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<br />88-102608
<br />To HAVE AND TO HOLD the same unto the Mortgagee, as herein provided. Mortgagor represents to, and
<br />covenants with, the Mortgagee, that the Mortgagor has good right to sell and convey said premises; that they
<br />are free from encumbrance, except as hereinotherwise recited; that the Mortgagor will warrant and defend the
<br />same against the lawful claims of all persons whomsoever, Mortgagor hereby relinquishes all rights of homestead,
<br />all marital rights, either in' law or in equity, and all other contingent interests of the Mortgagor in and to the
<br />above-described premises.
<br />PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions, to
<br />-' wit:
<br />
<br />Mortgagor a~ees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from date
<br />at the rate of en per centum ( 10.00 0/0)
<br />per annum on the_u_npaid balance until paid. The said principal and interest shall be payable at the office of
<br />CEHTIR.. ItJRT6Il6E CORPORIITI[II .
<br />in lIT. Cl.EIENS, MICHIGAN , or at such other place as the holder of the note may designate in
<br />writing delivered or mailed to the Mortgagor, in monthly installments of
<br />Four Hundred Eighty-Seven and 5/100ths
<br />
<br />Dollars ($ 487.05 ), commencing on the first day of July ,19 88 ,
<br />and continuing on the first day of each month thereafter until said note is fully paid, except' that, if not sooner
<br />paid, the final payment of principal and interest shall be due and payable on the first day of
<br />June, 2018 ; all according to the terms of a certain promissory note of even
<br />date herewith executed by the said Mortgagor.
<br />The Mortgagor further agrees:
<br />
<br />1. He/she will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time,
<br />without premium or fee, 'the entire indebtedness or any part thereof not less than the amount of one installment.
<br />or one hundred dollars ($100.00), whichever is less. Prepayment in full shall be credited on the date received.
<br />Partial prepayment. other than on an installment due date, need not be credited until the next following install-
<br />ment due date or thirty days after such prepayment, whichever is earlier.
<br />
<br />2. Together with,' and in addition to, the monthly payments of principal and interest payable under the terms
<br />of the note secured hereby, Mortgagor will pay to Mortgagee, as trustee, (under the terms of this trust as hereinafter
<br />stated) on the first day of each month until said note is fully paid:
<br />(a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and
<br />payable on policies of firc and other hazard insurance covering thc mortgaged property, plus taxes
<br />and assessments next due on the mortgaged property (all as estimated by the Mortgagee. and of which
<br />the Mortgagor is notified) less all sums already paid therefor divided by the number of months to
<br />elapse before one month prior to the date when such ground rents, premiums. taxes and assessments
<br />will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents. premiums,
<br />taxes and special assessments.
<br />(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note
<br />secured hereby, shall be paid in a single payment each month, to be applied to the following items
<br />in the order stated:
<br />
<br />(I) ground rents, taxes, assessments. fire and other hazard insurance premiums;
<br />(II) interest on the note secured hereby; and
<br />(Ill) amortization of the principal of said note.
<br />
<br />Any deficiency in the amount of any such aggregate monlhly payment shall, unless made good by
<br />the Mortgagor prior to the due date of the next such payment, constitute an event of default under
<br />this mortgage. At Mortgagee's option. Mortgagor will pay a "late charge" not exceeding four per
<br />centum (4'70) of any installment when paid more than fifteen (15) days after the due date thereof to
<br />cover the extra expense involved in handling delinquent payments, but such "late charge" shall not
<br />be payable out of the proceeds of any sale made to satisfy the indebtedness secured hereby. unless
<br />such proceeds are sufficient to discharge the entire indebtedness and all proper costs and expenses
<br />secured thereby.
<br />
<br />3. If the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shall exceed the
<br />amount of payments actually made by the Mortgagee, as trustee, for ground rents, taxes and assessments or
<br />insurance premiums, as the case may be, such excess shall be credited by the Mortgagee on subsequent payments
<br />to be made by the Mortgagor for such items or, at Mortgagee's option, as trustee, shall be refunded to Mort-
<br />gagor, If, however, such monthly payments shall not be sufficient to pay such items when the same shall become
<br />due and payable, then the Mortgagor shall pay to the Mortgagee, as trustee, any amount necessary to make up
<br />the deficiency within thirty (30) days after written notice from the Mortgagee stating the amount of the deficien-
<br />cy, which notice may be given bymai!. If at any time the Mortgagor shall tender to the Mortgagee, in accordance
<br />with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the
<br />Mortgagee, as trustee, shall, in computing lhe amount of such indebtedness, credit to the account of the Mort-
<br />gagor any credit balance accumulated under the provisions of (a) of paragraph 2 hereof. If there shall be a default
<br />under any of the provisions of this mortgage resulting in a public sale of the premises covcred hereby, or if the
<br />MortBagee acquires the property otherwise after default, the Mortgagee, as trustee, shall apply, at the time of
<br />the commencement of such proceedings or at the time the property is otherwise acquired, the amount then re-
<br />maining to credit the Mortgagor under (a) of paragraph 2 preceding, as a credit on the interest accrued and un-
<br />paid and the balance to the principal then remaining unpaid on said note.
<br />
<br />4. The lien of this instrument shall remain in full force and effect during any postponement or extension
<br />of the time of payment of the indebtedness or any part thereof secured hereby.
<br />
<br />S. He/she will pay all ground renls, taxes, assessments, water rates, and other governmental or municipal
<br />chllrgell, fines, or impositions, levied upon said premises and that he/she "'111 pay alllaxes levied upon this morl-
<br />gage, or the deb I secured thereby, together with any other taxes or assessmelUS which muy be levied under Itll:
<br />law~ of Nebraska against the Mortgagee, or the legal holder of said principalnole, on aCl'Ounl of Ihis indebtedness,
<br />c.IIcept wh-:n payment for all such items has theretofore been made under fa; of paragraph 2 hercof. and hc/she
<br />will promptly deliver the official receipts therefor to the Mortgagee. In defaul1lherellf !he J\1or!llugec lllUY POI)
<br />the same.
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