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<br /> INDIVIDUAL
<br /> �UE ON SALE
<br /> � OPTIONAL FUTURE ADVANCES
<br /> I �■ SAVINGS FUND
<br /> '� � � � FORM No.720 } ' �� ��:
<br /> Loan Number____ 35606-_TYo99-_B�1�F j ;
<br /> s 7_8lUOU986 MORTGAGE
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<br /> � i�HIS MORTGAGE,made and executed this ........-��............... day of...s�.. ......._..� A_D., �
<br /> • 19_../_�,between the Mortgagor, ..._Jimmy.L.._Hough__an,d..Linda_.L._.Houghx,.h_�_ns,.,.b�,_a,~dd and _wifex,_,,,,. `
<br /> ...---�---.....
<br /> .� �ointly and each in thetr own ri�ht; ___._,.._
<br /> ..•-------------•-----..._....._....------ .... _ ....---------•--....._....._
<br /> '� of Grand Island __, County of....... .. Hall... _....__,State of..Nebraska..,,,._,hezeinafter referred
<br /> �.e . -------.. ................. - , .
<br /> '4 to as the Borrower, and the Mortgagee, FIRST FEDERAL SAVINGS RND IAAN ASSOCIATION OF
<br /> y LINCOLN, 1235 "N" Street, Lincoln, Nebraska 68501, its successors and assigns,hereinafter referred to
<br /> as Lendea
<br /> ' �V t-t- �t t� �ac�$ rrower for and in consideration of the sum of...._.FOURTEEN THOUSAND
<br /> ......-•-•----�-�•
<br /> NIN ���`� I'I i 1 $----------------------
<br /> + _.................•---....------------•------._..._..........----......_ .......------•--�•-----..........----•--.Dol:ars (US$---14,950.00---...-•----•---•-•)
<br /> � paid by said Lender, does hereby mortgage,grant and convey to Lender, its successors and assigns; the
<br /> following described property located in the County of ..................Hall ....� State of Nebraska: `
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<br /> ;S Lot Forty-nine (�+9) in Wolfe's Subdivision in the City o£ Grand Island
<br /> t Ha11 County, Nebraska.
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<br /> ; TocE�rxEe with all the improvements now or hereafter erected on the property, and all easements,
<br /> rights, appurtenances, renta, royalties, mineral, oil and gas rights and profits, water, water zights, and
<br /> ,� water stcek, and all fixtures aow or hereafter attached to the property, all of which, including replace- t;
<br /> ments and additions thereto,shall be deemed to be and remain a part of the property covered by this
<br /> _� Mortgage; and all of the foregoing, together with said property (or the leasehold estate in the event this
<br /> � Mortgage is on a leasehold) are herein referred to as the "Property". :
<br /> Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right i�
<br /> to mortgage, grant and convey the Property, that the Property is unencumbered, and that Borrower will
<br /> warrant and defend generally the title to the Property against all claims and demands, subject to any
<br /> � easements and restrictions listed in a schedule of exceptions to coverage in any title insurance policy in-
<br /> suring Lender's interest in the Property,or (2) attomey's opinion of title from abstract of title certiSed
<br /> � by bonded abstracter.
<br /> � Psovinsn ALwwxs, and these presents are executed and deliverecl upon the following conditions,agree-
<br /> .} ments and obligations of the Borrower, to-wit:
<br /> ` The Bortower a�ree to a to the Lender,or order,the principal sum of ....FOURTEEN TfidUSAND
<br /> � NINE HUNDRED FI •---•-•-------__.....--•-•---••--
<br /> FTY.__SAND gTOy/100--------------------- 14 950.00
<br /> f ._..--•--------•.............•---•------ -------•--•-•-----•-�------------•----------------��---�--�---...Dollars (US$.--�-•---.r._.......--•---.....-�---••-•--�
<br /> `i payable as provided in a note executed and delivered,concurrently hernwith,the final payrnent of principal,
<br /> � if not sooner paid,on the.----a.��................ day of .........__�7ax'Ck�.....--- --......_..., 1993--... -
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<br /> 't UxiFoaM CovExnx�rs. Borrower and Lender covenant and agree as follows:
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<br /> �'� 1. Payment of Principal cmd iatereat Borrower shall pmmptly pay when due the principal of and in-
<br /> � terest on the indebtedness evidenced by the Note,prepayment and late charges as provided in the Note,
<br /> � and the principal of and interest on any Future Advances secured by this Mortgage.
<br /> Z. Fuads for Tmces�d Iasur�ce. Subject to Lender's option under paragraphs 4 and 5 hereof, Bor-
<br /> ,.� rower shall pay to Lender on the day monthly instaliments of principal and interest are payabte under the
<br /> Note, until the Note is paid in full,a sum (herein "Funds") equal to one-twelfth of the yearly taxes and
<br /> assessments which may attain priority over this Mortgage, and ground rents on the Property, ff any plus
<br /> one-twelfth of yearly premium installtnents for hazard msurance, pIvs one-twelfth of yearly premium in-
<br /> `,� stallmenta for mortgage insUrance, if anly all as reasonably estimated initially and from time to time by
<br /> Lender on the basis of assessments and bills and reasonable estimates thereof,Lender shall apply the Funds ,
<br /> r to pay said taxes, asseasments,insurance premiums and ground rents.Lender shall make no charge for so
<br /> hold'uag and applying the Funds or verifying and compiling said assessments and bills. The Lender shall
<br /> ' � give to the Borrower,without charge,an armual accounting of the Funds showing credits and debits to the �
<br /> � Funds and the purpoae for which each debit to the Funds was made. The Funds are pledged as additional
<br /> security for the sums secured by this Mortgage. The Borrower agrees that the Funds may be t:eld by the
<br /> � Lender and commingled with other funds and the Lender's own funds and the Lender may pay such items ' x `
<br /> from its own funds and the Lender shall not be liable for interest or dividends on such Funds. ,
<br /> :� If the amount of the Funds held by Lender,together with the fvture monthly installments of Funds � ��� ' ti "'
<br /> r payabie prior to the due:dates of-tazea;assessmeats, insurance premiums and ground rents, slaall eaceed �`. :
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<br /> the amount requiz�ed topa y said texes,aseessments,insu=ence preauums and ground rents ns they fall due,
<br /> � such excess sbalI l�e,at Borrower's option, either promptly repaid to Bortower or credited to Bonower on � ,
<br /> P � - monthly installasents of Funds: If the amount of the Funds held by Lender shall not be sufficient to pay ��rj. '
<br /> taaes, sesessments, insurance premiuma'aad grouad rents ss they fall due, Borrower shall pay to Lender "� .
<br /> : any amonnt necessary-to.make up the deficiency within thirty days after notice from Lender to Borrower
<br /> requesting payment thereof,•or Borrower shall, by an increase in monthly installments of Funds required,
<br /> � repay the deficiency within tfie`Fund accounting period.
<br /> Upon paymeat in full ot all sutns aecured by this Mortgage,I.ender shall apply Funds held as u credil. �
<br /> against all sums dae.
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