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L TO HAVE AND To HOLD the same Unto the Mortgagee, as herein provided, Mortgagor 1 `re 662 represents to, and covenants with, the Mortgagee, that the Mortgagor has good right to sell and cony said premises; that they are free from encumbrance, except as hereinotherwise recited; that the Mortgagor will warrant and defend the same against the lawful claims of all persons whomsoever. Mortgagor hereby relinquishes all rights of homestead, all marital rights, either in law or in equity, and all other contingent interests of the Mortgagor in and to the above- described premises. wit: PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions, to Mortgagor agrees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from date at the rate of Eight and One Half per centum (8.5 %) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the ofce of The Equitable Building and Loan Association in Grand Island. Nebraska , or at such other place as the holder of the note may designate in writing delivered or mailed to the Mortgagor, in monthly installments of One Fbrty —Eight and 20/100 --- "Dollars ($ 148.20 ), commencing on the first day of June the first day of each month thereafter until said note is full , 19 87 , and continuing on payment of principal and interest shall be due and Y paid, except that, if not sooner paid, the final according to the terms of a certain promissory note of even date herewith �execu d by the said OMortgagorl The Mortgagor furth er agrees: I. He /she will pay the indebtedness, as hereirtbefore provided. Privilege is reserved to prepay at any fie. without premium or fee, the entire indebtedness or any part thereof not leas than the amount of one installment, or one hundred dollars ($100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial prepayment, other than on an installment due date, need not be credited until the next following installment due date or thirty days after such prepayment, whichever is earlier. 2. Together with, and in addition to, the monthly payments of principal and interest payable under the terms of the note secured hereby, Mortgagor will pay to Mortgagee, as trustee, (under the terms of this trust as hereinafter stated) on the first day of each month until said note is fully paid: (a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, Plus taxes and assessments next due on the mortgaged property (all as estimated by the Mort- gagee, and of which the Mortgagor is notified) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, premiums, taxes and special assessments. (h) The aggregate of the amounts payable pursuant to subparagraph (a.) and those payable on the note secured hereby, shall bey paid in a single payment each month, to be applied to the follow- ing items in the order stated: (I) ground rents, taxes, assessments, fire and other hazard insurance premiums; (tt) i nterest on the note secured hereby; and (III) amortization of the principal of said note. Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mortgagor prior to the due date of the next such payment, constitute an event of default under this mortgage. At Mortgagee's option, Mortgagor will pay a "late charge" not exceed- ing four per centum (a ) of any install meet when paid more than fifteen (15) days after the due date thereof to cover tilt: extra expense involved in hand] ing delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale made to satisfy the indebted- ness se vrerd hereby, unless such proec" all Proper Is are sufficient to discharge the entire indebtedness and costs and expenses secured thereby. 3. If the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shall exceed the amount of Ps rnents actually made by the Mortgagee, as trustee, for ground rents, taxes and is or insurance premiums, as the case may be, such excess shall be credited by the Mortgagee on subsequent Pfd meMo to be made by the Mortgagor for such items or, at Mortgagee's option, as trustee, items when the salve �gagor. If, however, such monthly payments shall not be sufficient to pay such become due and payable, then the Mortgagor shall pay to the Mortgagee, as trustee. any amount necessary to make up the deficiency within thirty (30) days after written notice from the Mortgagee stating the amount of the deficiency, which notice may be given by mail. If at any time the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured hereby, fu8 PRYment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the amount of such indebtedness, credit to the account of the Mortgagor any credit balance accumulated under the provisions of (a) of paragraph 2 hereof. If there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee, as trustee, shall apply, at the time of the commencement of such proceedings, or at the time the property is otherwise acquired, the arawsnt then raernaining to credit the llit interest accrued and unpaid and the balance to primps Paragraph 2 Preceding, as a credit on the principal remaining unpaid on said note. 4. The lien of this instrument shall remain in full force and effect during any Postponement or exten- sion of the time of payment of the indebtedness or an Dart thereof secured hereby. 5. He /she will Pay all ground rents, taxes, assessments, water rates, and other ernment&, or Municipal chi' fines, of impositions, levied upon acid Premises and that he /she will PAY taxes levied POn this mor*W. or the debt wcured thereby, be tested under the laws of Nebraska together with any other fazes or asseffiments which may be levied of the against the mortgagee, or the legal holder of said principal note, on to ineie, except when Payment for all such items has theretofore been made under (a) Of P&rognW 1 2 hereof. and he /she will Promptly deliver the official receipts therefor to the Mortgagee. [n default thereof the Mortgagse may PRY the same.