168-456 - Laserfiche WebLink

Browse

To Hnv1 AND To HOLD the same unto the Mortgagee, as llerein provided. Mortgagor represents to, and covenants' with, the'Mortgagee, that the Mortgagor has good right to sell and convey' said. premises; . that they are free from encumbrance, except as liereinotherwise recited; that the Mortgagor will warrant and defend the same against the Ilawful claims of all persons whomsoever. Mortgagor hereby, relinquishes all rights of homestead, gall marital rights, either in law or inequity, and all other contingent interests of the Mortgagor in and to the above-described premises. PROVIDED ALWAYs, and these; presents are executed and delivered upon the following conditions, to Wit Mortgagor agrees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from date at the fate of eight per centum ( 8.0%):per`annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of First Federal Savings and Loan in Lincoln Asso i t' n o p�,ine In or at such other place as t9iRoNer o the no�e may designate in writing delivered or mailed to the Mortgagor, in monthly installments of . One Hundred Seventeen and 66/100- Dollars ($117.66 ), commencing on the first clay of May 11975 , and continuing on the first day of each month thereafter until said note is fully paid, except that, if not sooner paid, the final payment of principal and interest shall be due and payable on the first day of April :2004 all according to the terms of a certain promissory note of even (late herewith executed by the said Mortgagor. The Mortgagor further agrees: 1. He will pay the indebtedness as hereinbefore provide(. Privilege is reserved to prepay at any' time, without premium 'or fee, the entire indebtedness or any part thereof not less than the amount of one installment, or one hundred dollars ($100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial prepayment, other than on an installment due date, need not. be credited until the next following installment due date_ or thirty days after such prepayment, whichever is earlier. 2. Together with, and in addition to, the monthly payments of principal and interest payable under the term&of the note secured hereby, Mortgagor will pay to Mortgagee,,as trustee, (under the terms of this trust as hereinafter stated) on the first (lay of each month until said note is fully paid (a) A-sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next'due On the mortgage(! property (all as estimate(! by the Mort- gagee, and of Nvhich the Mortgagor is notified) less all 'sums already, paid therefor divided by the number of months to'elapse before one month prior to the date when such ground rents, premiums, taxes and assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said grouted rents, premiums, taxes a14special assessments. M. The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the . note secured hereby, shall be paid in a single payment each month, to be applied to the follow- ing items in the order stated (1) ground rents, taxes, assessments, fire and other hazard insurance premiums; (II) interest on the note secured hereby; and (III) amortization of the principal of said note. Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mortgagor prior to tele due (late of the next such payment, constitute an event of default under this mortgage. At-Mortgagee's, option; Mortgagor will pay a "late charge" not exceed ing four per centum (4%) of any install ment when paid more than fifteen (15) days after the due (late thereof to cover the extra expense involved in handling delinquent payments, but such "late charge" shall -not be payable out of the proceeds of any sale made to satisfy the indebted- ness secured hereby, unless such proceeds are sufficient.to discharge the entire indebtedness and all proper costs and expenses secured thereby. 3. If the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee„ as trustee, for ground rents, taxes and assessments or insurance premiums, as the case maybe, such excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagor for such items or, at Mortgagee's option, as trustee, shall be refunded to Mortgagor. If, however, such monthly payments shall not be sufficient. to pay such items when the same shall become due and payable, then the Mortgagor shall pay to the Mortgagee, as trustee, any amount necessary to make tip the deficiency within thirty (30) days after written notice from the Mortgagee stating the amount of the deficiency, which notice may be given by mail. If at any time the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the Note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the amount of such indebtedness, credit to the account of the Mortgagor any credit balance accumulated, under the provisions of (a) of paragraph 2 hereof. If there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the' Mortgagee acquires the property otherwise after default, the Mortgagee, as trustee, shall apply, at the time of the commencement of such proceedings, or at the time the property is otherwise acquired,. the' amount then remaining to credit the Mortgagor under (a) of paragraph 2 preceding, as a credit on the "interest accrued and. unpaid and the balance to the principal then remaining unpaid on said note. 4. ..The lien of this instrument shall remain in full force and effect during any postponement or exten sion of the time of payment of the indebtedness or any part thereof secured hereby. 5. He iyill. pay, all ground rents, taxes, assessments, water rates, and other governmental or munici pal charges, firies,'or impositions, levied Yipon said premises and that he will pay all taxes levied upon this mortgage, or the debt secured thereby, together with any other taxes or assessments which may be levied Under the laws of Nebraska against the Mortgagee, or the legal holder of said principal note, on account of . this indebtedness, except when payment for all such items has theretofore been male under .(a) of para- graph 2 hereof, and -lid will promptly deliverlhe official .receipts therefor to the'Mortgagee. In default thereof the Mortgagee rhay'pay the same.