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gag
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<br />THIS MORTGAGE is made,this ' 23 day of 19_7r_, between the Mortgagor,.
<br />JOHN G SE HOUR JR.,— and ARO T_ sEy C) TR. • , whose address is
<br />Routh P Box 16013- (herein
<br />"Borrower"), and'the Mortgagee, EVANS PRODUC S'COMPANY, a Delaware corporation, with offices at
<br />P. O. Box 7703, Colorado Springs, Colorado 80933 (herein "Lender").
<br />Whereas, Borrower and Lender have executed a Construction Loan Agreement of even date (herein "Agreement") under which
<br />Lender has made to Borrower a loan in the amount of FOUR THOUSAND AND N01100 — — — — — — — t — - ---
<br />Dollars ($ 4J, 0OQ� OQ ) .for the express purpose
<br />of performing certain -work on the mortgaged premises described below; and
<br />Whereas, in connection with such Agreement and pursuant to the terms thereof, Borrower has executed a Construction Note
<br />(herein "Note") of even date in the above loan amount payable to the Lender whereby the Borrower obligated itself.to pay to the
<br />Lender the amount so advanced, plus interest as therein stated as follows: After the date of the first advance an amount equal to
<br />interest only at the rate set forth therein on all sums advanced until and including the first day oA crust
<br />19 76 thereafter interest at the rate set forth therein together with the principal- shall be paid in 156 successive monthly
<br />installments of $ ¢ �() each, applied first to interest and then to principal commencing onSpnfa mhAr 1- 197h
<br />and on the first day.of each succeeding calendar month thereafter unless sooner paid.
<br />To secure to Lender the repayment of the indebtedness evidenced by the Note with interest thereon as set forth in the Note
<br />(herein "Indebtedness") (and any extensions and/or renewals or modifications of such Note), and the payment of all other sums
<br />with interest thereon advanced in accordance herewith to protect the security of this Mortgage and the performance of the
<br />covenants and agreements of the Borrower herein contained and contained in the Agreement Borrower does hereby mortgage,
<br />grant, and convey to Lender, the following described property located in the County of Hall and
<br />State of 'Nal•iraska '
<br />Lot -One (1), in Haubold Subdivision,in Hall County,' Nebraska.
<br />Together with all the improvements now or: hereafter erected on the property and all easements, rights, appurtenances, rents,
<br />royalties, mineral, oil and gas rights and profits, water, water rights and water stock, and all fixtures now or hereafter
<br />attached to the mortgaged premises, all of which, including replacements.and additions thereto,: shall be deemed to be and remain
<br />a part of the property covered by this Mortgage; and all of the foregoing, together with said property are herein referred to as
<br />the "Property".
<br />Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant
<br />and convey the Property, that the Property is unencumbered except for prior Mortgage executed by Borrower to EVANS
<br />PRODUCTS COMPANY and that Borrower will warrant and defend generally the title to the Property against all claims and demands,
<br />subject to any easements and restrictions approved by Lender in writing.
<br />UNIFORM COVENANTS, Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the Indebted-
<br />ness evidenced by the Note and late charges as provided in the Note.
<br />2. Funds for Taxes and Insurance. Subject to Lender's option under Paragraphs 4 and 5 hereof, Borrower shall pay to
<br />Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum
<br />(herein "Funds") equal to one -twelfth of the yearly taxes and assessments which may attain priority over this Mortgage, 'plus
<br />one -twelfth of the yearly premium installments for hazard insurance, all as reasonably estimated initially and from time to time
<br />by Lender on the basis of assessments and bills and reasonable estimates thereof. Lender shall hold the Funds in an account which
<br />is insured by a Federal or State agency and shall apply the funds from said account to pay said taxes, assessments, and
<br />insurance premiums. ` Lender shall make no charge for;so holding and applying the Funds, analyzing said account or verifying
<br />and compiling said•assessments and bills. Borrower and Lender may agree in writing at the time of execution of this Mortgage
<br />that interest on the Funds shall be paid to Borrower, and unless such agreement is made, Lender shall not be required to pay
<br />Borrower any interest on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing
<br />credits and debits to the Funds, interest, if any, paid to Borrower on the Funds and the purpose for which each debit to the Funds
<br />was made. The Funds are pledged as additional security for the sums secured by.this Mortgage.
<br />If the amount of Funds held by Lender, together with the future monthly installments of funds payable prior to the due dates of
<br />taxes, assessments, and insurance premiums shall exceed the amount required to pay said taxes, assessments and insurance
<br />premiums as they fall due, sucWexcess shall be, at Borrower's option, either promptly repaid to Borrower or credited to
<br />Borrower'on monthly installments of funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes,
<br />assessments, and insurance premiums as they fall due; Borrower shall pay to Lender any amount necessary to make up the
<br />deficiency within 30 days after notice from Lender to Borrower requesting payment thereof.
<br />Upon payment in full of all sums secured by this Mortgage, -Lender shall promptly refund to Borrower any Funds held by
<br />Lender. (Y /
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