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<br />88-106660
<br />
<br />MORTGAGE
<br />
<br />Thia Mortgage is entered into between ALICE MARIE WELTY and IIARVIN
<br />G. WELTY. wife and hllsbvId. herein mortgagor) and 'lHESTATE BANK OF
<br />~ A NebrRska llBnkinJr CoMlO1'8ticn (herein mortgagee).
<br />
<br />Mortgagor is indebted to Mortgagee in the principal slDllJf
<br />$77.000.00, evidenced by Mortgagor's note dated DECIlI!IIm~, 1988
<br />(herein Notel providing for payments of principal and interest, with
<br />the balanc<;.if the iridebtedneas, if not sooner paid, due and payable on
<br />DEDHIm~,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 Cotmtv. Nebraska:
<br />
<br />The Northerly 837.69 feet of the Westerly 260.0 feet of the
<br />Nortlnoiest Quarter (NWl/4) of Section 5, Township 12 North,
<br />Range 11, West of the 6th P.M., I!all Cotmty, Nebraska
<br />
<br />Together with all buildings, improvements, fixtures, streets,
<br />alleys, passageways, easements, rights, privileges and appurtenances
<br />located thereon or in any way pertsining 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 the 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 />authority 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 urrler the Note secured hereby, such BIIIlJunt
<br />as may be sufficient to enable the Mortgagee 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 />ccmpensation, at its option, either to a reduction of the indebtedness
<br />aecured hereby or to repair and restore the property so damaged.
<br />
<br />5. Mortgagee may, but shall have no obligation, to do any act
<br />which the MortSSllor has agreed but fails to do, and Mortgagee may also
<br />do any aCt it deems necesaary to protect the lien hereof. Mort.gagor
<br />agrees to repa3f. 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 />addea to the Indebtedness secured hereby and become aubject to the lien
<br />hereof. Mortgagee shall not incur any personal liahili ty because of
<br />anything it may do or ani t to do hereunder.
<br />
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