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<br />M:ORTGAGE
<br />
<br />88-103681
<br />
<br />This Mortgage is entered into between ROBERT J. ALLAN..JIL.and
<br />JANE R. ALLAN. husband and wife. and ROBERT'-J. ALLAN. SIL.' herein'
<br />mortgagor) and The State Bank of Cairo~ k Nebraska Bankinsr CorpQ:ri;.twn'
<br />{herein mortgagee}. " '
<br />
<br />
<br />Mortgagor is indebted to Mortgagee in the principal sum,bf.
<br />$80.000.00, evidenced by Mortgagor's note datediluly /.AJ/'"", 1988.,(herein.
<br />Note) providing fOlC payments of ,principal and interest, with'the, '
<br />balance of the indebtedness, if not sooner paid, due and payable on
<br />JuLy J~1998. ,- , '.
<br />
<br />To'secure the payment of the Note, with interest as provided: .
<br />therein, the payment of all other' sums, with interest advanced by
<br />Mortgagee to protect the security of this Mortgage, and the performance'
<br />of the convenants and agreements of the Mortgagor contained herein,
<br />Mortgagor does hereby mortgage and convey to Mortgagee the following
<br />property located in Hall County. Nebraska:
<br />
<br />THE SOUTH HALF OF THE NORTHWEST QUARTER (S1/2NW1I4)
<br />OF SECTION. 24. TOWNSHIP 11 NORTH. RANGE 12. WEST OF THE 6th
<br />P.M..
<br />
<br />Together with all buildingsl improvementsl fixtures, streets,
<br />alleys, passageways, easements, rights, privileges and appurtenances
<br />located thereon or in any way pertaining thereto, and the rents, issues
<br />and profits, reversions and remainders thereof, all of which, including
<br />replacements and additions thereto, is hereby declared to be a part of
<br />the real estate secured by the lien of this Mortgage and all of the
<br />foregoing being referred to herein as the "Property".
<br />
<br />Mortgagor further convenants and agrees with Mortgagee, as
<br />follows:
<br />
<br />1. Payment. To pay the indebtedness and t.he interest thereon ~as
<br />provided in this Mortgage and the Note.
<br />
<br />2. Mortgagor is the owner of the Property, has the right and
<br />authorit.y to mortgage the Property, and warrants that the lien created
<br />hereby is a first and prior lien on the Property.
<br />
<br />3. To pay when due all taxes, special assessments and all other
<br />charges against the Property and, upon written demand by Mortgagee, to
<br />add to the payment required under the Note secured hereby, such amount
<br />as may be sufficient to enable t.he Hortgagee to pay such taxes,
<br />assessments or other charges as they become due.
<br />
<br />4. In the, event the Property, or any part thereof, shall be taken
<br />by eminent domain, the Mortgagee is empowered to collect and receive
<br />all compensation which may be paid for any property taken or for
<br />damages to property not taken, and Mortgagee shall apply such
<br />compensation, at its option, either to a reduction of the indebtedness
<br />secured' hereby .or to repair and restore the property so damaged.
<br />
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<br />, i 5. Mortgagee may, but shall have no obligation, to do any act
<br />which the Mortgagor has agreed but fails to do, and Mortgagee may also
<br />do any act it deems necessary to protect the lien hereof. Mortgagor
<br />agrees to repay, upon demand, any sums so expended by the Mortgagee for
<br />,~..,the above purposes, and any sums so expended by the Mortgagee shall be
<br />'::0added to the indebtedness secured hereby and become subject to the lien
<br />! hereof. Mortgagee shall not. incur any pel'sonal lil1bility because of
<br />. anything it may do 01' omit to do hereunder.
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