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<br />REAL ESTATE AORTCAGE 87- 1 -01047
<br />CONSTRUCTION SECURITY AGREEMENT
<br />CLARENCE L. SHUDA AND VERNIE K. SHUDA, HUSBAND AND WIFE
<br />of the County of HALL and State of NEBRASKA hereinafter called the party of the first part, in
<br />FORTY THREE THOUSAND AND NOf 100------------ --- ---- -- --- ------- ---- n -
<br />consideretion of --- _ DOLLARS,
<br />in hand paid, do hereby grant, bargain, sell and convey unto the Home Federal Savings & Loan Association of Grand island_,
<br />Grand Island, Nebraska, and its successors and assigns, the following real estate, situated fn HALL
<br />Cody, State of NEBRASKA towit:
<br />LOT ONE (1) WESTROADS ESTATES, FOURTH (4) SUBDIVISION IN THE CITY
<br />OF GRAND ISLAND, HALL COUNTY, NEBRASKA.
<br />Together with all the appurtenances thereunto belonging, and all covenants in all the title deeds running with said real estate,
<br />and all the rents, issues and profits arising therefrom after default in performance of any covenant or condition herein con-
<br />tained; and warrants the title thereto perfect and clear except for this mmtgaiM
<br />During the time this mortgage is in force the mortgagors agree:
<br />First. To pay all taxes and special assessments levied against said premises, including all taxes and assessments levied
<br />upon this mortgage, or the debt secured by this mortgage.
<br />Second. To keep all buildings thereon insured against loss by fire, lightning and tornado in some company, to be ap
<br />proved by the said Home Federal Savings & Loan Association of Grand Island in the sum of $ TMS.I1RARI F it i I IF for
<br />the benefit of the said Association, and it= successors or assigns: and to deposit said policies with said Association, and shall not
<br />commit or suffer any waste on said premises, and shall put and keep said real estate buildings and improvements in good
<br />order.
<br />Third. To pay or cause to be paid to the Home Federal Savings & Loan Association of Grand Island its successors or
<br />assigns, the sum of $ FORTY THREE THDUSAND AND NO/ 10 --------------------------------- DOLLARS,
<br />payable as follows:
<br />$4 ?,000.00 DUE FEBRUARY 23, 1968
<br />with interest thereon payable, according to the tenor and effect of the one certain first mortgage note of said mortgagors,
<br />bearing even date with these presents. After maturity said bond draws interest at the rate of nine per cent per ounces
<br />If said taxes and assessments are not paid when dne, or if the buildings on said premises are not insured as above pro-
<br />vided. or if any of said interest is not paid when due, then said wikfj beeoma due immediately, at the option of the
<br />said Association. and shill thereafter draw interest at the rate ot'd per cent per annum.
<br />The mortgagor—a hereby assign_ to said mortgagee all rents and income arising at any and all times from said
<br />property and hereby authorize said mortgagee or its agent, at its option, upon default, to take charge of said property and
<br />collect all rents and income therefrom and apply the as to the payment of interest, principal, insurance premiums, taxes,
<br />assessments. repairs or improvements necessary to keep said property in tenantable condition, or to other charges or pay-
<br />ments provided for herein or in the note hereby secured. This rent assignment shall continue in force unto the unpaid bal-
<br />ance of said note is fully paid. The taking of possession hereunder shall in no manner prevent or retard said mortgagee in
<br />tht cols ebon of said sums by foreclosure or otherwise_
<br />Whether said debt becomes due by lapse of time, or by reason of the failure of the party of the first part to comply
<br />with any condition herein, the said Some Federal Savings & Loan Association of Grand island, the successors and assigns,
<br />shall have the right to begin the foreclosure of this mortgage at once on the whole debt hereby secured, and to include
<br />therein all taxes, assessments, insurance premiums and costs, paid by it or them: or said Association, its successors or
<br />aaaiana. may foreclose oniv as to the sum Past due, without injury to this mortgage, or the displacement or impairment
<br />- of the lien thereof.- - - -
<br />And the said first party and the makers of said note, especially agree and declare that the separate estate of each and
<br />every one of them, including both that now owned and that hereafter acquired, is pledged and bound for the payment of
<br />the debt hereby secured,
<br />After the commencement of any suit in foreclosure the plaintiff therein shall be entitled to the immediate possession of
<br />said premises and the appointment of a receiver therefor, notwithstanding they may he the homestead of the occupant and
<br />notwithstanding the parties liable for the debt may be solvent, and the first party hereby consents to the appointment of a
<br />Receiver upon the production of this indenture, without other evidence.
<br />The foregoing conditions and agreements, all and singular, being fully performed, this conveyance shall be void, other,
<br />wise to be and ream" in full farce and effect.
<br />r4th February A?
<br />Signed this. day of_` A D., 19�
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