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<br />88- 10:37)32
<br />
<br />MORTGAGE
<br />
<br />MORTGAGE LOAN NO. L 25048
<br />
<br />KNOW ALL MEN BYTIlESEPRESENTS: That Steven N. Severson and Debra Severson, each in his and
<br />her own right, anu as spouse of each other,
<br />
<br />Mortgagor, whether one or more, in considenlion of the sum of
<br />Sixty Thousand and no/]OO_ ---------------------------------------------------------DOLLARS
<br />
<br />loaned to said mortgagor by The Equitable Building and Loan Association of Grand Island, Nebraska, Mortgagee, upon 600 shares of stocIt of
<br />said ASSOCIATION, Certificate No. L 25048 , do hereby grnnt, convey and mortgage unto the said ASSOCIATION the foBowing
<br />described real estate, situated in Hall County, Nebraska:
<br />
<br />Lot Six (6), Imperial Village Seventh Subdivision, in the City of Grand Island, Hall
<br />County, Nebraska.
<br />
<br />together with all the tenements, hereditaments and appurtenances thereunlo belonging, including attached 1100r cowrings, all window screens,
<br />window shades, blinds, storm windows, awnings, heating, air conditioning, and plumbing and water equipment and accessories thereto,pwnps,st~,
<br />refrigerators, and other fIXtures and equipment now or hereafter attached to or used in connection with said real estate.
<br />
<br />And whereas the said mortgagor has agreed and does hereby agree that the mortgagor shall and will pay all taxes and 3SlCssments IeYied or
<br />assessed upon said premises and upon this mortgage and the bond secured thereb)' before the same shall become delinquent; to furnish apprmed
<br />insurance upon the buildings on said premises situated in the sum of $ 60,000.00 payable to said ASSOCIATION and to deIiwr to said
<br />ASSOCIATION the policies for said insurance; and not to commit or permit any waste on or about said premises;
<br />
<br />In case of default in the performance of any of the lerms and conditions of this mortgage or the bond secured hereby, the mortgagee shall,
<br />on demand, be entilled to immediate possession of the mortgaged premises and lhe mortgagor hereby assigns, transfers and sets 0_ to the
<br />mortgagee all the rents, revenues and income to be derived from the mortgaged premises during such lime as the mortgage indebtedness shaJ) remain
<br />unpaid; and the mortgagee shall ha\'e the power to appoint any agent or agents it may desire for the pwpose of repairing said premises and renting
<br />the same and collecting the rents, revenues and income, and it may payout of said income all expenses of repairing said premises and necessary
<br />commissions and expenses incurred in renting and managing the same anduof collecling rentals therefrom; the balance remaining, if any. to be
<br />applied toward the discharge of said mortgage indebtedness; these rights of the mortgagee may be exercised at any time during the existence of such
<br />default, irrespective of any temporary waiver of the same_
<br />
<br />These Presents, however, are upon the Condition, That if the said Mortgagor shall repay said loan on or before the maturity of said shares by
<br />payment; pay monthly to said ASSOCIATION of the sum specified in the Bond secured hereby as interest and principal on said loan, on or before
<br />the Twentieth day of each and every month, until said loan is fully paid; pay all laxes and assessments levied against said premises and on this MortJllllC
<br />
<br />and the Bond secured thereby, before delinquency; furnish approved insurance upon the buildings thereon in the sum of $ 60,000.00 payable
<br />to said ASSOCIATION: repay to said ASSOCIATION upon demand all money by il paid for such laxes, assessments and insurance with interest at
<br />the maximum legal rate thereon from date of payment all of which Mortgagor hereby agrees to pay; permit no waste on said premises;keep and comply
<br />
<br />with all the agreements and conditions of the Bond for S 60,000. OOthis day given by the said Mortgagor to said ASSOCIATION, and comply
<br />with all the requirements of the Constitution and By-Laws of said ASSOCIATION: then these presents shall. become null and void, otherwiJe they
<br />shall remain in full force and may be foreclosed at the option of the said ASSOCIATION after failure for three months to make any of said
<br />payments or be three months in arrears in making said monthly payments, or to keep and comply with the agreements and conditions of said Bond;
<br />and Mortgagor agrees to have a receiver appointed forthwith in such foreclosure proceedings.
<br />
<br />If there is any change in ownership of the real estate mortgaged herein, by sale or otherwise, then the entire remaining indebtedness hereby
<br />secured shall, at the option of The Equitable Building and Loan Association of Grand Island, Nebraska, become immediately due and payable without
<br />further notice, and the amount remaining due under said bond, and any other bond for any additional advances made thereunder, shall, from the
<br />date of exercise of said option, bear interest at the maximum legal rate, and this mortgage may then be foreclosed to satisfy the amount due on said
<br />bond,and any other bond for additional advances, together with all sums paid by said The Equitable Building and Loan Association of Grand Island,
<br />Nebraska for insurance, taxes and assessments, and abstracting extension charges, with interest thereon, from date of payment at the maximwn
<br />legal rate.
<br />
<br />As provided in the Bond secured hereby, while this mortgage remains in effect the mortgagee may hereafter advance additional sums to the
<br />make", of said Bond, their llSSigns or successors in inlerest. which sums shall be within the security of this mortgage the same as the funds originally
<br />oecured tbereby, the lotal amount of principal debr not 10 exceed at any time the original amount of this mortgage.
<br />
<br />ted this 25t~ day of May A. D., 19 88
<br />
<br />N.I~~
<br />everso
<br />
<br />
<br />Debra
<br />
<br />STATE OF NEBRASKA, l $S.
<br />COUNTY OF HALL ~
<br />
<br />On this
<br />
<br />25th
<br />
<br />day of
<br />
<br />May
<br />
<br />19 88, before me,
<br />
<br />Ihe undersigned. a Notary Public in and for said County, personally came
<br />Steven N. Severson and nebra Severson, each in his and her own
<br />right, and as spouse of each other,
<br />
<br />~ to be the identical person s whose name s are affixed to the above inmunlenl as mortgagor S
<br />
<br />acknowledged the said instromenlto be the i r voluntary acl and deed.
<br />WiTNESS my hand and Notarial S.allhe date aforesaid_
<br />
<br />My Commission e
<br />
<br />l.n~I'.!>~ 1.yIY
<br />
<br />who
<br />
<br />are
<br />
<br />personally known to
<br />
<br />and
<br />
<br />they severally
<br />
<br />-..... ~.....
<br />LOMM D. DAVII
<br />..-flIt._.. -
<br />
<br />(,/ - /.c~ C2~~
<br />
<br />~ NolaryPublic
<br />
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