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<br /> 78-= U00 618
<br /> To HnvE axn To HoLD 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 hereinother�vise recited ; that the Mortgagor will warrant
<br /> and defend the same against the la�vful ciaims of all persons whomsoever. Mortgagor hereby relinquiahes
<br /> I all rights of homeatead, stl aiaritsl rights, either in law or in equity, and all other contingent interests of _
<br /> the MortgaQor ia and to the above-described premises.
<br /> PRovman AI.wnYs, end these presents are executed and delivered upon the foYlowing 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 /hal f per centum ( 8'�% ) per annum on the unpaid balance until paid.
<br /> The said principal and interest shall be payable at the office of Banco Mortgage Company
<br /> in Waterl oo , Iowa , or at such other place as the holder of the note may designate in
<br /> writing delivered or mailed to the Mortgagor, in monthly instailments ofTwo Hundred Sixty -eight & 38/100 - - - -
<br /> Dollars ($ 268 . 38 ) , commencing on the first day of March , 19 78 , 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 February , 2008 ; all
<br /> , i
<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 /> the date received. Partial prepayment, other than on an installment due date, need not be credited until
<br /> the next foIIowing installment due date or thirty days after such prepayment, whichever is esrlier.
<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, 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 /> (d) A sum equai to the ground rents, if any, next due, pIus the premiums that will next become due
<br /> a.nd payable on policies of fire and other hazard insurance covering the mortgaged property,
<br /> plua taxes and assessments next due on the mortgaged property (all as estimated by the Mort-
<br /> gagee, and of �vhich 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 «�ill become delinquent, such sums to be heid 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 (¢) and those payable on the ''"
<br /> �; note aecured hereby, shall be paid in a single payment each month, to be applied to the foilow-
<br /> � ing items in the order stated :
<br /> (t ) ground rents, taxes, assessments, fire and other hazard insurance premiuma ; �
<br /> ;� (ii) interest on the note secured hereby ; and -z;
<br /> (ti1) amortization of the principal of said note.
<br /> Any deficiency in the amount of any such aggregate monthly payment sha11, unless made good `t!
<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 `9ate charge" not exceed-
<br /> �� ing four per centum (4 % ) of any installment when paid more than fifteen ( 15 ) days after the
<br /> �' due date thereof to cover the extra expense invoived in handling delinquent payments, but'such
<br /> ?+ "Iste charge" shall not be payable out of the proceeds of any sale made to satiafy the indebted-
<br /> . yz ness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and
<br /> ;f all proper costs and expenses secured thereby.
<br /> '� 8. If the total of the payments made by the Mortgagor under (¢) of paragraph 2 preceding shall
<br /> ' exceed the amount of paymenta actually made by the Mortgagee, as trustee, for ground rents, taxes and
<br /> asaeasmenta or insurance premiums, as the case may be, such excess shall be credited by the Mortgagee
<br /> on aubsequent paymenta to be made by the Mortgagor for such items or, at Mortgagee's option, as trustee,
<br /> ahall be refunded to Mort,gagor. If, however, such monthly payments shall not be sufficieat to pay such
<br /> items when the same ahall become due and payable, then the Mortgagor ahall pay to the Mortgagee, as
<br /> i trustee, aqy amount necessary to make up the deficiency within thirty (30) days after written notice from
<br /> the Mortgag�ee atating the amount of the deficiency, which notice may be given by mail. If at any time
<br /> � � the Mortgagor ahall tender to the Mortgagee, in accordance with the provisions of the note secured
<br /> hereby, full payment of the entire indebtednesa represented thereby, the Mortgagee, as trustee, shall,
<br /> - c in computing the amount of such indebtedness, credit to the account of the Mortgagor any credit balance
<br /> ` accumulated under the provisions of (¢) of paragraph 2 hereof. If there shall be a default under any
<br /> `x of the proviaions of thia mortgage resulting in a public sale of the premises covered hereby, or if the
<br /> ' e Mortgagee acquirea the property otherwise after default, the Mortgagee, as truatee, ahall 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 112ortgagor under (¢) of paragraph 2 preceding, as a credit on the �
<br /> intereat accrued and unpaid and the balance to the principal thea remaining unpaid on said note. " '-""""
<br /> �� 4. The 2ien�of this instrument shall remain in fuil force and effect durin an � �'� > � `
<br /> � g y postponement or exten- � .
<br /> � aion of the time of payment of the indebtednesa or any part thereof secured hereby.
<br /> y ' � � � � � � � f ,
<br /> � 6. 'He wiYl pay ali ground rents, taxea, assessmenta, water rates, and other governmental or munici- #• �
<br /> ,' ' pal chaxges, Snea, or impositione, levied upori said premises and that he will pay all taxes levied upon this � K�t.
<br /> mortgage, or the debt secured thereby, together with any other taxes or assessrnents which may be levied `R {..,., _'�"� `
<br /> + under the laws oPNebraska against the Mortgagee, or the legal holder of said principal note, on account of y
<br /> ` � �nis ;naebt�a��, except when payment for all such itema has theretofore been made under (a) of para-
<br /> ' } graph 2' hereof, and he will promptly deliver the oflicial receipts therefor to the Mortgagee. In default
<br /> , � thereof the Mortgagee may pay the same.
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