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<br />form F HA Z7 -1 ND
<br />- 103633
<br />(Rev- �
<br />(Rev- 348) REAL ESTATE MORTGAGE FOR NEBRASKA
<br />THIS MORTGAGE is made and entered into by MA F� PITTS and NANCY E. PITTS ,
<br />husband and wife
<br />Hall County, Nebraska, whose post office address is
<br />103 > &ait_Ith, Street , Wood River - ,Nebraska 68�.
<br />herein calbd "DorWvw," and the united States of America, acting through the Farmers Home Administration, United States
<br />Depsrttnsat of Agriculture. herein called the "Government ":
<br />WHEREAS Borrower is indebted to the Government, as evidenced by one or more promissory note(*) or assumption
<br />s�reamratt(s). hatin called "note:' whirls has been executed by Borrower, is payable to the order of the Government, author-
<br />ises aced a,tiori, pf the entire indebte mss at the option of the Government upon any default by Borrower, and is desodbed
<br />as follows: :
<br />' Ali' Rate Psie Dotd of Ltintl
<br />e ofI_M_h-V.W—Xt 1'►ift;iMl Amount Lauren lnri r
<br />July 140, 1989 (Promissory Note). $ 4,250.00 9.50% July 14:- 2022
<br />July 14, 1989 ( *ASS0q*iM
<br />AgrM a Q., $22,644042 9.50% July 14, 2022
<br />Total
<br />fteiiig the ]amerce of. 'a first fmortgage in the. original amxmt of $25,300.00 dated:
<br />and vecortod .March 4, 1976 as Doement #76- 001132 in the Office of the Register
<br />of t> m& of Hall C#xnty, Nebraska.
<br />(no interest rate for Iisnited resource farm ownership or limited resource aerating loan(s) secured by this instrment
<br />may be increased as provided ice the F+aemer* HOM9 Administration regs:isiivos s"u'tua i.V%W-
<br />And the note evidences a loan to Borrower, and the Government. at any time, may imp the note and insure the pay-
<br />ment thereof pursuant to the Consolidated Farm and Rural Development Act, or Title V of the Housing Act of 1949 or any
<br />other !t,tztte Lkawsbdatered by the Formers Home Administration.
<br />And it is the purpose and intent of this instrument that, among other things, at all Mmes when the note is held by the
<br />Government, or in the event the Government should assign this instrument without insurance of the note, this instrument
<br />shall secure payment of the note; but when the note is held by art insured holder. this instrument shall not secure payment
<br />of the note or attach to the debt evidenced thereby, but as to the mato and such debt shall constitute an indemnity nrattgage
<br />to secure the Government against loss under its insurame contract by reason of'any default by Borrower;
<br />And this instrument also, secures the recapture of'any interest credit or ssiJSsidgv itJ�ai.b�gcantedito the Borrower
<br />by the Government pursuant to 42 U,S.C. §1490a. J
<br />NOW. THEREFORE. in corukemdon of the loan(s) and (a) at all times when the note is held by the Government, or
<br />in the event the Government shoaU assign this instrument without insurance of the payment of the note. to secure prompt
<br />payment of the note and any renewals and extensions.thereof and any agreements contained therein, including any provision
<br />tot the payment of an insurance or other charge. (bay at all times when the note is held by an insured holder, to secure per-
<br />formance of Borrower's agreement herein to indemnkfy and save harmless the Government against loss under its insurance
<br />contract by reason of any default by Borrower, "d -(c) in any emnt and at all times to secure the prompptt paymem'af All
<br />advances and expenditures made by the Government. with interese,ias hereinafter described, and the performance 6r every
<br />covenant and agreement of Borrower contained herein or in any supplementary agreement. Borrower does hereby grant.
<br />bargain. sell, convey and assign, with general warranty. unto the Government the following property situated in the State of
<br />Nebraska. County(its) of
<br />All of Iot Ebur (4) and the Easterly Qv--Half (Eh) of lot Five (5) ,
<br />in Block N (9) , in mwwIT and leflaang's Addition to the Tom
<br />of Wood R4Wr, Hall omnty, Nebraska.
<br />FmHA 427 -1 NB (Rev. 3-88)
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