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MORTGAGE
<br />` This Mortgage is made this /� day of June 2001, between Richard Merle
<br />Stewart, a single person ( "Mortgagor ") and Darlene Stewart, an unremarried widow,
<br />( "Mortgagee ").
<br />S
<br />In consideration of Thirty Thousand Dollars ($30,000.00) advanced by o
<br />Mortgagee to Mortgagor, who both acknowledge receipt of such sum, which is
<br />evidenced by a promissory note of even date ( "the Note ") which this Mortgage
<br />secures, the Mortgagor hereby mortgages to the Mortgagee the following described
<br />real property situated in the County of Hall, State of Nebraska, and described as
<br />follows:
<br />Lot Two (2), Garland Place Subdivision to the City of Grand Island, Hall
<br />County, Nebraska.
<br />Together with all rents, easements, appurtenances, hereditaments, improvements and
<br />buildings of any kind situated thereon.
<br />Mortgagor covenants with Mortgagee and her successors in interest that (i)
<br />Mortgagor holds title to the property in fee simple and has lawful authority to
<br />mortgage the same, (ii) the property is free of liens and encumbrances and (iii)
<br />Mortgagor will defend the property against the lawful claims of any person or entity.
<br />PAYMENTS. Mortgagor shall promptly make payment upon demand as
<br />required under the Note.
<br />2. TAXES. Mortgagor shall pay all real estate taxes and special assessments
<br />of every kind, now or hereafter levied and assessed against the property or any part
<br />thereof, before same become delinquent, without notice or demand and shall provide
<br />Mortgagee with evidence of the payment of same.
<br />3. INSURANCE AND REPAIRS. Mortgagor shall maintain fire and extended
<br />coverage insurance insuring the improvements and buildings constituting part of the
<br />property for an amount equal to the actual cash value of such improvements, exclusive
<br />of foundations, but in no event for an amount less than the amount of the unpaid
<br />principal balance of the Note. Such insurance policies shall contain a standard
<br />mortgage clause in favor of Mortgagee and shall not be cancelable, terminable or
<br />modifiable without ten (10) days written notice to Mortgagee. Mortgagor shall
<br />promptly repair, maintain and replace the property or any part thereof so that, except
<br />for ordinary wear and tear, the property shall not deteriorate. In no event shall the
<br />Mortgagor commit waste on or to the property.
<br />4. OPTIONAL ADVANCES. If the insurance required above is not promptly
<br />effected, or if the taxes or special assessments levied and assessed against the
<br />property shall become delinquent, Mortgagee (whether electing to declare the whole
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<br />MORTGAGE
<br />` This Mortgage is made this /� day of June 2001, between Richard Merle
<br />Stewart, a single person ( "Mortgagor ") and Darlene Stewart, an unremarried widow,
<br />( "Mortgagee ").
<br />S
<br />In consideration of Thirty Thousand Dollars ($30,000.00) advanced by o
<br />Mortgagee to Mortgagor, who both acknowledge receipt of such sum, which is
<br />evidenced by a promissory note of even date ( "the Note ") which this Mortgage
<br />secures, the Mortgagor hereby mortgages to the Mortgagee the following described
<br />real property situated in the County of Hall, State of Nebraska, and described as
<br />follows:
<br />Lot Two (2), Garland Place Subdivision to the City of Grand Island, Hall
<br />County, Nebraska.
<br />Together with all rents, easements, appurtenances, hereditaments, improvements and
<br />buildings of any kind situated thereon.
<br />Mortgagor covenants with Mortgagee and her successors in interest that (i)
<br />Mortgagor holds title to the property in fee simple and has lawful authority to
<br />mortgage the same, (ii) the property is free of liens and encumbrances and (iii)
<br />Mortgagor will defend the property against the lawful claims of any person or entity.
<br />PAYMENTS. Mortgagor shall promptly make payment upon demand as
<br />required under the Note.
<br />2. TAXES. Mortgagor shall pay all real estate taxes and special assessments
<br />of every kind, now or hereafter levied and assessed against the property or any part
<br />thereof, before same become delinquent, without notice or demand and shall provide
<br />Mortgagee with evidence of the payment of same.
<br />3. INSURANCE AND REPAIRS. Mortgagor shall maintain fire and extended
<br />coverage insurance insuring the improvements and buildings constituting part of the
<br />property for an amount equal to the actual cash value of such improvements, exclusive
<br />of foundations, but in no event for an amount less than the amount of the unpaid
<br />principal balance of the Note. Such insurance policies shall contain a standard
<br />mortgage clause in favor of Mortgagee and shall not be cancelable, terminable or
<br />modifiable without ten (10) days written notice to Mortgagee. Mortgagor shall
<br />promptly repair, maintain and replace the property or any part thereof so that, except
<br />for ordinary wear and tear, the property shall not deteriorate. In no event shall the
<br />Mortgagor commit waste on or to the property.
<br />4. OPTIONAL ADVANCES. If the insurance required above is not promptly
<br />effected, or if the taxes or special assessments levied and assessed against the
<br />property shall become delinquent, Mortgagee (whether electing to declare the whole
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