|
76- 001. 366
<br /> To HAVE AND To Ifot.t) the sante unto the Mortgagee, as herein provided . Mortgagor represents to,
<br /> 4 and covenants with , the Mortgagee, that the Mortgagor has good right to sell and convey said premises ;
<br /> thatthey are free from encumbrance, except as he•einotherwise recited ; that the Mortgagor will warrant
<br /> ' and defend the same against the lawful claims of all persons whomsoever. Mortgagor hereby relinquishes
<br /> 1 r
<br /> xt all rights of homestead, all marital rights, either in law or in equity, and all other contingent interests of
<br /> n the Afortgagor in and to theabove-described premises.
<br /> is I'ROVIUEo ALwAf'S, and these presents are executed and delivered upon the following conditions. to
<br /> wit :
<br /> ' Mortgagor agrees to pay: to Oa Mortgagee, or order, the aforesaid principal sum with.intetestfrom date
<br /> ' £„ at the rate ofEight . and Three. Fourthper centum 0 . 75% ) per annum on the unpaid ibalance until paid,
<br /> The said principal and interest shall be payable at the office of First Federal 3 von s and
<br /> Loan Association of Lincolnto
<br /> t in Nebraska , or at sue!' other place as the holder ofthenote may designate in -
<br /> t. 1 writing delivered or mailed to the Mortgagor, in monthly installments of Two Hundred Fifty Nine . and 23/100
<br /> Dollars ($ 259 . 23 ) , commencing on tyle first day of May , 19 76 , and continuing on
<br /> 4.SP1W
<br /> E the first day of each month thereafter until said note is fully paid, except that, if not sooner paid , the final
<br /> payment of principal and interest shall be due and payable on the first day of April 2006 : ; all
<br /> according to the terms of a certain promissory note of even date herewith executed by the said Mortgagor.
<br /> The Mortgagor further agrees :
<br /> i t 1. He will pay the indebtedness, as hereinbefore provided . Privilege is reserved to prepay at any
<br /> time, without premium or fee, the entire indebtedness or any part thereof not less than the amount of one
<br /> installment, or one hundred dollars ($100.00 ) , whichever is less . Prepayment in full shallbe credited on
<br /> the date received . Partial prepayment, other than on an installment due date, need not be credited until
<br /> the next following installment due date or thirty days after such prepayment, whichever. is earlier I ;
<br /> 2. Together with, and in addition to, the monthly payments of principal and interest payable under
<br /> the terms of the note secured hereby, 11fortgagor will pay to Mortgagee, as trustee, (under the terms of this .
<br /> trust as hereinafter stated ) on the first day of each month until said note is fully paid :
<br /> (a) A stun equal to the ground rents, if any, next due, plus the premiums that will next become duo
<br /> and payable on policies of fire and other hazard insurance covering the mortgaged property,
<br /> plus taxes and assessments next due on the mortgaged property ( all as estimated by the Mort-
<br /> gagee, and of which the Mortgagor is notified ) less all sums already paid therefor divided by
<br /> the number of months to elapse before one month prior to the date when such ground rents,
<br /> premiums, taxes and assessments will become delinquent , such sums to be held by Mortgagee
<br /> in trust to pay said ground rents, premiums, taxes and special assessments.
<br /> ( b ) The aggregate of the amounts payable pursuant to subparagraph ( a ) and those payable on the
<br /> note secured hereby, shall be paid in a single payment each month, to be applied to the follow-
<br /> " 5 ing items in the order stated :
<br /> ' ( I ) ground rents, taxes, assessments , fire and other hazard insurance premiums ;
<br /> ( II ) interest on the note secured hereby ; and
<br /> ( 111 ) amortization of the principal of said note.
<br /> Any deficiency in the amount of any such aggregate monthly payment shall, unless made good
<br /> by the Mortgagor prior to the due date of the next such payment, constitute an event of default
<br /> under this mortgage. At Mortgagee's option, Mortgagor will pay a "late charge" not exceed-
<br /> ing four per centum ( 4 % ) of any instalment when paid more than fifteen ( 15 ) (lays after the
<br /> duo date thereof to cover the extra expense involved in handling delinquent payments, butsuch '
<br /> L "late charge" shall not be payable out of the proceeds of any sale made to satisfy the indebted-
<br /> ness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and
<br /> ` all proper costs and expenses secured thereby.
<br /> 3. If the total of the payments made by the Mortgagor under ( a) of paragraph 2 preceding shall
<br /> exceed the amount of payments actually made by the Mortgam, as trustee, for ground rents, taxes and
<br /> assessments or insurance premiums, as the case may be, such excess shall be credited by the Mortgagee
<br /> on subsequent payments to be madeby the Mortgagor for such items or, at Mortgagee's option, as trustee,
<br /> shall be refunded to Mortgagor. If, however, such monthly payments shall not be sufficient to pay such
<br /> items when the same shall become due and payable, then the Mortgagor shall pay to the Mortgagee, as
<br /> trustee, any amount necessary to make up the deficiency within thirty ( 30 ) days after written notice from
<br /> the Mortgagee stating the amount of the deficiency, which notice may be given by mail. If at any time
<br /> the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured
<br /> ` hereby, full payment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall ,
<br /> in computing the amount of such indebtedness, credit to the account of the Mortgagor any credit balance
<br /> accumulated under the provisions of ( a ) of paragraph 2 hereof. If there shall be a default under any
<br /> of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the •
<br /> Mortgagee acquires the property otherwise after default. the Mortgagee, as trustee, shall apply, at the •
<br /> time of the commencement of such proceedings, or at the time the property is otherwise acquired, the
<br /> amount then remaining to credit the Mortgagor under ( a ) of paragraph 2 preceding, as a credit on the
<br /> I. interest accrued and unpaid and the balance to the principal then remaining unpaid on said note. } '
<br /> P.
<br /> 4 . The lien of this . instrument shall remain in full force and effect during awy postponement or exten-
<br /> sten of the time of payment of the indebtedness or any part thereof secured hereby.
<br /> AN ;
<br /> ,; :f*
<br /> 5. 1k will pay all ground Tents, taxes, assessments, water rates, and other governmental or munici- i. : .•
<br /> pal charges, fines, or impositions, levied upon said premises and that he will pay all taxes levied upon this '_:
<br /> mortgage, or the debt secured thereby, together with any other taxes or assessments which may be levied
<br /> under the laws of Nebraska against the Mortgagee, or the legal holder of said principal note, on account of
<br /> this indebtedness, except when payment for ail such items has theretofore been made under (a ) of pant-
<br /> :t: : 2 hereof, and he will promptly deliver the official receipts therefor to the Mortgagee, in default
<br /> thereof the Mortgagee may pay the same.
<br /> J
<br />
|