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<br />87- 107118
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<br />PURCHASE MONEY REAL ESTATE MORTGAGE
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<br />Kimary Lane and Dennis Lane, wife and husband, MORTGAGORS,
<br />in consideration of ELEVEN THOUSAND TWO HUNDRED DOLLARS
<br />($ll,200.00), mortgage to Kenneth R. Keown and Wilma A. Keown,
<br />husband and wife, as joint tenants and not as tenants in common,
<br />MORTGAGEES, the following described real estate (as defined in
<br />Section 76-201 of the Revised Statutes of Nebraska, 1943), in
<br />Hall County, Nebraska:
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<br />Lot Two (2) of Orchard Subdivision located in
<br />plot Number Two (2) of the Grand Island Farmstead
<br />according to the Plat thereof filed by the United
<br />States of America, in the Register of Deeds Office of
<br />Hall County, Nebraska, on June 12, 1943, and recorded
<br />in Book 83 of Deeds on Page 599, located upon the East
<br />Half of the Northeast Quarter (E l/2 NE l/4) of Section
<br />Thirty-four (34), in Township Eleven (11) North, Range
<br />Nine (9) West of the 6th P.M. in Hall County, Nebraska,
<br />as surveyed, platted and recorded.
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<br />This Mortgage is given to secure the payment of a Promissory
<br />Note executed by Kimary Lane in the principal sum of ELEVEN
<br />THOUSAND TWO HUNDRED DOLLARS ($ll,200.00) and interest from
<br />December 15, 1987, at twelve per cent (l2%) per annum, payable in
<br />120 consecutive monthly installments of ONE HUNDRED SIXTY AND
<br />69/l00 DOLLARS ($160.69) per month (including principal and
<br />interest), payable without demand, commencing on January 15,
<br />1988, and on the fifteenth day of each month thereafter for 119
<br />consecutive months until the entire unpaid balance is paid in
<br />full, each monthly payment including principal and interest for
<br />amortizing the payment of the indebtedness over a period of 120
<br />consecutive months until the entire indebtedness, with interest,
<br />is paid in full. The Promissory Note provides that time is of
<br />the essence of the promissory Note and if default is made in any
<br />monthly installment payment for a period of more than thirty (30)
<br />days, the holder of the Promissory Note may, without notice or
<br />demand, declare the entire principal sum then unpaid, together
<br />with accrued interest thereon, immediately due and payable. The
<br />Maker of the Promissory Note reserves the right, commencing
<br />January 15, 1993, to prepay the unpaid balance of the
<br />indebtedness on the Note on any monthly installment payment date
<br />by payment of one or more of the monthly installments of
<br />principal, but any prepayment of principal on the Note by the
<br />Maker shall not reI ieve the Maker from the payment of the next
<br />monthly installment of principal and interest to be made after
<br />the prepayment date.
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<br />Mortgagors agree to pay all real estate taxes and special
<br />assessments levied and assessed upon the real estate and to pay
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