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<br />88- 104053
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<br />To HAVE AND To HOLe the same unto the Mortgagee, as herein provided. Mortgagor represents to,
<br />And covenants with, the Mortgagee, that the Mortgagor has good right to sell and convey said premiscs;
<br />that the}' are free fl'Om encumbrance, except as hereinotherwise recited; that the Mortgagor wiII warrant
<br />and defend the same against the lawful claims of all persons whomsoever. Mortgagor hereby relinquishes
<br />all rights of homestead, all marital rights, either in law or in equity, and all other contingent interests of
<br />the Mortgagor in and to the above-described premises.
<br />PRoVIDED ALWAYS, and these presents are executed and delivered upon the following conditions, to
<br />--wit:
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<br />1II0I.tgagor agrees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from date
<br />at the rate of ten per centum ( 10.9&) per annum on the unpaid balance until paid.
<br />The said principal and interest shall be payable atthe office of The Equitable Building and Loan Associat ion,
<br />in Grand Island, Nebraska , 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 Two Hundred One and 84/100
<br />Dollars ($ 20 1.84 ), commencing on the first day of September ,1988 , and continuing on
<br />the first day of each month thereafter until said note is fully paid, except that, if not sooner paid, the final
<br />payment of princillal and interest shall be due and payable on the first day of August; 2018 : all
<br />according to the terms of a certain promissOl'y note of even date herewith executed by the said Mortgagor.
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<br />The Mortgagor furllll'r agrees:
<br />1. He/she will pay the indebtedness, a& hereinbefore provided. Privilege is reserved to prepay at any
<br />time, without premium or fee, the entire indebtedness or any part thereof not 1e5 than the amount of one
<br />installment, or one hundred dollars ($100.00), whichever is less. Prepayment in full shall be credited on the
<br />date received. Partial prepayment, other than on an installment due date, need not be credited until the
<br />next following installment due date or thirty days after such prepayment, whichever is earlier.
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<br />2. Together with. and in addition to, the monthly payments of principal and interest payable under
<br />the terms of the note secured hereby, Mortgagor will pay to Mortgagee, as trustee, (under the terms ofthis
<br />truat as hereinafter &t.ated) on the first day of each month until said note is fully paid:
<br />(0) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due
<br />and pa)'able un Jlolicies of fire and other hazard insurance <."Overing the mortpged property,
<br />plus taxes lLnd aSllCssments next due on the mortgaged property (all as estimated by the Mo~
<br />gagee, amI of which the Mortgagor is notified) less all sums already paid therefor divided by
<br />the number of monthll to elapse before one month prior to the date when such ground rents,
<br />premiums, taxes and assessments will become delinquent, such sums to be held by MortpJrl!C
<br />in trust to pay said ground rents, pn.miums. taxes and special aaaeaaments,
<br />(b) The aggregate of the amounts payable pursuant to subparagraph (a) and thoee payable on the
<br />note secured hereby, shall be paid in a single payment each month, to be applied to the follow-
<br />ing items in the order stated :
<br />(I) ground rents, taxes, assessmenl.s, fire and other hazard insurance premiullll;
<br />(II) intel'est on the note secured hereby: and
<br />(IIJ) amol'tiution of the prindpal of said note,
<br />Any defid,,"cy in th,. amount of any slIdl agltregate monthly payment shall, unleu made JOOCI
<br />by the Mortgagor prior to th,~ .Iu.. dat.' of the next such payment. constitute an event of default
<br />under this mortgage. At MOl'tgag,'e.s option, 1I10rtgagor will pay a "late chal'Jl!" Dot exceed-
<br />ing foul' per c<,nlum (,I ";) of an~' Install ment when paid more than fifteen (15) daya after the
<br />due dat(' Iher<.'<If to cover the ('xtra t'xp<'nse involved in handling deJinquent paymenta, butnch
<br />"late charge" shall not be payabl,' out of the proceeds of any sale made to satisfy the indebted-
<br />ness secured hel'eb}', unlCM bllCh procL't'ds are sufficient to discharge the entire indebtedneu and
<br />all proper costs and expensellsccured thereby.
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<br />3. If the total of the payments made by the Morlpgor under (0) of paragraph 2 pn!Cediq lIhall
<br />exceed the amount of payments actually made by the Mortgagee, as trUllt.ee, for ground rents, taxes and
<br />assessments or insurance premiums, as the case may be, such excess shall be credited by the Mortpaee
<br />on aubsequent payments to be made by the Mortgagor for such items or. at Mortgagee's option, &II tnutee,
<br />shall be refunded to Mortgagor. If, however. such monthly payments shall not be suflk:ient to pay such
<br />items when the same shall become due and payable, then the Mortcagor shall pay to the Mortp.pe, as
<br />trustee, any amount necessary to make up the defir.iency within thirty (SO) days after written notieefrom
<br />the Mortgagoee stating the amount of the deficiency, which notice may be given by mail. If at any time
<br />the Mortp.gor shall tender to the Mortgagee, in accordance with the provisions of the note aecured
<br />hereby, full payment of the entire indebtedness represented thereby, the MortgaK'!C, &II trustee, shall,
<br />in computin, the amount of such indebtedneaa, credit to the account of the Mortgagor any credit balance
<br />aoecumulated under the provisions of (a) of paraeraph 2 hereof. If there shall be a default under any
<br />of the provisions of this mortpge resulting in a public sale of the premises covered hereby, or if the
<br />M:o~ ~uire5 th~ properly otherWise after default. the MortplR. as tnuttM:, ahall apply, at the
<br />time of the commencement of such proeeedinp, or at the time the property ia otherwiae acquired, the
<br />amount then remaininlr to credit the Mortpgor under (0) of p&r'&lP'Ilph 2 preceding, as a credit on the
<br />interest accrued and unpaid and the balance to the principal then remainiq unpaid on said DOte,
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<br />4. The Iwn of this instrument shall remain in full force and effect duriq any postponement or exten-
<br />sion of the tilnl! of p&}'ment of the indebtedness or any oart thereof aecured hereby.
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<br />5. He/aM will pay all grour.4 renla. taxes, -.menta, waw rates, and other JlOftl'IUIIental or
<br />municipal chtql!l, linea, or impoaitiona, levied upon We! prem~ and that he/lIle will pay all tuea leried
<br />upon this mo~, or the debt secured thereby. topther with any other tax.. or --.menta which may
<br />~ Irvied under the la.. of Nebrultll .,ainst the Mortcafll!e. or the lepl holder of laid principal note, on
<br />acrount of thilindebl4'dn_. t'Xcept when payment for aIlwch items h. tberetofore been m..te under (a)
<br />01 panIIf&Ph 2 hpreof, and he/lbe will promptly deliver the orrlCial receipta therefor to the Mortppe, In
<br />dl'rault thertoof the M ortllllN may pay the same. -
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