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<br />I
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<br />MORTGAGE
<br />
<br />88- 102088
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<br />This Mortgage is entered into between Richard Martinez ancLlennifer L~artinez,
<br />hll'!'>hann and wife (hl'rcin "Mortgagor") and
<br />
<br />Five Points Bank. Grand Island. Nebraska
<br />Mortgagor is indebted to Mortgagee in the principal sum of $ 7,500.00
<br />
<br />__ (herein "Mortgagee ").
<br />
<br />, evidenced by Mortgagor's note
<br />
<br />dated . April 25. 1988
<br />
<br />(herein "Note") providing for payments of principal and interest, with the balance of the
<br />
<br />indebtedness, if not sooner paid, due and payable on May 1. 1992
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<br />To secure the payment of the Note, with interest as provided therein, the payment of all other sums, with interest,
<br />advanced by Mortgagee to protect the security of this Mortgage, and the performance of the covenants and agreements of
<br />the Mortgagor contained herein, Mortgagor does hereby mortgage and convey to Mortgagee the following described
<br />
<br />property located in
<br />
<br />Hall
<br />
<br />County. Nebraska:
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<br />The East Seventy and Six tenth (70.6) feet of Lot -rhree (3) and the West
<br />Fourteen and Eight Tenth (14.8) feet of lot Four (4), Block One (1),
<br />Pleasant View Seventh Addition, to the City of Grand Island, Hall County,
<br />Nebraska.
<br />
<br />Together with all buildings, improvements, fixtures, streets. alleys, passageways. easements, rights, privileges and
<br />appurtenances I;,}cated thereon or in anywise pertaining thereto, and the rents. issues and profits, reversions and remainders
<br />thereof; including, but not limited to, heating and cooling equipment and such personal property that is attached to the
<br />ililprovements sO as to constitute a fixture; all of which, including replacements and additions thereto, is hereby declared
<br />to be a part .of the real estate secured by the lien of this Mortgage and all of the foregoing being referred to herein as the
<br />"Property".
<br />
<br />Mortgagor further convenants and agrees, with Mortgagee. as follows:
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<br />1. Payment, To pay the indebtedness and the interest thereon as provided in this Mortgage and the Note.
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<br />2. Title Mortgagor is the owner of the Propert)', has the right and authority to mortgage the Property, and
<br />warrants that the lien created hereby is a first and prior lien 011 the Property, except as may otherwise be set forth herein.
<br />
<br />!Xl The Property is subject toa Mortgage wherein Five Points. Bank, Grand Island. Nphrrlc;;l(a
<br />
<br />is the Mortgagee, recoIded~~Cxx~~~-J~Wxxxxx~ of the Mortgagt' Records of Hall County,
<br />Nebraska, which Mortgage is a lien plior to the lien created hereby,
<br />
<br />o Other prior liens or encumbrances:
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<br />3. Taxes, Assessments, To pay when due all tRXes, special assessments Ilnd all other charges against the Property
<br />and, upon written demand by Mortgagee, to add to the payments required under the Note secured hereby, such amount as
<br />may be sufficient to enable the Mortgagee to pay such ta.'l:es, assessments or other charges as they become due,
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<br />4. Insurance. To keep the improvements now or hereafter located on the real estate described herein insured
<br />against damage by fire and such other hazards a.o; Mortgagee may require, in amounts and with companies acceptable to the
<br />Mortgagee, and with loss payable to the Mortgagee. In csse of loss under such policies the Mortgagee is authorized to
<br />adjust, collect and compromise, in its discretion, all claims thereunder at its sole option, authorized to either apply the
<br />proceeds to the restoration of the Property or upon the indebtedness secured hereby, but payments hl'reunder shall con.
<br />Unue until the sums secured hereby are paid in full. .
<br />
<br />., 5. 0 Escrow For Taxes and Insurance. Notwithstanding anything contained in paragraphs 3 and 4 hereof to the
<br />contrary, Mortgagor shall pay to the Mortgagee at the time of paying the monthly installments of principal and interest,
<br />one-twelfth of the yearly taxes., assessments, hazard insurance premiums, and ground rents (if any) which may attain a
<br />, . priority over this. Mortgage; all as reasanably estimated from time to. time by the Mortgagee. The amounts sa paid shall be
<br />. held by the Mortgagee without interest and applied to. the payment of the items in respect to which such amounts were
<br />deposited. . The sums .paidto Mortgagee hereunder lire pledged as il:ddilional sPcurity for the indebtedness secured by this
<br />. M(lrig&ge.M~rtPgonhall pay to Mortgagee the amount of any defidency between the actual taxes, assessments, insurance
<br />. p,,~luins ahdgJOotirid rentS andttle deposits ht'feunder within 10 days after demand is made upon Mortgagor requesting
<br />. payment thereof~
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<br />6. Repair, Maintenance and Use. '1'0 promptly repair, restore or rebuild any buildings or improvements now ar
<br />hereafter on the Property; to keep the Property In good condition and repair, without waste, and free from mechanic's or
<br />othefllerts not exprl!llSly subordinated to th<> lien hereof; nat to make, sufr{>r or p{'rmit any nuisance to. exist, nor to dimin.
<br />. Ish or impatr the value nf the Prol'erty by any act or omIssion to. act; and to. ('omply with all requirements of law with
<br />rt'sP(.ct to tile Properly.
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