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<br /> � �
<br /> 78 -UOOp'77
<br /> � REAL ESTATE MORTGAGE
<br /> HAROLD G. AREHART and ONETA AREHART, jointly and severally,
<br /> herein called the Mortgagors, in consideration of One Hundred Sixty-
<br /> seven Thousand Four Hundred and No/100 nollars (5167,400.00) do
<br /> hereby mo rtgage to MARION D. LARSEN and TORETTA L. . LARSEN, or the
<br /> survivor of them, herein called the Mortqagees, the followina described
<br /> real estate in Hall County, and State of '4ebraska:
<br /> Lots numbered 1, 2, 6, 7, 17, 22 , 23, 24,
<br /> 25, 29, 32, 33, 34, 36, 37, 38, 39, 45, 46,
<br /> 47, 49, 51, 52 and 53 , in Ravenwood Subclivi-
<br /> sion, Hall County, Nebraska.
<br /> And the Mortgagors do hereby covenant witl-i the Mortqaaees
<br /> and with Mortgagees' heirs and assigns that Mortgagors are lawfully
<br /> seized of said premises, that they are free from encumbrance, that
<br /> Mortgagors have good right and lawful authority to convey the same,
<br /> and that Mortgagors warrant and will defend the title to said nremises
<br /> against the lawful claims of all persons whomsoever.
<br /> . This Mortgage is given to secure the payment of the princioal
<br /> sum of $167,400.00 and interest thereon, according to the terms of a
<br /> certain Promissory Note of even date, executed by the Mortgagors to
<br /> the Mortqagees, due the 2nd day of ,7anuary, 1963.
<br /> The Mortgagors agree to pay all taxes and assessments upon said
<br /> premises and all other taxes, levies and assessments levied upon
<br /> this Mortgage and the Note which this Mortqage is qiven to secure
<br /> before the same become delinquent. In the event the Mortgaqors
<br /> shall fail to obtain such insurance or pay such taxes before delin-
<br /> quent, the Mortgagees may purchase such insurance and nay such taxes
<br /> or other liens and shall have a lien secured hereby for the amount
<br /> so advanced with interest thereon at the rate of eleven oer cent
<br /> (118) per annum.
<br /> In the event the Mortgaqors default in the payment of said
<br /> indebtedness or any installment thereof, or fail to perf_orm any of
<br /> the other agreements herein, the Mortgagees at their election may
<br /> declare the entire debt secured by this Mortgaqe to be due and
<br /> collectible at once; and may foreclose this Mortqaqe for the satis-
<br /> faction thereof.
<br /> Mortgagors shall be entitled to the release of one Lot covered
<br /> by this Mortgage for each 56,975.00 of principal naid by Mortqacrors
<br /> to Mortgagees.
<br /> Mortgagors understand that there is a Mortqaqe in favor of Home
<br /> Federal Savinqs & Loan Association which shall continue to be a lien
<br /> against the premises; provided, howevPr, that Mortqaqees promise to
<br /> obtain the release of the Home Federal Mortgaqe as to each Lot for
<br /> which Mortgagees receive the payment hereunder of $6,975.00 and
<br /> Mortgagees further covenant that the entire Home Federal Mortgage
<br /> will be released at the time of the payment in full of this Mortqaqe.
<br /> Signed this 3rd day of January, 1978. _
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