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To HAVE AND To HOLD the same unto the Mortgagee, as lierein provided... Mortgagor represents to,
<br />and covenants with, the' - Mortgagee, that the Moftgagor has good right to sell.and convey said premises;
<br />that they are free from; encumbrance,. except as hereinotlrerwise recited;, that, the Mortgagorwill warrant'
<br />and defend the same against the lawful claims of all' persons whomsoever. Mortgagor hereby relinquishes'.
<br />all rights of homestead, all marital rights, either in law or in equity, and all other contingent.iitterests, of,
<br />the Mortgagor in and t6 the above-described premises.
<br />PROVIDED ALWAYS,'and these presents are executed and delivered upon the following conditions, to
<br />• wit,: � � .. .. .
<br />Mortgagor agrees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from date
<br />at the rate of Eight &. One -Half per centum (8k %) per annum on the unpaid balance until paid.
<br />The said principal and interest shall be payable at the office of Banco Mortgage Company;
<br />in Waterloo, Iowa , or at such other place as the holder of the note may designate in,
<br />writing delivered or mailed to the Mortgagor, in monthly installments of ,One ,Hundred Forty -Six & 11/100
<br />Dollars (p 146.11 ----},-commencing on the first day of October ,19 75 , and -continuing on
<br />the first day,of each month thereafter. until said note is fully paid, e: cept.tliat,;if not sooner paid; the final
<br />payment of principal and interest shall be due and payable on the first day of September, 2005 ; all
<br />according to the terms of a certain promissory note:of even date lierewitli executed by the said Mortgagor.'
<br />The Mortgagor further agrees:
<br />1. He will pay the;indebtedness, as liereinbefoi•e provided. Privilege is reserved to prepay at any
<br />time, without premiumoor fee, the entire indebtedness or any part thereof not less than the amount of one
<br />installment, or one hundred dollars ($100.00), whichever is less. Prepayment, in full shall be credited on
<br />the date received. Partial prepayment, other than on an installment due date;, need not be. credited until
<br />the next following installment due date or thirty days after such prepayment, whichever is earlier.
<br />2. Together with, and in addition to, the monthly payments --of 4principal and interest payable under
<br />the terms of the note secured hereby, Mortgagor will pay to Mortgagee, as trustee, (under the terms of this
<br />trust as hereinafter stated) on the first day of each month until said note is fully paid:
<br />(a) A sum equal tp the ground rents, if any, next clue, plus the ?premiumgthat will next 'beeome due
<br />and payabld on policies of.frre and other hazard insurance covering the mortgaged property,
<br />plus taxes rind assessments next due on tite mortgaged property (all as estimated by;the Mort-
<br />gagee, and of which the Mortgagor is notified) less all suns -already paid'therefor divided by
<br />the irtimber:V months.to elapse before one month prior :to the date when such ground rents,'
<br />premiums, taxes -and assessments will become *delinquent, such sums to be y.Mortgagee`
<br />in trust to fray said ground. rents, premiums, taxes and special assessments.
<br />(b) The aggregate of the amounts payable pti}•suant to subparagraph (a) and those payable on the'
<br />note secured hereby, shall be paid in a single payment each month,'.to be applied to,the follow-
<br />ing items iri;'the order stated
<br />(I) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(II) interest on the note secured hereby; and
<br />(III) amortization of the principal of said note.
<br />Any deficieiicy in the amount of any such aggregate monthly,payment shall, unless made good
<br />by the 1Mortgagor prior to the due date of the next such payment, constitute an event of default
<br />under this 1hortgage. At; lMortgagee's option, Mortgagor will pay,a "late charge" not exceed
<br />ing four per centum (451o).: of any install inentwhen paid more than fifteen (15),days after the.
<br />due date thereof to cover the extra expense involved in handling: delinquent payments; but such
<br />"late charge" shall not be payable out of the proceeds Of airy sale made to satisfy;the.indebted-'
<br />ness securefl hereby, unless such proceeds are sufficientto discharge the entire indebtedness and.
<br />all proper Gosts and expenses secured thereby.
<br />3. If the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding, shall
<br />exceed the amount of payments actually made by the Mortgagee,. as trustee, ,for ground rents,, taxes and
<br />assessments or insurance premiums, as the case may be, such excess sliall `be
<br />credited -by the Mortgagee
<br />on subsequent payments to be made by the Mortgagor for such items or, at Mortgagee's option, as trustee,
<br />shall be refunded to Mbrtgagor. If, however, such monthly payments sliall not be sufficient to pay such
<br />items when the same shall become due and payable, then the Mortgagor shall pay to the .Mortgagee, as
<br />trustee, any amotint.necessary to make up the deficiency within thirty (30) days after written`notice from
<br />the Mortgagee stating"the amount of the deficiency, which notice may be given by mail. 'If at any time
<br />the Mortgagor shall tender to the Mortgagee, in accordance With the provisions of the note secured
<br />hereby, full payment of the entire indebtedness:'represented thereby, the Mortgagee, as` tr, ustee, sliall;
<br />in computing the amount of such indebtedness, credit to the account of the Mortgagor any credit balance
<br />accumulated under the provisions of (a) of paragraph 2 hereof.,! If there shall be a default.under any
<br />of the provisions of this mortgage resulting in a public sale of the premise's covered hereby, or if the
<br />Mortgagee acquires the property otherwise after. -default, the Mortgagee, as`. trustee, shall, apply, at the
<br />time of the commencement of such proceedings, or at the time the property is otherwise -acquired, the
<br />amount then remaining to credit the Mortgagor under (a) of paragraph 2 ,preceding, as a credit on the
<br />interest accrued and uhpaid and the balance to the principal then remaining unpaid on said. note.
<br />4. The lien of this' instrument shall remain in full force and effect during any rostponement or exten-
<br />sion of the'time of payment of the indebtedness orally part thereof secured hereby.
<br />5. ,He will.pay all:ground rents, taxes, assessments, water rates, and oth& governmental or Inunici-
<br />pal charges, fines, or impositions, levied upon said.premises and that he will pay all taxes levied upon this
<br />mortgage, or the debt secured thereby, together with any other taxes or assessments which:maybe levied
<br />under the laws of Nebraska against the Mortgagee, or the legal holder of. said principal -note, on account of
<br />this indebtedness, except when payment for all such items has theretofore been made under (a) of para-
<br />graph 2 hereof, and he will promptly deliver the official receipts therefor• to ;the Mortgagee.': In default
<br />thereof the Mortgagee may pay the same.
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