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88-104691 PURCHASE MONEY REAL ESTATE MORTGAGE Gayle A, Thomas, a single person, in consideration of THIRTY-SEVEN THOUSAND DOLLARS ($37,000,00), recei vsd from Mortgagees, Mortgages to Edward F. Desch and Lois M. Desch, husband and wife, as joint tenants and not as tenants in common, Mortgagees, the following described real estate situated in Hall County, Nebraska: The North Thirty (30) feet of Lot Fourteen (14), and all of Lot Fifteen (15), Block Twelve (12), in Parkhill Third Subdivision, an Addition to the City of Grand Island, Hall County, Nebraska, as surveyed, platted and recorded. This Purchase Money Real Estate Mortgage is given to secure the payment of the principal sum of THIRTY-SEVEN THOUSAND DOLLARS ($37,000.00) and interest from September 1, 1988, at eight percent (8%) per annum, the principal and interest being payable in monthly installments of THREE HUNDRED NINE AND 48/100 DOLLARS ($309.48) per month on the first day of each month commencing October 1, 1988, and on the first day of each month thereafter for eighty-three (83) consecutive months, repayment of the principal and interest being amortized over a twenty-year or 240- month period, with a balloon payment of TWENTY-NINE THOUSAND NINE HUNDRED FIFTY-SEVEN AND 47/100 DOLLARS ($29,957,47) being due and payable with the eighty-forth (84) monthly installment of principal and interest on September 1, 1995, as provided in a Promissory Note dated September 1, 1988, for which this Mortgage is given as security. The Promissory Note provides that time is of the essence of the promissory Note, and if Makers fails for a period of more than thirty (30) days to pay any monthly installment payment when due, the holders of the Promissory Note are given the option to declare the Note immediately due and payable without notice or demand. The promiseory Note provides if Mortgagor defaul ts in payment of any monthly installment payment when due, the unpaid monthly installment of principal bears interest at the highest legal rate until paid, Mortgagor agrees to insure the improvements of the real estate for a dollar amount at least equal to the unpaid balance due and payable on the Promissory Note which this Mortgage secures, protecting the improvements from fire and other insurable physical damage hazards, loss (i f any) payable to Mortgagees and Mortgagor, as their interests appear. Mortgagor is to furnish Mortgagees with a certificate of insurance evidencing the insurance on the improvements. This is a purchase money mortgage used to secure the repayment of funds used by the Mortgagee to purchase the above described real estate from Mortgagees, 1