|
7
<br /> . reis
<br /> ,; :.
<br /> To HAVE AND To How the same unto the Mortgagee, as herein provided . Mortgagor represents to,
<br /> and covenants with , the Mortgagee, that the Mortgagor has good right to sell and convey said premises ;
<br /> that they are free from encumbrance, except as hereinotherwise recited ; that the Mortgagor will warrant
<br /> •
<br /> and defend the same against the lawful claims of all persons whomsoever. Mortgagor hereby relinquishes
<br /> all rights of homestead, all marital rights, either in law or in equity, and all other contingent interests of
<br /> [ the Mortgagor in and to the above-described premises.
<br /> PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions, to
<br /> wit :
<br /> ' Mortgagor agrees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from date
<br /> at the rate of eight and three -fourt zr centum ( 8 . 79"b ?er annum on the unpaid balance until paid.
<br /> The said principalgand interest shall be payable at the office of )Asrst Federal Savings and Loan
<br /> Association of Lincoln
<br /> in Lincoln , or at such other place as the holder of the note may designate in
<br /> writing delivered or mailed to the Mortgagor, in monthly installments of Two Hundred Sixty-nine and 84/100-
<br /> Dollars ( $ 269 . 84 ) , commencing on the first day of May , 19 76 , and continuing on
<br /> 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 /> 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 shall be credited on
<br /> •
<br /> the date received. Partial prepayment, other than on an installment due date, need not be credited until
<br /> l the next following installment due date or thirty days after such prepayment, whichever is earlier.
<br /> } 2. Together with, and in addition to, the monthly payments of principal and interest payable under
<br /> 1 the terms of the note secured hereby , Mortgagor 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 sum equal to the ground rents , if any, next due, plus the premiums that will next become due
<br /> f„ 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 /> ing items in the order stated :
<br /> ( [ ) ground rents, taxes, assessments , lire and other hazard insurance premiums ;
<br /> ( u ) interest on the note secured hereby ; and
<br /> ( III ) 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 /> t .1‘ 1: ander this mortgage. At Mortgagee's option , Mortgagor will pay a "late charge" not exceed-
<br /> • 1, : • ' -
<br /> -1 .
<br /> xceed-
<br /> `. ing four per centum (1 ) of any installment when paid more than fifteen ( 15 ) days after the j
<br /> r
<br /> due date thereof to cover the extra expense involved in handling delinquent payments, but such ig; ;
<br /> " 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 /> N - exceed the amount of payments actually made by the Mortgagee, 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 made by the Mortgagor for such items or, at Mortgagee's option, as trustee,
<br /> 11 ' . 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 /> t: ' the Mortgagee stating the amount of the deficiency, which notice may be given by mail. If at any time
<br /> •
<br /> . 0 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 /> i ;,. ; 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 /> interest accrued and unpaid and the balance to the principal then remaining unpaid on said note.
<br /> 4. The lien of this instrument shall remain in full force and effect during any postponement or exten- ;` ''
<br /> sion of the time of payment of the indebtedness or any part thereof secured hereby. N X;
<br /> 5. He will pay all ground rents, taxes, assessments, water rates, and other governmental or munici- •
<br /> pal charges, fines, or impositions, levied upon said premises and that he will pay all taxes levied upon this 6� ,St's
<br /> l i9
<br /> mortgage, or the debt secured thereby, together with any other taxes or assessments which may be levied
<br /> •
<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 all such items has theretofore been made under ( a ) of para-
<br /> graph 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 /> •
<br /> L J
<br /> J
<br />
|