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MORTGAGE—Savings sad Loan Form—(Direct Credit Plan) 255.2 (Special)
<br />. MORTGAGE
<br />00,2 321,
<br />Loan No
<br />THIS'INDENTURE, made thie• 21St day of August 19775 by and between
<br />W. RALPH BORGMANN AND JOYCE K. BORGMANN, husband and wife, each in his and her own
<br />3 right and as spouse of the.other
<br />of Hall County, Nebraska, as mortgagor s, and Home Federal Savings and Loan Association of Grand Island,
<br />a corporation organized and existing under the laws of- Nebraska with its principal office and place of; business at Grand Island, Nebraska,
<br />as mortgagee:
<br />WITNESSETH: That said mortgagor S . for and in consideration of the sum of
<br />FOURTY THOUSAND NINE HUNDRED FIFTY AND N0/100 ---------------------Dollars (s 40,950.0.0 1,
<br />the receipt of which' is hereby acknowledged, do= by these presents mortgage and warrant unto said mortgagee, its successors and
<br />assigns, forever, all the following doscribed real estate, situated in the county of Hall
<br />and State of Nebraska, to -wit:
<br />r
<br />LOT THREE (3), BLOCK ONE (1), IN CAPITAL HEIGHTS THIRD SUBDIVISION,
<br />BEING A PART OF THE SOUTHWEST QUARTER (SWk)'OF'SECTION TWO (2),
<br />TOWNSHIP ELEVEN (11) NORTH, RANGE TEN (10) WEST OF THE 6TH P.M.,
<br />HALL COUNTY, NEBRASKA.
<br />$ Together with all heating, lighting, and plumbing equipment and fixtures, including stokers and burners, screens, awnings, storm windows
<br />> and doors, and window shades or blinds, used on or in connection with said property, whether the same are now located on said property
<br />or hereafter placed thereon.
<br />TO HAVE AND TO HOLD THE SAME, together with all and singular the tenements, hereditaments and appurtenances thereunto belong -
<br />Ing, or in anywise appertaining, forever, and warrant the title to the same. Said mortgagor S hereby covenant_ with said mortgagee
<br />that —t—hoY are at the delivery hereof, the lawful owners of the premises above conveyed and described, and are
<br />t seized of a good and indefeasible estate of inheritance therein, free and clear of all encumbrances, and that _--le y will warrant and
<br />defend the title thereto forever against the claims and demands of all persons whomsoever.
<br />PROVIDED ALWAYS, and this instrument is executed and delivered to secure the payment of the sum of
<br />FOURTY THOUSAND NINE HUNDRED FIFTY AND NO/100-------=------------Dollars (S 40, 950.00 t,
<br />with interest thereon, together with such charges and advances as may be due and payable to said mortgagee under the terms and
<br />conditions of the promissory note of even date herewith and secured hereby, executed by said mortgagor S to said mortgagee, payable
<br />as expressed in said note, and to secure the performance of all the terms and conditions contained therein. The terms of said note are
<br />hereby incorporated herein by this reference.
<br />It is the Intention and agreement of the parties hereto that this mortgage shall also securo any' future advances made to said
<br />mortgagor S .by• said mortgagee, and any and all indebtedness in addition to the amount above stated which said mortgagors, or. any
<br />of them, may owe to said mortgagee, however evidenced, whether by note, boot account or otherwise. This mortgage shall remain in full
<br />force and effect, between the parties hereto and their heirs, personal representatives, successors and assigns, until all amounts secured
<br />hereunder, including. future advances, are paid in full with interest.
<br />The mortgagor S •hereby assign to said mortgagee all rents and income ,arising at any and all times from said property and
<br />hereby authorize said mortgagee or its agent, at its option, upon default. -to take charge of said property and collect all rents and income
<br />therefrom and apply the same to the payment of interest, principal, insurance premiums, taxes, assessments, repairs or improvements neces-
<br />sary to keep said property in tenantable condition, or to other charges or payments provided for herein or in the note hereby secured. This
<br />rent assignment shall continue in force until the unpaid balance of said note is fully paid. The taking of possession hereunder shall in no
<br />manner prevent or retard said mortgagee in the collection of said sums by foreclosure or otherwise.
<br />The failure of the mortgagee, to assert any. of its rights hereunder at any time shall not be construed as a waiver of its right to assert
<br />i the same at any later time, and, -to insist upon and 'enforce strict compliance with all the terms and provisions of said note and of this
<br />mortgage.
<br />If said mortgagor s_ shall cause to be paid to .said mortgagee the entire amount due It hereunder; and under the terms and provisions
<br />of said note hereby secured, including future advances; and any extensions or renewals thereof in accordance with the terms and provisions
<br />thereof, and if said mortgagorS shall comply with all the provisions of said note and of this mortgage, then these presents shall be void:
<br />i otherwise to remain in full force and effect, and said mortgagee shall be entitled to the possession of all of said property, and may, at its
<br />option, declare the whole of said .note and all indebtedness represented thereby to be immediately due and payable, and may foreclose this
<br />mortgage or take any other legal action to protect its right, and from the date of such default all items of indebtedness secured hereby
<br />shall draw Interest at 9% per annum. Appraisement waived.
<br />This mortgage shall be binding upon and shall enure to the benefit of the heirs, executors, administrators, successors and assigns of
<br />the respective parties hereto.
<br />IN WITNESS WHEREOF, said Mortgagor S_ha Ve hereunto not their hand S the day and year first above
<br />written.
<br />-w.. Kaipngb rran
<br />/Joy K. Borgmann/
<br />X53
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