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<br /> 78 - U00224
<br /> To HnvE nlvn To Hoi.n the same unto the Mortgagee, as herein provided. Mortgagor r•epresents 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 /> rand defend the same against the lawful claims of all persons whomsoever. Mortgagor hereby relinquishes
<br /> all rights of homestead, all marital rigkts,-either in la�v or in equity, and all other contingent interests of
<br /> the Mortgagor in and to the above-described premises.
<br /> Pxovinm AnwnYs, 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 one /half per centum ( 8 '� % ) per annum on the unpaid balance until paid.
<br /> The said principal and interest shall be payable at the office ofBanco Mortgage Company
<br /> in Waterloo , Iowa , or at such other place as the holder of the note may deaignate in
<br /> writing delivered or mailed to the Mortgagor, in monthly installments of One Hundred Thirty -nine S� 96/100 - - -
<br /> DoIIars ($ 139 . 96 } , commencing on Ehe first day of �rch , 19 78 , and continuing on
<br /> the first day of each month thereafter until said note is fuliy 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 gebruary , 2008 ; al!
<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 hereinbefoi•e 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 /> ! 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.
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<br /> 2. Together with, znd in addition to, the monthly payments of principal and interest payable under
<br /> the terma of the note secured hereby, Mortgagor will pay to Mortgagee, as trustee, (under the terms of this
<br /> i trust as hereinafter atated) on the firat 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 /> and payabie 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 /> j the number of months to elapse before one month prior to the date when such ground renta,
<br />( premiums, taxes and assessments �c•il1 become delinquent, such sums to be held by Mortgagee
<br /> i 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 /> j note secured hereby, �hall be paid in a single payment each month, to be applied to the follow-
<br /> i ing items in the order stated :
<br /> E ( i) ground rents, taxes, assessments, fire and other hazard insurance premiums ;
<br /> (II ) intex•est 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 ahall, 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, Dlortgagor will pay a `9ate charge" not exceed-
<br /> ing four per centum (4q'o ) of any install ment �vhen paid more than fifteen ( 15 ) days after the
<br /> due date thereof to cover the extra expense involved in handling delinquent payments, but such
<br /> '9ate charge" shall not be pay able 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 expcnses secured thereby. .
<br /> 3. If the total of the payments made by the Mortgagar under (a) of paragraph 2 preceding shall
<br /> exceed the amount of payments actually made by the Mortgagee, as trustee, for ground rents, taxes and
<br /> assessmeats or insurance premiums, as tRe 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 /> 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 indebtedneas, credit to the account of the Mortgagor any credit balance
<br /> accumulated under the provisions of (m) of paragraph 2 hereof. If there shail be a default under any
<br /> of the proviaiona of this mortgage resulting in a public sale of the premises�"covered hereby, or if the .
<br /> Mortgagee acquires the property otherwiae after default, the Mortgagee, as trustee, shall apply, at the f ,
<br /> time of the commencement of such proceedings, or at the time the property is otherwise aequired, the ;i �
<br /> amount then remaining to credit the Mortgagor under ( a) of paragraph 2 preceding, as a credit on the � - " +� -
<br /> interest accrned and unpaid and the balance to the principal then remaining unpaid on said note. � a � � ` ,
<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 seeured hereby_
<br /> 5. He will pay all ground renta, taxes, assesaments, water rates, and other governmental or munici- ' • ` W�
<br /> pal chargea, finea, or impoaitions, levied upon said premises and that he wiil pay all taxes levied upon this , �'" '
<br /> mortgage, or the debt aecured thereby, together with any other taxes or asaessments which may be levied � � "�`
<br /> under the.Iaws'of Nebraska against the Mortgagee, or the legal hoider of said principal note, on account of
<br /> this indebtedness, exeept when payment for all such itema has theretofore been made under ( a) of para-
<br /> graph 2 hereof, and he will promptly deliver the offieial receipts therefor to the Mortgagee. In default
<br /> thereof the Mortgagee may pay the same. I
<br /> SA Mortgagor agreea that should the Veterane Administration for any reason not J
<br /> isaue a guaranty under the provisions of the Servicemen ' s Readjustment Act of 1944 , as
<br /> amended , aad the ruies and regulations issued purauant theretc , within 9Q days from
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