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To HAVE AND To HOLD the same unto the Mortgagee, as herein provided. Mortgagor represents to,
<br />and covenants, with, the Mortgagee, that the Mortgagor has good right to sell 'and convey said premises;
<br />that they are free fron'r encumbrance, except as liereinotherwise recited; that the Mortgagor will warrant
<br />and defend relinqiiishes
<br />the same against the IaNvful claims of all persons whomsoever. Mortgagorliereby
<br />all rights of homestead, all marital rights, either in law or in equity, and all other.contingent inierests of
<br />the Mortgagor 'in and to thd above-described premises.
<br />PROVIDrD"ALWAYS, and. these presents are executed. and delivered upon the. following conditions, to
<br />wit:
<br />Mortgago� a-rees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from date
<br />at the rate of Nine per centum (--9-%) per annurri on the unpaid balance until paid.
<br />.The said principa�l and interest shall be payable at the office of Banco' Mbrtgage Company
<br />in Wate*rloo, Iowa or at such other place as the holder of the note may de ignate in
<br />writing delivered or mailed to the lifortgagor,.in monthly installments ofOne Hundred T�qenty- , Peven & 19/100
<br />Dollars ($127.19---- ), commencing on the first day of November 1975 andcontinuingon
<br />the first day of'each month thereafter until said note isfully paid, except that, if not sooner paid, the final
<br />payment of principaland interest shall be dueand payable on the first day of , October, 2005 ;all
<br />according to the terms of a certain promissory note of even date herewith executed by the said Mbrtg agor.
<br />The Mortgagor furtlier agrees:
<br />1. He will pay the indebtedness, as lierehibefore provided. Privilege is reserved to prep�y at any
<br />fime, without premium oi- 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. Partiaf 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, whicheve.r is earliev.
<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 - !� I
<br />.(a) A sum equal to the ground rents, if any, next due, plus the premiums that will next be�ome due
<br />and payable on policies of fire and other hazard insurance covering the mortgaged property,
<br />plus taxes and assessments next due on the mortgaged property (all as estimated by. the Mort-
<br />gagee, and of which the Mortgagor 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"Nvill become delinquent, such sunis to be held by Moritgagee
<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 />(I) ground rents, taxes, assessments, fire and other hazard insurance prerniums;,
<br />(ii) iiitel-estoiitliciiotesecurLdliereby;aiid
<br />(III) ainorffi�ation of the principal of said note.
<br />Any deficiency in the amount of a' 131 such aggregate monthly payment shall, unless made good
<br />by the Mortgagor prior to the due (late of the next such paymei ' it, constitute an event 6f default
<br />under'this mortgage. At i),rortgagee's option, Mortgagor will pay a "late charge" not exceed-
<br />ing four per centum (4%) of any installment when paid more than fifteen (15) days"Iafter the
<br />due datethereof to cover the extra expense -involved in handling delinquent payments, 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 proper 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, taxes and
<br />assessments or insu
<br />rance premiums, as the case may be, such excess shall be credited by the.Mortgagee
<br />on subsequ6nt payments tobe made by the Mortgagor for such items or,at Mortgagee's option, dis trustee,
<br />shall be refunded to Mortgagor. If, however, such monthly payments shall not be sufficient to,l)ay 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 tim6
<br />the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured
<br />hereby, full payment of thd entire indebtedness represented thereby, the Mortgagee, as trustee, shall,
<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 defaultunder 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 the
<br />time. of the commencement of such proceedings, or A the time the property is otherwise acqui�ed, the
<br />amount then remaining to� credit the Mortgagor under (a) of paragraph 2 preceding, as a credit on the
<br />interest accrued and unpai& And the balance to the principal then remaining unpaid on said note'.
<br />4. Th 6 lidn of this instrument shall remain in,full force and effect during any postponement or exten-
<br />sion. of the time of payment of the indebtedness or any part thereof.secured hereby.
<br />assessments, water rates, and other governmental or munici-
<br />5. He will pay all ground rents, taxes,
<br />ons, levied upon. said premises and that he will pay all taxes levied ii�on this
<br />pal charges, nes.'brimppsiti
<br />mortgage, or.'the.debt secured thereby, together with any other taxes or assessments which.may be levied
<br />under the laws Of Nebra�ska against the Mortgagee, or the legal holder of said principal note, on a�count of
<br />this indebtedness, except when payment for all such items has theretofore been made under (a), of para
<br />r - aph 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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