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To HAVE AND To HOLD the same unto the Mortgagee, as herein provided. Mortgagor r . epresei . its to,
<br />and covenants with, the Mortgagee, that the Mortgagor has good �iglit to sell and convey said premises;
<br />that they are free from encumbrance, except as liereinotherwise recited; that the MortgagoriVill warrant
<br />and defend'thesame againsithe lawful'claimsof all persons whomsoever. Mortgagor hereby relinquishes
<br />all . rights of homestead, all marital rights, either in law or in equity,and all other contingent interests of
<br />the Mortgagor in and to the above-de'scribed premises.
<br />PROVIDED ALWAYs, and these presents are executed and delivered upon the following -conditions, to
<br />wit:
<br />111ortgagor agrees to pay to the.Mortgagee, or order, theaforesaid principal sum with interest from (late
<br />at the rate,of Nine per centum 9 - 17o) per annum on the unpaid balance until paid.
<br />The said principal and interest shall be payable at the office of �dnco Mortgage Company -
<br />in Waterloo, Iowa , or -it such other place as the holder of the note-mayf designate in
<br />writing delivered or mailed to the Mortga( gor, in monthly installments of One Hundred Nin6ty-Seven & 23/.100
<br />Dollars ($ 197.23-� ), commencing on the first day of November 19 75 , and continuing on
<br />the first day of each month thereafter until said note is fully paid, except that, if not sooner paid, the final
<br />payment of principal and interest shall be due and payable on the first day of October,*2005 all
<br />according.to tile ternis of a certain promissory note of even date herewith executed by the said Mortgagor.
<br />The Mortgagor further agrees:
<br />1. He,will pay the indebtedness, as lici-einbefore provided. Privilege is reserved to prepay at any
<br />time, without premium or fee, the entire indebtedness or any part thereof not less thai.ithe 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 principal 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 to tile ground rents, if any, next due, plus the premiums that will next' b ecome due
<br />and, payable on policies of fire and other hazard insurance covering the mortgag��d property,
<br />plus taxes and assessments next due on the mortgaged property (all as estimated by the Mort-
<br />gagee, and of which the 111ortgagor is notified) less all sums already paid therefor divided by
<br />the number of 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 heldby Mortgagee
<br />in trust to pay said ground rents, premiums, taxes and special assessments.
<br />(b) The aggregate of the amounts payable pursuant 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 in the order stated:
<br />(1) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(II) -intel ' -est on the note secured hereby; and
<br />(III) amortization of the' principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good
<br />by the 11fortgagor prior to the due date of the next such payment, constitute an event of default
<br />under this mortgage. At Mortgagee's option, Mortgagor will pay a "late charge" not exceed-
<br />ing four per centum (4%) of any install inent when paid more than fifteen (15) d , ays after the
<br />due date thereof to cover the extra expense involved in handling delinquent paymq'nts, but such
<br />"late charge! ' ' shall not be payable out of the proceeds of any sale made to satisfy the indebted-
<br />ness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and
<br />all propdr costs 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, taxe s an . d
<br />assessments or insurance premiums, as the case may be, such excess shall be credited by the Mortgagee
<br />on subsequent payments to be made by the Mortgagor for such items or, at Mortgagee's opticin, as trustee,
<br />shall be refunded to Mortgagor. If, however, such monthly payments shall not be sufficient to i pay such
<br />items when the same shall become due and payable, then the Mortgagor shall pay to the Mortgagee, as
<br />trustee, any amount 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 trustee,'slia'll,
<br />In computing the amou n�t 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 premises covered hereby, or if the
<br />Mortgagee acquires the: property otherwise after default, the Mortgagee, as trustee, shall apply, at tile
<br />time of the commencement of such proceedings, or at the time the property is otherwise acquired, the
<br />am ount then remaining to credit the Mortgagor under (a) of paragraph 2 preceding, asa'credit on the
<br />interest accrued and unpaid 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 effeet'during any Vostponement or exten-
<br />sion of theii-time-of paymentof the indebtedness or any part thereof secured hereby.
<br />5. He'will pay all ground rents, taxes, assessin. . ents, water rates, and othei� governmental or munici-
<br />pal charges, fines, or impositions, levied upon said premises . and that he will pay. all taxes levied upo� this
<br />mortgaige, -or the debt secured thereby, together with any other taxes or' assessments which may -be levied
<br />under the laws of Nebrdska 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 her6oi, ind he will promptly deliver the official -,receipts therefor to the Mortgagee. In default
<br />tfi�reof the Mortgagee may pay the same.
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