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A tract of land in the Southeast Quarter (SE1 /4:) of <br />Section Twenty -seven (27), Township Ten (10) North, <br />Range Eleven (11) West of the 6th P.M., more <br />particularly described as follows: Commencing at a <br />point ninety -three and one half (93 1/2) rods north <br />of the southeast corner of Section Number Twenty -seven <br />(27), Township Number Ten (10) North of Range Number <br />Eleven (11), West of the 6th P.M., thence running North <br />along the, East line of said Section Twenty -seven (27),0 <br />One Hundred Seventy -two and One Half (172 1/2) feet, <br />thence running south 83 degrees 10' West, Two Hundred <br />Fifty -Two (252) feet, thence running south One Hundred <br />Seventy -Two and One Half (172 1/2) feet, thence running <br />North 83 degrees 10' East (VA. li degrees 45' E) Two <br />Hundred Fifty -Two (252) feet to the place of beginning. <br />which has the address of Route 2, Box 230R, Wood River, Nebraska <br />68883 ( "Property Address "). <br />rOUETHER WITH all the improvements now or hereafter erected <br />on the property, and all easements, rights, appurtenances, rents, <br />royalties, mineral, oil and gas rights and profits, water rights <br />and stock and all fixtures now or hereafter a oart or the <br />property. All replacements and additions shall �,. 1,i be covered <br />by this Security Instrument. All of the foregoinc• a referred to <br />in this Security Instrument as the "Property ". <br />BORROWERS COVENANT that Borrowers are lawf -a of the <br />estate hereby conveyed and have the right to gr, ey the <br />Property and that the Property is unencum' ept for <br />encumbrances of record. Borrowers warrant i defend <br />generally the title to the Property aga° a'. aims and <br />demands, subject to any encumbrances of reco . <br />COVENANTS'. Borrowers and Lenders its' agree as <br />follows: <br />1. Payment of Principal and Interest; Prep6;,.nt and Late <br />Charges. Borrowers shall promptly pay when due the 3rincipal of <br />and interest on the debt evidenced by the Note and any prepayment <br />and late charges due under the Note. <br />2. Funds for Taxes and Insurance. Subject to applicable <br />nan� law or to a written waiver by Lenders, Borrowers shall pay to <br />LOUD l Lenders on `;he date yearly payments are due under the Note, until <br />UjQ'n��es � the Note is paid in full, a sum ( "Funds ") equal to: (a) yearly <br />r17`n„ taxes and assessments which may attain priority over this <br />Security Instrument; (b) yearly leasehold payments or ground <br />rents on the Property, if any; (c) yearly hazard insurance <br />