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<br />87-
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<br />107171
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<br />FIRST REAL ESTATE MORTGAGE
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<br />KNOW ALL MEN BY THESE PRESENTS: That ROLAND R. ENGEL and SANDRA E. ENGEL, husband and
<br />wife, of Hall County, and State of Nebraska, in consideration of the sum of
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<br />------------SIXTY THOUSAND DOLLARS ($60,000.00)----------
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<br />in hand paid, do hereby SELL and CONVEY unto BANK OF WOOD RIVER, Wood River, Nebraska,
<br />of Hall County, State of Nebraska, the following-described premises situated in Hall
<br />County, and State of Nebraska, to-wit:
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<br />The Northwest Quarter (NW!) of Section Thirteen (13),
<br />Township Ten (10) North, Range Eleven (11), West of the
<br />6th P.M., Hall County, Nebraska.
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<br />The intention being to convey hereby an absolute title in fee simple, including all
<br />the rights of homestead and dower.
<br />TO HAVE AND TO HOLD the premises above described, with all the appurtenances
<br />thereunto belonging, unto the said mortgagee, its successors and assigns forever,
<br />provided always, and these presents are upon the express condition that if the said
<br />mortgagors, his, her or their heirs, personal representatives, or assigns shall payor
<br />cause to be paid to the said mortgagee, its succesors and assigns, the principal sum
<br />of $60,000.00, payable as follows, to-wit:
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<br />Such principal is payable $6,000.00 on the 15th day of December, 1988, and a
<br />like amount of $6,000.00 on the 15th day of December each year thereafter
<br />until the full principal balance has been paid. Accrued interest shall also
<br />be payable on the 15th day of December each year until the full principal
<br />balance, with such accrued interest, has been paid. All payments are
<br />payable to Bank of Wood River, Wood River, Nebraska,
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<br />with interest according to the tenor and effect of the mortgagors written promissory
<br />note bearing even date with these presents and shall pay all taxes and assessments
<br />levied upon said real estate, and all other taxes, levies and assessments levied upon
<br />this mortgage or the note which this mortgage is given to secure, before the same
<br />becomes delinquent, and keep the buildings on said premises insured for the sum of
<br />$ ~ PO 0 ~ , loss, if any, payable to the said mortgagee, then these presents to be
<br />void, otherwise to be and remain in full force.
<br />IT IS FURTHER AGREED (1) that if the said mortgagor shall fail to pay such taxes
<br />or procure such insurance, the said mortgagee may pay such taxes and procure such
<br />insurance; and the sum so advanced, with interest at sixteen (16) percent, shall be
<br />repaid forthwith by said mortgagors, and this mortgage shall stand as security for the
<br />same. (2) Failure to keep said premises occupied and failure to farm the same or if
<br />mortgagors abandon said premises sliall constitute defaults by the mortgagors. (3) If
<br />there is any change in ownership of the premises herein, by sale or otherwise, then
<br />the entire remaining indebtedness hereby secured shall, at the option of Bank of Wood
<br />River, become immediately due and payable without further notice; and the amount
<br />remaining due under said note and mortgage and any additional advances made
<br />thereunder, shall from the date of exercise of such option, bear interest at sixteen
<br />(16) percent per annum; and this mortgage may then be foreclosed to satisfy the amount
<br />due on said note. (4) That a failure to pay any of said money, either principal or
<br />interest, when the same becomes due, and as provided in said note, or a failure to
<br />comply with any of the foregoing agreements, shall cause the whole sum of money herein
<br />secured to become due and collectible at once at the option of the mortgagee. Waiver
<br />by the mortgagee of anyone defauit shall not constitute waiver of any other default.
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<br />SIGNED this /5 day of December, 198}./-:> '. .
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<br />ROLAND R. ENGEL
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<br />SANDRA E. ENGEL
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<br />STATE OF NEBRASKA
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<br />COUNTY OF HALL
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<br />The foregoing instrument was acknowledged before me this /~- day of December, 1987,
<br />by Roland R. Engel and Sandra E. Engel, husband,a..nd.(j'fe, .f.or ..t.he PUL"pOSeS therei.n
<br />stated. l/ --. ,
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<br />t-lotary Public 1
<br />My ccmnissioy( expires:
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