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�.._ 10133
<br />REAL ESTATE MORTGAGE
<br />KNOW ALL MEN BY THESE PRESENTS: That MELVIN R. EARNEST
<br />and RITA D. EARNEST, each in his and her own right and as the
<br />spouse of each other, of hall County, and State of Nebraska, in
<br />consideration of the sum of THIRTY -SEVEN THOUSAND DOLLARS---- -
<br />($37,000.00), in hand paid, do hereby SELL and CONVEY unto
<br />BANK OF WOOD RIVER, of Wood River, Nebraska, a Nebraska bank-
<br />ing corporation, of Hall County, State of Nebraska, the following
<br />described premises situated in Hall County, and State of Nebraska,
<br />to -wit:
<br />THAT PART OF
<br />Lots One (1) and Two (2) in the Northeast Quarter (NEk) of Section
<br />Twenty -nine (29), Township Nine (9) North, Range Twelve (12), West
<br />of the 6th P.M., Hall County, Nebraska, lying North of U. S. Inter-
<br />state 80, excepting a certain tract deeded to the State of
<br />Nebraska in Warranty Deed recorded in Book 137, page 617, and
<br />also excepting a certain tract as shown in Condemnation by Return
<br />of Appraisers filed October 4, 1961, in Book 9, page 659, all in
<br />the Office of the Register of Deeds of Hall County, Nebraska.
<br />The intention being to convey hereby an absolute title in fee
<br />simple, including all the rights of homestead and dower.
<br />TO HAVE AND TO HOLD the premises above described, with all the
<br />appurtenances thereunto belonging, unto the said Mortgagee and to
<br />its successors and assigns forever, provided always, and these
<br />presents are upon the express condition that if the said Mortgagors,
<br />their heirs, executors, administrators or assigns shall pay or
<br />cause to be paid to the said Mortgagee, its successors or assigns,
<br />the principal sum of $37,000.00, payable as follows, to -wit:
<br />Ten (10) annual payments of $3,700.00, with the first such annual
<br />payment of $3,700.00 payable on the anniversary date of this Mort-
<br />gage, and a like amount on each anniversary date thereafter until
<br />the full principal is paid. In addition, interest is payable
<br />annually on such anniversary date. For the first 12 months of
<br />this Mortgage, interest shall be at the rate of 10 percent per
<br />annum. Thereafter, the interest rate shall be adjusted annually
<br />to the prime rate for Bank of Wood River in effect on each anni-
<br />versary date. All payments are payable at the principal place of
<br />business of Bank of Wood River in Wood River, Hall County, Nebraska,
<br />with interest according to the tenor and effect of the Mortgagors
<br />written Promissory Note bearing even date with these presents and
<br />shall pay all taxes and assessments levied upon said real estate,
<br />and all other taxes, levies and assessments levied upon this
<br />Mortgage or the Note which this Mortgage is given to secure, be-
<br />fore the same becomes delinquent, then these presents to be void,
<br />otherwise to be and remain in full force_
<br />IT IS FURTHER AGREED (1) That if the said Mortgagors shall
<br />fail to pay such taxes, the said Mortgagee may pay such taxes
<br />and the sum so advanced, with interest at 14 percent , shall be
<br />repaid by said Mortgagors, and this Mortgage shall stand as secu-
<br />rity for the same. (2) That a failure to pay any of said money,
<br />either principal or interest, when the same becomes due, or a
<br />failure to comply with any of the foregoing agreements, shall
<br />cause the whole sum of money herein secured to become due and
<br />collectible at the option of the mortgagee, after 30 days written
<br />notice of such default to either of the Mortgagors and failure
<br />by them to remedy such default during such 30 -day notice period.
<br />Me vin R. Earnest
<br />STATE OF NEBRASKA
<br />COUNTY OF HALL ) ss. Rita D. Earnest
<br />The foregoing Mortgage was acknowledged before me—I
<br />1987, by MELVIN R. EARNEST and R D. NEST, each in his and her
<br />own right and as the spouse of ach of r, for the purposes therein
<br />stated. ,_�_ApG .
<br />ary Public
<br />My commission expires: ,,��IP'l• �i �fla�
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