Southeast Quarter of the Southwest Quarter of Section 16, Township 11 North,
<br /> ' Ran�e 9 West of the 6th P.M., and being a rectangular tract of land, 52 feet by 132 feet, fronting on
<br /> sai Divisioa}.������.�,ith all the improvements now or hereafter erected on the property, and all easements,
<br /> rights, appurtenances, rents, royaities, mineral, oil and gas rights and profit�s, water, water rights, and
<br /> water stock, and all fixtures now or hereafter attached to the property, all of which, including replace-
<br /> ments and additions thereto,shall 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 this
<br /> Mortgage is on a ]easehold) are herein referred to as the "Property".
<br /> i Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right
<br /> to mortgage, grant and conve.v 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, suUject to any
<br /> easements and restrictions listed in a schedule oi 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 /> Peov[nen Ai,waYs, and these presents are executed and delivered upon the following conditions,agree-
<br /> ments and obligations of the Borrower, to-wit:
<br /> y
<br /> The Borrower agrees to pay to the Lender,or order, the principal sum of..�IENTY..T[+IO..THoUSAND.._
<br /> ._----A�7A--NQl.�._40-----r.-.-----.---r.------.------------r.-----Dollars (US�-._.22,,9.QQ.A9.. - ----��
<br /> payable as prodided in a note executed and delivered,concurrently herewith, the final payment of principal,
<br /> ' if not sooner paid,on the.---...l.s.�.............. day of....----Q�=t9bex.._..._.--.--_.......,�0.2QQ6
<br /> UrrtFoanz CovExaxTs. Borrower and Lender covenant. and agree as follows
<br /> 1. Payment ot Principal and Interest. Borrower shall promptly pay when due the �rincipal of. and in-
<br /> terest on the indebtedness evidenced by t.he Note, prepayment and late charges as provided in fhe Note,
<br /> and the principal of and 'ant.erest on any Future Advances secured by this Mortgage.
<br /> 2. Funds for Taxes and Insur�ce. Subject to Lender's option under paragraphs 4 and 5 hereof, Bor-
<br /> mwer shall pa,y to Lender on the day inonthlv installments of principnl and interest are paya}?le under t:he
<br /> Note, until the Note is paid in fall,a sum (herein "Funds") equal to one-twelfth of khe ,yearly taxes and
<br /> assessments which may attain priorit,y over this b�origage, and ground rents on the Property, if any plus
<br /> one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium in-
<br /> stallments for moctgage insurance, if any, all as reasonablv estimat,ed initiallv and from time to time bv
<br /> Lender o�Y,he basis nf assessments and bills and reasonsble estimates thereof, Lendcr shall qpply Cne Funds
<br /> to pay said taxes,assessments, insurance premiums and ground rents. Lender shall malce no charge for so
<br /> holding and applying the Funds or verifying and compiling said assessments and bills. The Lender shall
<br /> give to the Borrower,without charge,an annual accountin�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 may be held by the � '
<br /> Lender and commingled with other funds and the Lender's oN�n funds and the Lender may pay such items � " � �
<br /> . .._.,
<br /> from its ow-n funds and the Lender shall not be liable for interest or dividends on such Funds.
<br /> � If the amount of the Funds held by I,ender,together with the future monthly installments of Funds �
<br /> payabie prior to the due datea of taaces, assessments, insurance premiums and ground rents, shail exceed
<br /> the amount required to pay said taxes,assessments,insurance premiums and ground rents as they fall due, �
<br /> such excess shaII be,at Borrower's option, either promptly repaid to Borrower or credited t� Rorrnwrr nn
<br /> monthly installments of Funds. Tf the amount of the Funds held b,y Lender shall not be suf�icient to pay
<br /> t,�xes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender
<br /> .� ,
<br /> any amount necessary to make up the deficiency within thirty days after notice from Lender to Borrower
<br /> � requesting payment thereof, or Borrower shaCl, by an increase in monthly installments of Funds required,
<br /> ' repag the deficiency within the Fier.a acccr,intin� period. •-
<br /> Upon payment in full of all sums secured by this Mortgage,Lender shall apply Funds held as a credit: �
<br />� z against all sums due.
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