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<br />r- <br /> <br /> <br /> <br /> <br /> <br />87- 107126 <br /> <br />REAL ESTATE MORTGAGE <br /> <br />James D. Roth and Donna F. Roth, husband and wife, <br />herein called the mortgagor whether one or more, in consideration <br />of ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($100,000.00) received <br />from mortgagee, does mortgage to James S. Reed and Precious Reed, <br />husband and wife: <br /> <br /> <br />Lots One (1), Two (2) and Three (3), in Park Garden's Third <br /> <br />Subdivision to the City of Grand Island, Hall County; Nebraska. <br /> <br />And the mortgagor does hereby covenant with the <br />mortgagee arid with mortgagee's heirs and assigns that mortgagor <br />is lawfully seised of said premises, that they are free from <br />encumbrance, that mortgagor has good right and lawful authority <br />to convey the same, and that mortgagor warrants and will defend <br />the title to said premises against the lawful claims of all <br />persons whomsoever. <br /> <br /> <br />This mortgage is given to secure the payment of the <br />promissory note of this date made by mortgagor for $100,000.00 <br />payable November 10, 1988. <br /> <br />Mortgagor shall pay all taxes and assessments levied <br />upon said real property and all other taxes levied on this <br />mortgage or the note which this mortgage is given to secure <br />before the same become delinquent and shall maintain fire, <br />windstorm and extended coverage insurance with a mortgage clause <br />on the buildings on said premises in the sum of $100,000.00. If <br />mortgagor fails to pay such taxes and assessments or procure such <br />insurance, mortgagee may pay such taxes and purchase such <br />insurance and the amount so advanced with interest at nine <br />percent per annum shall be secured by this mortgage. <br /> <br /> <br />In case of default in the payment of the principal sum <br />or any installment thereof or of any interest thereon when the <br />same shall become due or in case of the non-payment of any taxes <br />or assessments or of the failure to maintain insurance as herein <br />provided, mortgagee may at the option of mortgagee, without <br />notice, at any time during the continuance of such default or <br />breach, declare the whole debt secured by this mortgage to be <br />immediately due and payable and may foreclose this mortgage. <br /> <br />In the event of default in the performance of any of <br />the terms and conditions of this mortgage or the note secured by <br />it, the mortgage shall be entitled to immediate possession of the <br />property above described and all the rents, revenue and income <br />derived therefrom during such time as the mortgage indebtedness <br />remains unpaid shall be applied by the mortgagee to the payment <br />of the note and all other sums secured hereby after deduction of <br />any necessary costs of collection. <br /> <br />r---- <br />! <br /> <br />Dated: November 10, 1987. <br /> <br />~~ <br /> <br /> <br /> <br />./ <br /> <br />~ <br />r:; <br />. <br /> <br />D~ ;/. "e~ <br /> <br />Donna F. Roth <br /> <br />:; <br />t:., <br />